SB 871 - This act modifies provisions regarding the St. Louis City police retirement system. For calendar years beginning on or after January 1, 2003, the act prescribes required minimum distributions to members of the system. The member's entire interest shall be distributed or begin to be distributed to the member no later than the member's required beginning date. If the member dies before distributions begin, the act prescribes to whom the distributions shall be made and the timing of the distributions. If the member's interest is distributed in the form of an annuity purchased from an insurance company, then the act requires distributions to be made in accordance with the Internal Revenue Code. Otherwise, if the member's interest is paid by annuity distributions under the provisions of St. Louis City police retirement system, then the act establishes the intervals and duration of distributions. If the member's interest is distributed in the form of a joint and survivor annuity for the joint lives of the member and a non-spouse beneficiary, payments shall not exceed permissible amounts under United States Treasury regulations. If a member dies before the date that distribution of the interest begins and there is a designated beneficiary, then the act establishes the period of time over which the beneficiary shall receive distributions, depending on when the distributions begin.
A distribution for calendar years 2003, 2004 and 2005 shall not fail to satisfy certain provisions of the Internal Revenue Code merely because the payments do not satisfy certain U.S. Treasury regulations as long as the payments satisfy requirements of the Internal Revenue Code.
Currently, a member shall be repaid the total amount of the member's mandatory contributions to the retirement system, upon termination of employment as a police officer and actual service requirement. This act authorizes a member to request payment of such contributions and, upon such a request, the board shall make such payment.
The act prohibits the board of trustees from paying an eligible rollover distribution of $5,000 or less to a member or retired member who has not attained age sixty-two unless such member consents in writing to receive the distribution in cash or to have the distribution directly rolled over in accordance with current law.
If a retroactive payment is made to a member, surviving spouse, dependent child or other beneficiary for any reason, a lump sum equal to the sum of the retroactive monthly payments, plus interest, shall be paid.
This act is identical to HB 1466 (2006).