Refund of Buybacks

PURPOSE: This rule clarifies the process by which certain former county employees may obtain a refund of their buyback payment. (1) Former county employees who have tendered their fifty percent (50%) buyback to the County Employees’ Retirement Fund (CERF) as provided in 16 CSR 50-3.060, but have not received a benefit, may request a refund of their buyback. To receive a refund, the former county employee must submit a written request to the plan administrator of CERF. Upon executing the refund request, the former county employee will forfeit the spousal survivorship benefit. (2) A former county employee who receives a refund of his or her buyback may reapply to serve as a special consultant in the future. AUTHORITY: section 50.1032, RSMo Supp. 1999.* Original rule filed Nov. 26, 1996, effective June 30, 1997. Amended: Filed Sept. 17, 1998, effective March 30, 1999. Amended: Filed Sept. 29, 2000, effective March 30, 2001. *Original authority: 50.1032, RSMo 1995.