Missouri Revised Statutes
Chapter 70
Powers of Political Subdivisions to Cooperate or Contract with Governmental Units
←70.600
Section 70.605.1
70.610→
August 28, 2015
Missouri local government employees' retirement system created--jurisdiction, Cole County--board of trustees, composition, terms--annual meeting--vacancies, how created--oath--appointment of actuary, attorney and investment counselor--mortality tables to be adopted--record of proceedings--hearings, notice--surety bonds--annual audits--expenses of board--rules and regulations, adoption.
70.605. 1. For the purpose of providing for the retirement or
pensioning of the officers and employees and the widows and children of
deceased officers and employees of any political subdivision of the state,
there is hereby created and established a retirement system which shall be
a body corporate, which shall be under the management of a board of
trustees herein described, and shall be known as the "Missouri Local
Government Employees' Retirement System". Such system may sue and be sued,
transact business, invest funds, and hold cash, securities, and other
property. All suits or proceedings directly or indirectly against the
system shall be brought in Cole County. The system shall begin operations
on the first day of the calendar month next following sixty days after the
date the board of trustees has received certification from ten political
subdivisions that they have elected to become employers.
2. The general administration and the responsibility for the proper
operation of the system is vested in a board of trustees of seven persons:
three persons to be elected as trustees by the members of the system; three
persons to be elected trustees by the governing bodies of employers; and
one person, to be appointed by the governor, who is not a member, retirant,
or beneficiary of the system and who is not a member of the governing body
of any political subdivision.
3. Trustees shall be chosen for terms of four years from the first
day of January next following their election or appointment, except that of
the first board shall all be appointed by the governor by and with the
consent of the senate, as follows:
(1) Three persons who are officers or officials of political
subdivisions, one for a term of three years, one for a term of two years,
and one for a term of one year; and
(2) Three persons who are employees of political subdivisions and who
would, if the subdivision by which they are employed becomes an employer,
be eligible as members, one for a term of three years, one for a term of
two years, and one for a term of one year; and
(3) That person appointed by the governor under the provisions of
subsection 2 of this section. All the members of the first board shall
take office as soon as appointed by the governor, but their terms shall be
computed from the first day of January next following their appointment,
and only one member may be from any political subdivision or be a policeman
or fireman.
4. Successor trustees elected or appointed as member trustees shall
be members of the retirement system; provided, that not more than one
member trustee shall be employed by any one employer, and not more than one
member trustee shall be a policeman, and not more than one member trustee
shall be a fireman.
5. Successor trustees elected as employer trustees shall be elected
or appointed officials of employers and shall not be members of the
retirement system; provided, that not more than one employer trustee shall
be from any one employer.
6. An annual meeting of the retirement system shall be called by the
board in the last calendar quarter of each year in Jefferson City, or at
such place as the board shall determine, for the purpose of electing
trustees and to transact such other business as may be required for the
proper operation of the system. Notice of such meeting shall be sent by
registered mail to the clerk or secretary of each employer not less than
thirty days prior to the date of such meeting. The governing body of each
employer shall certify to the board the name of one delegate who shall be
an officer of the employer, and the members of the employer shall certify
to the board a member of the employer to represent such employer at such
meeting. The delegate certified as member delegate shall be elected by
secret ballot by the members of such employer, and the clerk or secretary
of each employer shall be charged with the duty of conducting such election
in a manner which will permit each member to vote in such election. Under
such rules and regulations as the board shall adopt, approved by the
delegates, the member delegates shall elect a member trustee for each such
position on the board to be filled, and the officer delegates shall elect
an employer trustee for each such position on the board to be filled.
7. In the event any member trustee ceases to be a member of the
retirement system, or any employer trustee ceases to be an appointed or
elected official of an employer, or becomes a member of the retirement
system, or if the trustee appointed by the governor becomes a member of the
retirement system or an elected or appointed official of a political
subdivision, or if any trustee fails to attend three consecutive meetings
of the board, unless in each case excused for cause by the remaining
trustees attending such meeting or meetings, he or she shall be considered
as having resigned from the board and the board shall, by resolution,
declare his or her office of trustee vacated. If a vacancy occurs in the
office of trustee, the vacancy shall be filled for the unexpired term in
the same manner as the office was previously filled; provided, however,
that the remaining trustees may fill employer and member trustee vacancies
on the board until the next annual meeting.
8. Each trustee shall be commissioned by the governor, and before
entering upon the duties of his office, shall take and subscribe to an oath
or affirmation to support the Constitution of the United States, and of the
state of Missouri, and to demean himself faithfully in his or her office.
Such oath as subscribed to shall be filed in the office of the secretary of
state of this state.
9. Each trustee shall be entitled to one vote in the board of
trustees. Four votes shall be necessary for a decision by the trustees at
any meeting of the board of trustees. Four trustees, of whom at least two
shall be member trustees and at least two shall be employer trustees, shall
constitute a quorum at any meeting of the board. Unless otherwise
expressly provided herein, a meeting need not be called or held to make any
decision on a matter before the board. Each member must be sent by the
executive secretary a copy of the matter to be decided with full
information from the files of the board. The concurring decisions of four
trustees may decide the issue by signing a document declaring their
decision and sending the written instrument to the executive secretary,
provided that no other trustee shall send a dissenting decision to the
executive secretary within fifteen days after the document and information
was mailed to him or her. If any trustee is not in agreement with the four
trustees, the matter is to be passed on at a regular board meeting or a
special meeting called for that purpose. The board shall hold regular
meetings at least once each quarter, the dates of these meetings to be
designated in the rules and regulations adopted by the board. Other
meetings as deemed necessary may be called by the chairman or by any four
trustees acting jointly.
10. The board of trustees shall elect one of their number as
chairman, and one of their number as vice chairman, and shall employ an
executive secretary, not one of their number, who shall be the executive
officer of the board. Other employees of the board shall be chosen only
upon the recommendation of the executive secretary.
11. The board shall appoint an actuary or a firm of actuaries as
technical advisor to the board on matters regarding the operation of the
system on an actuarial basis. The actuary or actuaries shall perform such
duties as are required of him or her under sections 70.600 to 70.755, and
as are from time to time required by the board.
12. The board may appoint an attorney-at-law or firm of
attorneys-at-law to be the legal advisor of the board and to represent the
board in all legal proceedings.
13. The board may appoint an investment counselor to be the
investment advisor of the board.
14. The board shall from time to time, after receiving the advice of
its actuary, adopt such mortality and other tables of experience, and a
rate or rates of regular interest, as shall be necessary for the actuarial
requirements of the system, and shall require its executive secretary to
keep in convenient form such data as shall be necessary for actuarial
investigations of the experience of the system, and such data as shall be
necessary for the annual actuarial valuations of the system.
15. The board shall keep a record of its proceedings, which shall be
open to public inspection. It shall prepare annually and render to each
employer a report showing the financial condition of the system as of the
preceding June thirtieth. The report shall contain, but shall not be
limited to, a financial balance sheet; a statement of income and
disbursements; a detailed statement of investments acquired and disposed of
during the year, together with a detailed statement of the annual rates of
investment income from all assets and from each type of investment; an
actuarial balance sheet prepared by means of the last valuation of the
system, and such other data as the board shall deem necessary or desirable
for a proper understanding of the condition of the system.
16. The board of trustees shall, after reasonable notice to all
interested parties, conduct administrative hearings to hear and decide
questions arising from the administration of sections 70.600 to 70.755;
except, that such hearings may be conducted by a hearing officer who shall
be appointed by the board. The hearing officer shall preside at the
hearing and hear all evidence and rule on the admissibility of evidence.
The hearing officer shall make recommended findings of fact and may make
recommended conclusions of law to the board. All final orders or
determinations or other final actions by the board shall be approved in
writing by at least four members of the board. Any board member approving
in writing any final order, determination or other final action, who did
not attend the hearing, shall do so only after certifying that he or she
reviewed all exhibits and read the entire transcript of the hearing.
Within thirty days after a decision or order or final action of the board,
any member, retirant, beneficiary or political subdivision adversely
affected by that determination or order or final action may take an appeal
under the provisions of chapter 536. Jurisdiction over any dispute
regarding the interpretation of sections 70.600 to 70.755 and the
determinations required thereunder shall lie in the circuit court of Cole
County.
17. The board shall arrange for adequate surety bonds covering the
executive secretary and any other custodian of the funds or investments of
the board. When approved by the board, said bonds shall be deposited in
the office of the secretary of state.
18. The board shall arrange for annual audits of the records and
accounts of the system by a certified public accountant or by a firm of
certified public accountants.
19. The headquarters of the retirement system shall be in Jefferson
City.
20. The board of trustees shall serve as trustees without
compensation for their services as such; except that each trustee shall be
paid for any necessary expenses incurred in attending meetings of the board
or in the performance of other duties authorized by the board.
21. Subject to the limitations of sections 70.600 to 70.755, the
board shall formulate and adopt rules and regulations for the government of
its own proceedings and for the administration of the retirement system.
(L. 1967 p. 141 § 2, A.L. 1974 S.B. 421, A.L. 1992 H.B. 1440, A.L.
2000 H.B. 1808, A.L. 2003 H.B. 131, A.L. 2013 H.B. 116)
2003
2000
2003
70.605. 1. For the purpose of providing for the retirement or
pensioning of the officers and employees and the widows and children of
deceased officers and employees of any political subdivision of the state,
there is hereby created and established a retirement system which shall be a
body corporate, which shall be under the management of a board of trustees
herein described, and shall be known as the "Missouri Local Government
Employees' Retirement System". Such system may sue and be sued, transact
business, invest funds, and hold cash, securities, and other property. All
suits or proceedings directly or indirectly against the system shall be
brought in Cole County. The system shall begin operations on the first day
of the calendar month next following sixty days after the date the board of
trustees has received certification from ten political subdivisions that they
have elected to become employers.
2. The general administration and the responsibility for the proper
operation of the system is vested in a board of trustees of seven persons:
three persons to be elected as trustees by the members of the system; three
persons to be elected trustees by the governing bodies of employers; and one
person, to be appointed by the governor, who is not a member, retirant, or
beneficiary of the system and who is not a member of the governing body of
any political subdivision.
3. Trustees shall be chosen for terms of four years from the first day of
January next following their election or appointment, except that of the
first board shall all be appointed by the governor by and with the consent of
the senate, as follows:
(1) Three persons who are officers or officials of political
subdivisions, one for a term of three years, one for a term of two years, and
one for a term of one year; and
(2) Three persons who are employees of political subdivisions and who
would, if the subdivision by which they are employed becomes an employer, be
eligible as members, one for a term of three years, one for a term of two
years, and one for a term of one year; and
(3) That person appointed by the governor under the provisions of
subsection 2 of this section.
All the members of the first board shall take office as soon as appointed by
the governor, but their terms shall be computed from the first day of January
next following their appointment, and only one member may be from any
political subdivision or be a policeman or fireman.
4. Successor trustees elected or appointed as member trustees shall be
members of the retirement system; provided, that not more than one member
trustee shall be employed by any one employer, and not more than one member
trustee shall be a policeman, and not more than one member trustee shall be a
fireman.
5. Successor trustees elected as employer trustees shall be elected or
appointed officials of employers and shall not be members of the retirement
system; provided, that not more than one employer trustee shall be from any
one employer.
6. An annual meeting of the retirement system shall be called by the
board in the last calendar quarter of each year in Jefferson City, or at such
place as the board shall determine, for the purpose of electing trustees and
to transact such other business as may be required for the proper operation of
the system. Notice of such meeting shall be sent by registered mail to the
clerk or secretary of each employer not less than thirty days prior to the
date of such meeting. The governing body of each employer shall certify to
the board the name of one delegate who shall be an officer of the employer,
and the members of the employer shall certify to the board a member of the
employer to represent such employer at such meeting. The delegate certified
as member delegate shall be elected by secret ballot by the members of such
employer, and the clerk or secretary of each employer shall be charged with
the duty of conducting such election in a manner which will permit each
member to vote in such election. Under such rules and regulations as the
board shall adopt, approved by the delegates, the member delegates shall elect
a member trustee for each such position on the board to be filled, and the
officer delegates shall elect an employer trustee for each such position on
the board to be filled.
7. In the event any member trustee ceases to be a member of the
retirement system, or any employer trustee ceases to be an appointed or
elected official of an employer, or becomes a member of the retirement
system, or if the trustee appointed by the governor becomes a member of the
retirement system or an elected or appointed official of a political
subdivision, or if any trustee fails to attend three consecutive meetings of
the board, unless in each case excused for cause by the remaining trustees
attending such meeting or meetings, he or she shall be considered as having
resigned from the board and the board shall, by resolution, declare his or her
office of trustee vacated. If a vacancy occurs in the office of trustee, the
vacancy shall be filled for the unexpired term in the same manner as the
office was previously filled; provided, however, that the remaining trustees
may fill employer and member trustee vacancies on the board until the next
annual meeting.
8. Each trustee shall be commissioned by the governor, and before
entering upon the duties of his office, shall take and subscribe to an oath
or affirmation to support the Constitution of the United States, and of the
state of Missouri, and to demean himself faithfully in his or her office.
Such oath as subscribed to shall be filed in the office of the secretary of
state of this state.
9. Each trustee shall be entitled to one vote in the board of trustees.
Four votes shall be necessary for a decision by the trustees at any meeting
of the board of trustees. Four trustees, of whom at least two shall be member
trustees and at least two shall be employer trustees, shall constitute a
quorum at any meeting of the board. Unless otherwise expressly provided
herein, a meeting need not be called or held to make any decision on a matter
before the board. Each member must be sent by the executive secretary a copy
of the matter to be decided with full information from the files of the
board. The concurring decisions of four trustees may decide the issue by
signing a document declaring their decision and sending the written
instrument to the executive secretary, provided that no other trustee shall
send a dissenting decision to the executive secretary within fifteen days
after the document and information was mailed to him or her. If any trustee
is not in agreement with the four trustees, the matter is to be passed on at
a regular board meeting or a special meeting called for that purpose. The
board shall hold regular meetings at least once each quarter, the dates of
these meetings to be designated in the rules and regulations adopted by the
board. Other meetings as deemed necessary may be called by the chairman or
by any four trustees acting jointly.
10. The board of trustees shall elect one of their number as chairman,
and one of their number as vice chairman, and shall employ an executive
secretary, not one of their number, who shall be the executive officer of the
board. Other employees of the board shall be chosen only upon the
recommendation of the executive secretary.
11. The board shall appoint an actuary or a firm of actuaries as
technical advisor to the board on matters regarding the operation of the
system on an actuarial basis. The actuary or actuaries shall perform such
duties as are required of him or her under sections 70.600 to 70.755, and as
are from time to time required by the board.
12. The board may appoint an attorney-at-law or firm of attorneys-at-law
to be the legal advisor of the board and to represent the board in all legal
proceedings.
13. The board may appoint an investment counselor to be the investment
advisor of the board.
14. The board shall from time to time, after receiving the advice of its
actuary, adopt such mortality and other tables of experience, and a rate or
rates of regular interest, as shall be necessary for the actuarial
requirements of the system, and shall require its executive secretary to keep
in convenient form such data as shall be necessary for actuarial
investigations of the experience of the system, and such data as shall be
necessary for the annual actuarial valuations of the system.
15. The board shall keep a record of its proceedings, which shall be
open to public inspection. It shall prepare annually and render to each
employer a report showing the financial condition of the system as of the
preceding June thirtieth. The report shall contain, but shall not be limited
to, a financial balance sheet; a statement of income and disbursements; a
detailed statement of investments acquired and disposed of during the year,
together with a detailed statement of the annual rates of investment income
from all assets and from each type of investment; an actuarial balance sheet
prepared by means of the last valuation of the system, and such other data as
the board shall deem necessary or desirable for a proper understanding of the
condition of the system.
16. The board of trustees shall, after reasonable notice to all
interested parties, conduct administrative hearings to hear and decide
questions arising from the administration of sections 70.600 to 70.755;
except, that such hearings may be conducted by a hearing officer who shall be
appointed by the board. The hearing officer shall preside at the hearing and
hear all evidence and rule on the admissibility of evidence. The hearing
officer shall make recommended findings of fact and may make recommended
conclusions of law to the board. All final orders or determinations or other
final actions by the board shall be approved in writing by at least four
members of the board. Any board member approving in writing any final order,
determination or other final action, who did not attend the hearing, shall do
so only after certifying that he or she reviewed all exhibits and read the
entire transcript of the hearing. Within thirty days after a decision or
order or final action of the board, any member, retirant, beneficiary or
political subdivision adversely affected by that determination or order or
final action may take an appeal under the provisions of chapter 536.
Jurisdiction over any dispute regarding the interpretation of sections 70.600
to 70.755 and the determinations required thereunder shall lie in the circuit
court of Cole County.
17. The board shall arrange for adequate surety bonds covering the
executive secretary and any other custodian of the funds or investments of
the board. When approved by the board, said bonds shall be deposited in the
office of the secretary of state.
18. The board shall arrange for annual audits of the records and
accounts of the system by a certified public accountant or by a firm of
certified public accountants. The state auditor shall examine such audits at
least once every three years and report to the board and the governor.
19. The headquarters of the retirement system shall be in Jefferson City.
20. The board of trustees shall serve as trustees without compensation
for their services as such; except that each trustee shall be paid for any
necessary expenses incurred in attending meetings of the board or in the
performance of other duties authorized by the board.
21. Subject to the limitations of sections 70.600 to 70.755, the board
shall formulate and adopt rules and regulations for the government of its own
proceedings and for the administration of the retirement system.
2000
70.605. 1. For the purpose of providing for the retirement or
pensioning of the officers and employees and the widows and children of
deceased officers and employees of any political subdivision of the state,
there is hereby created and established a retirement system which shall be
a body corporate, which shall be under the management of a board of
trustees herein described, and shall be known as the "Missouri Local
Government Employees' Retirement System". Such system may sue and be sued,
transact business, invest funds, and hold cash, securities, and other
property. The system shall begin operations on the first day of the
calendar month next following sixty days after the date the board of
trustees has received certification from ten political subdivisions that
they have elected to become employers.
2. The general administration and the responsibility for the proper
operation of the system is vested in a board of trustees of seven persons:
three persons to be elected as trustees by the members of the system; three
persons to be elected trustees by the governing bodies of employers; and
one person, to be appointed by the governor, who is not a member, retirant,
or beneficiary of the system and who is not a member of the governing body
of any political subdivision.
3. Trustees shall be chosen for terms of four years from the first
day of January next following their election or appointment, except that of
the first board shall all be appointed by the governor by and with the
consent of the senate, as follows:
(1) Three persons who are officers or officials of political
subdivisions, one for a term of three years, one for a term of two years,
and one for a term of one year; and
(2) Three persons who are employees of political subdivisions and who
would, if the subdivision by which they are employed becomes an employer,
be eligible as members, one for a term of three years, one for a term of
two years, and one for a term of one year; and
(3) That person appointed by the governor under the provisions of
subsection 2 of this section.
All the members of the first board shall take office as soon as appointed
by the governor, but their terms shall be computed from the first day of
January next following their appointment, and only one member may be from
any political subdivision or be a policeman or fireman.
4. Successor trustees elected or appointed as member trustees shall
be members of the retirement system; provided, that not more than one
member trustee shall be employed by any one employer, and not more than one
member trustee shall be a policeman, and not more than one member trustee
shall be a fireman.
5. Successor trustees elected as employer trustees shall be elected
or appointed officials of employers and shall not be members of the
retirement system; provided, that not more than one employer trustee shall
be from any one employer.
6. An annual meeting of the retirement system shall be called by the
board in the last calendar quarter of each year in Jefferson City, or at
such place as the board shall determine, for the purpose of electing
trustees and to transact such other business as may be required for the
proper operation of the system. Notice of such meeting shall be sent by
registered mail to the clerk or secretary of each employer not less than
thirty days prior to the date of such meeting. The governing body of each
employer shall certify to the board the name of one delegate who shall be
an officer of the employer, and the members of the employer shall certify
to the board a member of the employer to represent such employer at such
meeting. The delegate certified as member delegate shall be elected by
secret ballot by the members of such employer, and the clerk or secretary
of each employer shall be charged with the duty of conducting such election
in a manner which will permit each member to vote in such election. Under
such rules and regulations as the board shall adopt, approved by the
delegates, the member delegates shall elect a member trustee for each such
position on the board to be filled, and the officer delegates shall elect
an employer trustee for each such position on the board to be filled.
7. In the event any member trustee ceases to be a member of the
retirement system, or any employer trustee ceases to be an appointed or
elected official of an employer, or becomes a member of the retirement
system, or if the trustee appointed by the governor becomes a member of the
retirement system or an elected or appointed official of a political
subdivision, or if any trustee fails to attend three consecutive meetings
of the board, unless in each case excused for cause by the remaining
trustees attending such meeting or meetings, he shall be considered as
having resigned from the board and the board shall, by resolution, declare
his office of trustee vacated. If a vacancy occurs in the office of
trustee, the vacancy shall be filled for the unexpired term in the same
manner as the office was previously filled; provided, however, that the
remaining trustees may fill employer and member trustee vacancies on the
board until the next annual meeting.
8. Each trustee shall be commissioned by the governor, and before
entering upon the duties of his office, shall take and subscribe to an oath
or affirmation to support the Constitution of the United States, and of the
state of Missouri, and to demean himself faithfully in his office. Such
oath as subscribed to shall be filed in the office of the secretary of
state of this state.
9. Each trustee shall be entitled to one vote in the board of
trustees. Four votes shall be necessary for a decision by the trustees at
any meeting of the board of trustees. Four trustees, of whom at least two
shall be member trustees and at least two shall be employer trustees, shall
constitute a quorum at any meeting of the board. Unless otherwise
expressly provided herein, a meeting need not be called or held to make any
decision on a matter before the board. Each member must be sent by the
executive secretary, a copy of the matter to be decided with full
information from the files of the board. The concurring decisions of four
trustees may decide the issue by signing a document declaring their
decision and sending the written instrument to the executive secretary,
provided that no other trustee shall send a dissenting decision to the
executive secretary within fifteen days after the document and information
was mailed to him. If any trustee is not in agreement with the four
trustees, the matter is to be passed on at a regular board meeting or a
special meeting called for that purpose. The board shall hold regular
meetings at least once each quarter, the dates of these meetings to be
designated in the rules and regulations adopted by the board. Other
meetings as deemed necessary may be called by the chairman or by any four
trustees acting jointly.
10. The board of trustees shall elect one of their number as
chairman, and one of their number as vice chairman, and shall employ an
executive secretary, not one of their number, who shall be the executive
officer of the board. Other employees of the board shall be chosen only
upon the recommendation of the executive secretary.
11. The board shall appoint an actuary or a firm of actuaries as
technical advisor to the board on matters regarding the operation of the
system on an actuarial basis. The actuary or actuaries shall perform such
duties as are required of him or them under sections 70.600 to 70.755, and
as are from time to time required by the board.
12. The board may appoint an attorney-at-law or firm of attorneys-at-
law to be the legal advisor of the board and to represent the board in all
legal proceedings.
13. The board may appoint an investment counselor to be the
investment advisor of the board.
14. The board shall from time to time, after receiving the advice of
its actuary, adopt such mortality and other tables of experience, and a
rate or rates of regular interest, as shall be necessary for the actuarial
requirements of the system, and shall require its executive secretary to
keep in convenient form such data as shall be necessary for actuarial
investigations of the experience of the system, and such data as shall be
necessary for the annual actuarial valuations of the system.
15. The board shall keep a record of its proceedings, which shall be
open to public inspection. It shall prepare annually and render to each
employer a report showing the financial condition of the system as of the
preceding June thirtieth. The report shall contain, but shall not be
limited to, a financial balance sheet; a statement of income and
disbursements; a detailed statement of investments acquired and disposed of
during the year, together with a detailed statement of the annual rates of
investment income from all assets and from each type of investment; an
actuarial balance sheet prepared by means of the last valuation of the
system, and such other data as the board shall deem necessary or desirable
for a proper understanding of the condition of the system.
16. The board of trustees shall, after reasonable notice to all
interested parties, conduct administrative hearings to hear and decide
questions arising from the administration of sections 70.600 to 70.755;
except, that such hearings may be conducted by a hearing officer who shall
be appointed by the board. The hearing officer shall preside at the
hearing and hear all evidence and rule on the admissibility of evidence.
The hearing officer shall make recommended findings of fact and may make
recommended conclusions of law to the board. All final orders or
determinations or other final actions by the board shall be approved in
writing by at least four members of the board. Any board member approving
in writing any final order, determination or other final action, who did
not attend the hearing, shall do so only after certifying that he or she
reviewed all exhibits and read the entire transcript of the hearing.
Within thirty days after a decision or order or final action of the board,
any member, retirant, beneficiary or political subdivision adversely
affected by that determination or order or final action may take an appeal
under the provisions of chapter 536, RSMo.
17. The board shall arrange for adequate surety bonds covering the
executive secretary and any other custodian of the funds or investments of
the board. When approved by the board, said bonds shall be deposited in
the office of the secretary of state.
18. The board shall arrange for annual audits of the records and
accounts of the system by a certified public accountant or by a firm of
certified public accountants. The state auditor shall examine such audits
at least once every three years and report to the board and the governor.
19. The headquarters of the retirement system shall be in Jefferson
City.
20. The board of trustees shall serve as trustees without
compensation for their services as such; except that each trustee shall be
paid for any necessary expenses incurred in attending meetings of the board
or in the performance of other duties authorized by the board.
21. Subject to the limitations of sections 70.600 to 70.755, the
board shall formulate and adopt rules and regulations for the government of
its own proceedings and for the administration of the retirement system.
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