Mo. Rev. Stat. § 57.968
This is the official text of Mo. Rev. Stat. § 57.968, part of Missouri’s Rev. Stat — part of the compiled statutory law of Missouri, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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57.968 Annual increase in benefits — how calculated.
Official statutory text
57.968. Annual increase in benefits — how calculated. — 1. Each member who retires on or after August 13, 1986, shall receive each year an increase in the amount of benefits received by the member during the preceding year equal to the increase in the consumer price index calculated in the manner provided in this section. The annual increase in the amount of benefits received pursuant to the provisions of this subsection shall not exceed five percent.
2. For the purposes of this section, any increase in the consumer price index shall be determined by the board in February of each year, based upon the consumer price index for the preceding calendar year over the consumer price index for the calendar year immediately prior thereto. Any increase so determined shall be applied by the board in calculating any benefit increases that become payable pursuant to this section for the twelve-month period beginning with the March first immediately following such determination.
3. An annual increase shall be payable monthly beginning on a date specified by the board. Nothing in this section shall be construed to prohibit a member from waiving the member's right to receive the annual increase provided pursuant to this section. The waiver shall be final as to the annual increase waived.
(L. 1986 S.B. 584, A.L. 1999 H.B. 662 merged with S.B. 213)
2. For the purposes of this section, any increase in the consumer price index shall be determined by the board in February of each year, based upon the consumer price index for the preceding calendar year over the consumer price index for the calendar year immediately prior thereto. Any increase so determined shall be applied by the board in calculating any benefit increases that become payable pursuant to this section for the twelve-month period beginning with the March first immediately following such determination.
3. An annual increase shall be payable monthly beginning on a date specified by the board. Nothing in this section shall be construed to prohibit a member from waiving the member's right to receive the annual increase provided pursuant to this section. The waiver shall be final as to the annual increase waived.
(L. 1986 S.B. 584, A.L. 1999 H.B. 662 merged with S.B. 213)
Status: in_force · Read it on the official government site
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