Missouri Revised Statutes
Chapter 169
Teacher and School Employee Retirement Systems
←169.280
Section 169.291.1
169.295→
August 28, 2015
Board of trustees, qualifications, terms--superintendent of school district to be member--vacancies--lapse of corporate organization, effect of--oaths--officers--expenses--powers and duties--medical board, appointment--contribution rates of employers, amount.
169.291. 1. The general administration and the responsibility for
the proper operation of the retirement system are hereby vested in a board
of trustees of twelve persons who shall be resident taxpayers of the school
district, as follows:
(1) Four trustees to be appointed for terms of four years by the
board of education; provided, however, that the terms of office of the
first four trustees so appointed shall begin immediately upon their
appointment and shall expire one, two, three and four years from the date
the retirement system becomes operative, respectively;
(2) Four trustees to be elected for terms of four years by and from
the members of the retirement system; provided, however, that the terms of
office of the first four trustees so elected shall begin immediately upon
their election and shall expire one, two, three and four years from the
date the retirement system becomes operative, respectively;
(3) The ninth trustee shall be the superintendent of schools of the
school district;
(4) The tenth trustee shall be one retirant of the retirement system
elected for a term of four years beginning the first day of January
immediately following August 13, 1986, by the retirants of the retirement
system;
(5) The eleventh trustee shall be appointed for a term of four years
beginning the first day of January immediately following August 13, 1990,
by the board of trustees described in subdivision (3) of section 182.701;
(6) The twelfth trustee shall be a retirant of the retirement system
elected for a term of four years beginning the first day of January
immediately following August 28, 1992, by the retirants of the retirement
system.
2. If a vacancy occurs in the office of a trustee, the vacancy shall
be filled for the unexpired term in the same manner as the office was
previously filled, except that the board of trustees may appoint a
qualified person to fill the vacancy in the office of an elected member
until the next regular election at which time a member shall be elected for
the unexpired term. No vacancy or vacancies on the board of trustees shall
impair the power of the remaining trustees to administer the retirement
system pending the filling of such vacancy or vacancies.
3. In the event of a lapse of the school district's corporate
organization as described in subsections 1 and 4 of section 162.081, the
general administration and responsibility for the proper operation of the
retirement system shall continue to be vested in a twelve-person board of
trustees, all of whom shall be resident taxpayers of a city, other than a
city not within a county, of four hundred thousand or more. In such event,
if vacancies occur in the offices of the four trustees appointed, prior to
the lapse, by the board of education, or in the offices of the four
trustees elected, prior to the lapse, by the members of the retirement
system, or in the office of trustee held, prior to the lapse, by the
superintendent of schools in the school district, as provided in
subdivisions (1), (2) and (3) of subsection 1 of this section, the board of
trustees shall appoint a qualified person to fill each vacancy and
subsequent vacancies in the office of trustee for terms of up to four
years, as determined by the board of trustees.
4. Each trustee shall, before assuming the duties of a trustee, take
the oath of office before the court of the judicial circuit or one of the
courts of the judicial circuit in which the school district is located that
so far as it devolves upon the trustee, such trustee shall diligently and
honestly administer the affairs of the board of trustees and that the
trustee will not knowingly violate or willingly permit to be violated any
of the provisions of the law applicable to the retirement system. Such
oath shall be subscribed to by the trustee making it and filed in the
office of the clerk of the circuit court.
5. Each trustee shall be entitled to one vote in the board of
trustees. Seven trustees shall constitute a quorum at any meeting of the
board of trustees. At any meeting of the board of trustees where a quorum
is present, the vote of at least seven of the trustees in support of a
motion, resolution or other matter is necessary to be the decision of the
board; provided, however, that in the event of a lapse in the school
district's corporate organization as described in subsections 1 and 4 of
section 162.081, a majority of the trustees then in office shall constitute
a quorum at any meeting of the board of trustees, and the vote of a
majority of the trustees then in office in support of a motion, resolution
or other matter shall be necessary to be the decision of the board.
6. The board of trustees shall have exclusive original jurisdiction
in all matters relating to or affecting the funds herein provided for,
including, in addition to all other matters, all claims for benefits or
refunds, and its action, decision or determination in any matter shall be
reviewable in accordance with chapter 536 or chapter 621. Subject to the
limitations of sections 169.270 to 169.400, the board of trustees shall,
from time to time, establish rules and regulations for the administration
of funds of the retirement system, for the transaction of its business, and
for the limitation of the time within which claims may be filed.
7. The trustees shall serve without compensation. The board of
trustees shall elect from its membership a chairman and a vice chairman.
The board of trustees shall appoint an executive director who shall serve
as the administrative officer of the retirement system and as secretary to
the board of trustees. It shall employ one or more persons, firms or
corporations experienced in the investment of moneys to serve as investment
counsel to the board of trustees. The compensation of all persons engaged
by the board of trustees and all other expenses of the board necessary for
the operation of the retirement system shall be paid at such rates and in
such amounts as the board of trustees shall approve, and shall be paid from
the investment income.
8. The board of trustees shall keep in convenient form such data as
shall be necessary for actuarial valuations of the various funds of the
retirement system and for checking the experience of the system.
9. The board of trustees shall keep a record of all its proceedings
which shall be open to public inspection. It shall prepare annually and
furnish to the board of education and to each member of the retirement
system who so requests a report showing the fiscal transactions of the
retirement system for the preceding fiscal year, the amount of accumulated
cash and securities of the system, and the last balance sheet showing the
financial condition of the system by means of an actuarial valuation of the
assets and liabilities of the retirement system.
10. The board of trustees shall have, in its own name, power to sue
and to be sued, to enter into contracts, to own property, real and
personal, and to convey the same; but the members of such board of trustees
shall not be personally liable for obligations or liabilities of the board
of trustees or of the retirement system.
11. The board of trustees shall arrange for necessary legal advice
for the operation of the retirement system.
12. The board of trustees shall designate a medical board to be
composed of three or more physicians who shall not be eligible for
membership in the system and who shall pass upon all medical examinations
required under the provisions of sections 169.270 to 169.400, shall
investigate all essential statements and certificates made by or on behalf
of a member in connection with an application for disability retirement and
shall report in writing to the board of trustees its conclusions and
recommendations upon all matters referred to it.
13. The board of trustees shall designate an actuary who shall be the
technical advisor of the board of trustees on matters regarding the
operation of the retirement system and shall perform such other duties as
are required in connection therewith. Such person shall be qualified as an
actuary by membership as a Fellow of the Society of Actuaries or by similar
objective standards.
14. At least once in each five-year period the actuary shall make an
investigation into the actuarial experience of the members, retirants and
beneficiaries of the retirement system and, taking into account the results
of such investigation, the board of trustees shall adopt for the retirement
system such actuarial assumptions as the board of trustees deems necessary
for the financial soundness of the retirement system.
15. On the basis of such actuarial assumptions as the board of
trustees adopts, the actuary shall make annual valuations of the assets and
liabilities of the funds of the retirement system.
16. The rate of contribution payable by the employers shall equal one
and ninety-nine one-hundredths percent, effective July 1, 1993; three and
ninety-nine one-hundredths percent, effective July 1, 1995; five and
ninety-nine one-hundredths percent, effective July 1, 1996; seven and
one-half percent effective January 1, 1999, and for subsequent calendar
years through 2013. For calendar year 2014 and each subsequent year, the
rate of contribution payable by the employers for each year shall be
determined by the actuary for the retirement system in the manner provided
in subsection 4 of section 169.350 and shall be certified by the board of
trustees to the employers at least six months prior to the date such rate
is to be effective.
17. In the event of a lapse of a school district's corporate
organization as described in subsections 1 and 4 of section 162.081, no
retirement system, nor any of the assets of any retirement system, shall be
transferred to or merged with another retirement system without prior
approval of such transfer or merge by the board of trustees of the
retirement system.
(L. 1982 H.B. 1522, A.L. 1983 H.B. 447, A.L. 1986 H.B. 1673, A.L. 1989
S.B. 146, A.L. 1990 H.B. 1347, et al., A.L. 1992 H.B. 1035, A.L.
1993 S.B. 126, A.L. 1994 S.B. 575, A.L. 1995 S.B. 378, A.L. 1998
S.B. 761, A.L. 2001 H.B. 660, A.L. 2004 H.B. 1502 merged with
S.B. 1242, A.L. 2013 S.B. 17 merged with S.B. 23)
2004
2001
1998
2004
169.291. 1. The general administration and the responsibility for the
proper operation of the retirement system are hereby vested in a board of
trustees of twelve persons who shall be resident taxpayers of the school
district, as follows:
(1) Four trustees to be appointed for terms of four years by the board
of education; provided, however, that the terms of office of the first four
trustees so appointed shall begin immediately upon their appointment and
shall expire one, two, three and four years from the date the retirement
system becomes operative, respectively;
(2) Four trustees to be elected for terms of four years by and from the
members of the retirement system; provided, however, that the terms of office
of the first four trustees so elected shall begin immediately upon their
election and shall expire one, two, three and four years from the date the
retirement system becomes operative, respectively;
(3) The ninth trustee shall be the superintendent of schools of the
school district;
(4) The tenth trustee shall be one retirant of the retirement system
elected for a term of four years beginning the first day of January
immediately following August 13, 1986, by the retirants of the retirement
system;
(5) The eleventh trustee shall be appointed for a term of four years
beginning the first day of January immediately following August 13, 1990, by
the board of trustees described in subdivision (3) of section 182.701;
(6) The twelfth trustee shall be a retirant of the retirement system
elected for a term of four years beginning the first day of January
immediately following August 28, 1992, by the retirants of the retirement
system.
2. If a vacancy occurs in the office of a trustee, the vacancy shall be
filled for the unexpired term in the same manner as the office was previously
filled, except that the board of trustees may appoint a qualified person to
fill the vacancy in the office of an elected member until the next regular
election at which time a member shall be elected for the unexpired term. No
vacancy or vacancies on the board of trustees shall impair the power of the
remaining trustees to administer the retirement system pending the filling of
such vacancy or vacancies.
3. In the event of a lapse of the school district's corporate
organization as described in subsections 1 and 4 of section 162.081, the
general administration and responsibility for the proper operation of the
retirement system shall continue to be vested in a twelve-person board of
trustees, all of whom shall be resident taxpayers of a city, other than a
city not within a county, of four hundred thousand or more. In such event,
if vacancies occur in the offices of the four trustees appointed, prior to
the lapse, by the board of education, or in the offices of the four trustees
elected, prior to the lapse, by the members of the retirement system, or in
the office of trustee held, prior to the lapse, by the superintendent of
schools in the school district, as provided in subdivisions (1), (2) and (3)
of subsection 1 of this section, the board of trustees shall appoint a
qualified person to fill each vacancy and subsequent vacancies in the office
of trustee for terms of up to four years, as determined by the board of
trustees.
4. Each trustee shall, before assuming the duties of a trustee, take the
oath of office before the court of the judicial circuit or one of the courts
of the judicial circuit in which the school district is located that so far
as it devolves upon the trustee, such trustee shall diligently and honestly
administer the affairs of the board of trustees and that the trustee will not
knowingly violate or willingly permit to be violated any of the provisions of
the law applicable to the retirement system. Such oath shall be subscribed to
by the trustee making it and filed in the office of the clerk of the circuit
court.
5. Each trustee shall be entitled to one vote in the board of trustees.
Seven trustees shall constitute a quorum at any meeting of the board of
trustees. At any meeting of the board of trustees where a quorum is present,
the vote of at least seven of the trustees in support of a motion, resolution
or other matter is necessary to be the decision of the board; provided,
however, that in the event of a lapse in the school district's corporate
organization as described in subsections 1 and 4 of section 162.081, a
majority of the trustees then in office shall constitute a quorum at any
meeting of the board of trustees, and the vote of a majority of the trustees
then in office in support of a motion, resolution or other matter shall be
necessary to be the decision of the board.
6. The board of trustees shall have exclusive original jurisdiction in
all matters relating to or affecting the funds herein provided for,
including, in addition to all other matters, all claims for benefits or
refunds, and its action, decision or determination in any matter shall be
reviewable in accordance with chapter 536 or chapter 621. Subject to the
limitations of sections 169.270 to 169.400, the board of trustees shall, from
time to time, establish rules and regulations for the administration of funds
of the retirement system, for the transaction of its business, and for the
limitation of the time within which claims may be filed.
7. The trustees shall serve without compensation. The board of trustees
shall elect from its membership a chairman and a vice chairman. The board of
trustees shall appoint an executive director who shall serve as the
administrative officer of the retirement system and as secretary to the board
of trustees. It shall employ one or more persons, firms or corporations
experienced in the investment of moneys to serve as investment counsel to the
board of trustees. The compensation of all persons engaged by the board of
trustees and all other expenses of the board necessary for the operation of
the retirement system shall be paid at such rates and in such amounts as the
board of trustees shall approve, and shall be paid from the investment income.
8. The board of trustees shall keep in convenient form such data as shall
be necessary for actuarial valuations of the various funds of the retirement
system and for checking the experience of the system.
9. The board of trustees shall keep a record of all its proceedings which
shall be open to public inspection. It shall prepare annually and furnish to
the board of education and to each member of the retirement system who so
requests a report showing the fiscal transactions of the retirement system for
the preceding fiscal year, the amount of accumulated cash and securities of
the system, and the last balance sheet showing the financial condition of the
system by means of an actuarial valuation of the assets and liabilities of the
retirement system.
10. The board of trustees shall have, in its own name, power to sue and
to be sued, to enter into contracts, to own property, real and personal, and
to convey the same; but the members of such board of trustees shall not be
personally liable for obligations or liabilities of the board of trustees or
of the retirement system.
11. The board of trustees shall arrange for necessary legal advice for
the operation of the retirement system.
12. The board of trustees shall designate a medical board to be composed
of three or more physicians who shall not be eligible for membership in the
system and who shall pass upon all medical examinations required under the
provisions of sections 169.270 to 169.400, shall investigate all essential
statements and certificates made by or on behalf of a member in connection
with an application for disability retirement and shall report in writing to
the board of trustees its conclusions and recommendations upon all matters
referred to it.
13. The board of trustees shall designate an actuary who shall be the
technical advisor of the board of trustees on matters regarding the operation
of the retirement system and shall perform such other duties as are required
in connection therewith. Such person shall be qualified as an actuary by
membership as a Fellow of the Society of Actuaries or by similar objective
standards.
14. At least once in each five-year period the actuary shall make an
investigation into the actuarial experience of the members, retirants and
beneficiaries of the retirement system and, taking into account the results
of such investigation, the board of trustees shall adopt for the retirement
system such actuarial assumptions as the board of trustees deems necessary
for the financial soundness of the retirement system.
15. On the basis of such actuarial assumptions as the board of trustees
adopts, the actuary shall make annual valuations of the assets and
liabilities of the funds of the retirement system.
16. The rate of contribution payable by the employer shall equal one and
ninety-nine one-hundredths percent, effective July 1, 1993; three and
ninety-nine one-hundredths percent, effective July 1, 1995; five and
ninety-nine one-hundredths percent, effective July 1, 1996; seven and
one-half percent effective January 1, 1999, and for all subsequent years.
17. In the event of a lapse of a school district's corporate
organization as described in subsections 1 and 4 of section 162.081, no
retirement system, nor any of the assets of any retirement system, shall be
transferred to or merged with another retirement system without prior approval
of such transfer or merge by the board of trustees of the retirement system.
2001
169.291. 1. The general administration and the responsibility for
the proper operation of the retirement system are hereby vested in a board
of trustees of twelve persons who shall be resident taxpayers of the school
district, as follows:
(1) Four trustees to be appointed for terms of four years by the
board of education; provided, however, that the terms of office of the
first four trustees so appointed shall begin immediately upon their
appointment and shall expire one, two, three and four years from the date
the retirement system becomes operative, respectively;
(2) Four trustees to be elected for terms of four years by and from
the members of the retirement system; provided, however, that the terms of
office of the first four trustees so elected shall begin immediately upon
their election and shall expire one, two, three and four years from the
date the retirement system becomes operative, respectively;
(3) The ninth trustee shall be the superintendent of schools of the
school district;
(4) The tenth trustee shall be one retirant of the retirement system
elected for a term of four years beginning the first day of January
immediately following August 13, 1986, by the retirants of the retirement
system;
(5) The eleventh trustee shall be appointed for a term of four years
beginning the first day of January immediately following August 13, 1990,
by the board of trustees described in subdivision (3) of section 182.701,
RSMo;
(6) The twelfth trustee shall be a retirant of the retirement system
elected for a term of four years beginning the first day of January
immediately following August 28, 1992, by the retirants of the retirement
system.
2. If a vacancy occurs in the office of a trustee, the vacancy shall
be filled for the unexpired term in the same manner as the office was
previously filled, except that the board of trustees may appoint a
qualified person to fill the vacancy in the office of an elected member
until the next regular election at which time a member shall be elected for
the unexpired term. No vacancy or vacancies on the board of trustees shall
impair the power of the remaining trustees to administer the retirement
system pending the filling of such vacancy or vacancies.
3. In the event of a lapse of the school district's corporate
organization as described in subsections 1 and 4 of section 162.081, RSMo,
the general administration and responsibility for the proper operation of
the retirement system shall continue to be vested in a twelve-person board
of trustees, all of whom shall be resident taxpayers of a city, other than
a city not within a county, of four hundred thousand or more. In such
event, if vacancies occur in the offices of the four trustees appointed,
prior to the lapse, by the board of education, or in the offices of the
four trustees elected, prior to the lapse, by the members of the retirement
system, or in the office of trustee held, prior to the lapse, by the
superintendent of schools in the school district, as provided in
subdivisions (1), (2) and (3) of subsection 1 of this section, the board of
trustees shall appoint a qualified person to fill each vacancy and
subsequent vacancies in the office of trustee for terms of up to four
years, as determined by the board of trustees.
4. Each trustee shall, before assuming the duties of a trustee, take
the oath of office before the court of the judicial circuit or one of the
courts of the judicial circuit in which the school district is located that
so far as it devolves upon the trustee, such trustee shall diligently and
honestly administer the affairs of the board of trustees and that the
trustee will not knowingly violate or willingly permit to be violated any
of the provisions of the law applicable to the retirement system. Such
oath shall be subscribed to by the trustee making it and filed in the
office of the clerk of the circuit court.
5. Each trustee shall be entitled to one vote in the board of
trustees. Seven trustees shall constitute a quorum at any meeting of the
board of trustees. At any meeting of the board of trustees where a quorum
is present, the vote of at least seven of the trustees in support of a
motion, resolution or other matter is necessary to be the decision of the
board; provided, however, that in the event of a lapse in the school
district's corporate organization as described in subsections 1 and 4 of
section 162.081, RSMo, a majority of the trustees then in office shall
constitute a quorum at any meeting of the board of trustees, and the vote
of a majority of the trustees then in office in support of a motion,
resolution or other matter shall be necessary to be the decision of the
board.
6. The board of trustees shall have exclusive original jurisdiction
in all matters relating to or affecting the funds herein provided for,
including, in addition to all other matters, all claims for benefits or
refunds, and its action, decision or determination in any matter shall be
reviewable in accordance with chapter 536, RSMo, or chapter 621, RSMo.
Subject to the limitations of sections 169.270 to 169.400, the board of
trustees shall, from time to time, establish rules and regulations for the
administration of funds of the retirement system, for the transaction of
its business, and for the limitation of the time within which claims may be
filed.
7. The trustees shall serve without compensation. The board of
trustees shall elect from its membership a chairman and a vice chairman.
The board of trustees shall appoint an executive director who shall serve
as the administrative officer of the retirement system and as secretary to
the board of trustees. It shall employ one or more persons, firms or
corporations experienced in the investment of moneys to serve as investment
counsel to the board of trustees. The compensation of all persons engaged
by the board of trustees and all other expenses of the board necessary for
the operation of the retirement system shall be paid at such rates and in
such amounts as the board of trustees shall approve, and shall be paid from
the investment income.
8. The board of trustees shall keep in convenient form such data as
shall be necessary for actuarial valuations of the various funds of the
retirement system and for checking the experience of the system.
9. The board of trustees shall keep a record of all its proceedings
which shall be open to public inspection. It shall prepare annually and
furnish to the board of education and to each member of the retirement
system who so requests a report showing the fiscal transactions of the
retirement system for the preceding fiscal year, the amount of accumulated
cash and securities of the system, and the last balance sheet showing the
financial condition of the system by means of an actuarial valuation of the
assets and liabilities of the retirement system.
10. The board of trustees shall have, in its own name, power to sue
and to be sued, to enter into contracts, to own property, real and
personal, and to convey the same; but the members of such board of trustees
shall not be personally liable for obligations or liabilities of the board
of trustees or of the retirement system.
11. The board of trustees shall arrange for necessary legal advice
for the operation of the retirement system.
12. The board of trustees shall designate a medical board to be
composed of three physicians who shall not be eligible for membership in
the system and who shall pass upon all medical examinations required under
the provisions of sections 169.270 to 169.400, shall investigate all
essential statements and certificates made by or on behalf of a member in
connection with an application for disability retirement and shall report
in writing to the board of trustees its conclusions and recommendations
upon all matters referred to it.
13. The board of trustees shall designate an actuary who shall be the
technical advisor of the board of trustees on matters regarding the
operation of the retirement system and shall perform such other duties as
are required in connection therewith. Such person shall be qualified as an
actuary by membership as a Fellow of the Society of Actuaries or by similar
objective standards.
14. At least once in each five-year period the actuary shall make an
investigation into the actuarial experience of the members, retirants and
beneficiaries of the retirement system and, taking into account the results
of such investigation, the board of trustees shall adopt for the retirement
system such actuarial assumptions as the board of trustees deems necessary
for the financial soundness of the retirement system.
15. On the basis of such actuarial assumptions as the board of
trustees adopts, the actuary shall make annual valuations of the assets and
liabilities of the funds of the retirement system.
16. The rate of contribution payable by the employer shall equal one
and ninety-nine one-hundredths percent, effective July 1, 1993; three and
ninety-nine one-hundredths percent, effective July 1, 1995; five and
ninety-nine one-hundredths percent, effective July 1, 1996; seven and
one-half percent effective January 1, 1999, and for all subsequent years.
17. In the event of a lapse of a school district's corporate
organization as described in subsections 1 and 4 of section 162.081, RSMo,
no retirement system, nor any of the assets of any retirement system, shall
be transferred to or merged with another retirement system without prior
approval of such transfer or merge by the board of trustees of the
retirement system.
1998
169.291. 1. The general administration and the responsibility for
the proper operation of the retirement system are hereby vested in a board
of trustees of twelve persons who shall be resident taxpayers of the school
district, as follows:
(1) Four trustees to be appointed for terms of four years by the
board of education; provided, however, that the terms of office of the
first four trustees so appointed shall begin immediately upon their
appointment and shall expire one, two, three and four years from the date
the retirement system becomes operative, respectively;
(2) Four trustees to be elected for terms of four years by and from
the members of the retirement system; provided, however, that the terms of
office of the first four trustees so elected shall begin immediately upon
their election and shall expire one, two, three and four years from the
date the retirement system becomes operative, respectively;
(3) The ninth trustee shall be the superintendent of schools of the
school district;
(4) The tenth trustee shall be one retirant of the retirement system
elected for a term of four years beginning the first day of January
immediately following August 13, 1986, by the retirants of the retirement
system;
(5) The eleventh trustee shall be appointed for a term of four years
beginning the first day of January immediately following August 13, 1990,
by the board of trustees described in subdivision (3) of section 182.701,
RSMo;
(6) The twelfth trustee shall be a retirant of the retirement system
elected for a term of four years beginning the first day of January
immediately following August 28, 1992, by the retirants of the retirement
system.
2. If a vacancy occurs in the office of a trustee, the vacancy shall
be filled for the unexpired term in the same manner as the office was
previously filled, except that the board of trustees may appoint a
qualified person to fill the vacancy in the office of an elected member
until the next regular election at which time a member shall be elected for
the unexpired term.
3. Each trustee shall, before assuming the duties of a trustee, take
the oath of office before the court of the judicial circuit or one of the
courts of the judicial circuit in which the school district is located that
so far as it devolves upon the trustee, such trustee shall diligently and
honestly administer the affairs of the board of trustees and that the
trustee will not knowingly violate or willingly permit to be violated any
of the provisions of the law applicable to the retirement system. Such
oath shall be subscribed to by the trustee making it and filed in the
office of the clerk of the circuit court.
4. Each trustee shall be entitled to one vote in the board of
trustees. Seven trustees shall constitute a quorum at any meeting of the
board of trustees. At any meeting of the board of trustees where a quorum
is present, the vote of at least seven of the trustees in support of a
motion, resolution or other matter is necessary to be the decision of the
board.
5. The board of trustees shall have exclusive original jurisdiction
in all matters relating to or affecting the funds herein provided for,
including, in addition to all other matters, all claims for benefits or
refunds, and its action, decision or determination in any matter shall be
reviewable in accordance with chapter 536, RSMo, or chapter 621, RSMo.
Subject to the limitations of sections 169.270 to 169.400, the board of
trustees shall, from time to time, establish rules and regulations for the
administration of funds of the retirement system, for the transaction of
its business, and for the limitation of the time within which claims may be
filed.
6. The trustees shall serve without compensation. The board of
trustees shall elect from its membership a chairman and a vice chairman.
The board of trustees shall appoint an executive director who shall serve
as the administrative officer of the retirement system and as secretary to
the board of trustees. It shall employ one or more persons, firms or
corporations experienced in the investment of moneys to serve as investment
counsel to the board of trustees. The compensation of all persons engaged
by the board of trustees and all other expenses of the board necessary for
the operation of the retirement system shall be paid at such rates and in
such amounts as the board of trustees shall approve, and shall be paid from
the investment income.
7. The board of trustees shall keep in convenient form such data as
shall be necessary for actuarial valuations of the various funds of the
retirement system and for checking the experience of the system.
8. The board of trustees shall keep a record of all its proceedings
which shall be open to public inspection. It shall prepare annually and
furnish to the board of education and to each member of the retirement
system who so requests a report showing the fiscal transactions of the
retirement system for the preceding fiscal year, the amount of accumulated
cash and securities of the system, and the last balance sheet showing the
financial condition of the system by means of an actuarial valuation of the
assets and liabilities of the retirement system.
9. The board of trustees shall have, in its own name, power to sue
and to be sued, to enter into contracts, to own property, real and
personal, and to convey the same; but the members of such board of trustees
shall not be personally liable for obligations or liabilities of the board
of trustees or of the retirement system.
10. The board of trustees shall arrange for necessary legal advice
for the operation of the retirement system.
11. The board of trustees shall designate a medical board to be
composed of three physicians who shall not be eligible for membership in
the system and who shall pass upon all medical examinations required under
the provisions of sections 169.270 to 169.400, shall investigate all
essential statements and certificates made by or on behalf of a member in
connection with an application for disability retirement and shall report
in writing to the board of trustees its conclusions and recommendations
upon all matters referred to it.
12. The board of trustees shall designate an actuary who shall be the
technical advisor of the board of trustees on matters regarding the
operation of the retirement system and shall perform such other duties as
are required in connection therewith. Such person shall be qualified as an
actuary by membership as a Fellow of the Society of Actuaries or by similar
objective standards.
13. At least once in each five-year period the actuary shall make an
investigation into the actuarial experience of the members, retirants and
beneficiaries of the retirement system and, taking into account the results
of such investigation, the board of trustees shall adopt for the retirement
system such actuarial assumptions as the board of trustees deems necessary
for the financial soundness of the retirement system.
14. On the basis of such actuarial assumptions as the board of
trustees adopts, the actuary shall make annual valuations of the assets and
liabilities of the funds of the retirement system.
15. The rate of contribution payable by the employer shall equal one
and ninety-nine one-hundredths percent, effective July 1, 1993; three and
ninety-nine one-hundredths percent, effective July 1, 1995; five and
ninety-nine one-hundredths percent, effective July 1, 1996; seven and one-
half percent effective January 1, 1999, and for all subsequent years.
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