| 12 | | - | SectionA.Sections70.630,70.655,70.680,70.690,70.745,70.746,70.747,86.200, |
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| 13 | | - | 287.140,87.145,87.155,87.260,87.350,105.688,143.124,and169.490,RSMo,arerepealed |
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| 14 | | - | 3andnineteennewsectionsenactedinlieuthereof,tobeknownassections70.630,70.655, |
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| 15 | | - | 470.680,70.690,70.745,70.746,70.747,70.748,86.200,87.140,87.145,87.155,87.260, |
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| 16 | | - | 587.350,105.688,105.692,105.693,143.124,and169.490,toreadasfollows: |
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| 17 | | - | 70.630.1.Themembershipofthesystemshallincludethefollowingpersons: |
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| 18 | | - | 2 (1)Allemployeeswhoareneitherpolicemennorfiremenwhoareintheemployofa |
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| 19 | | - | 3politicalsubdivisionthedayprecedingthedatesuchpoliticalsubdivisionbecomesan |
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| 20 | | - | 4employerandwhocontinueinsuchemployonandaftersuchdateshallbecomemembersof |
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| 21 | | - | 5thesystem. |
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| 22 | | - | 6 (2)Allpersonswhobecomeemployedbyapoliticalsubdivisionasneitherpolicemen |
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| 23 | | - | 7norfiremenonorafterthedatesuchpoliticalsubdivisionbecomesanemployershallbecome |
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| 24 | | - | 8membersofthesystem. |
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| 25 | | - | 9 (3)Ifhisemployingpoliticalsubdivisionhaselectedtocoverpresentandfuture |
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| 26 | | - | 10policemen,allpolicemenwhoareintheemployofapoliticalsubdivisionthedaypreceding |
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| 27 | | - | 11thedatesuchpoliticalsubdivisioncoverspolicemenhereunderandwhocontinueinsuch |
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| 28 | | - | 12employasapolicemanonandaftersuchdate,andallpersonswhobecomeemployedbya |
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| 29 | | - | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | | - | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 13politicalsubdivisionasapolicemanonorafterthedatethepoliticalsubdivisioncovers |
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| 31 | | - | 14policemenshallbecomemembersofthesystem. |
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| 32 | | - | 15 (4)Ifhisemployingpoliticalsubdivisionhaselectedtocoveronlyfuturepolicemen, |
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| 33 | | - | 16allpersonswhobecomeemployedbyapoliticalsubdivisionasapolicemanonorafterthe |
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| 34 | | - | 17datesuchpoliticalsubdivisioncoverspolicemenhereundershallbecomemembersofthe |
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| 35 | | - | 18system. |
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| 36 | | - | 19 (5)Ifhisemployingpoliticalsubdivisionhaselectedtocoverpresentandfuture |
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| 37 | | - | 20firemen,allfiremenwhoareintheemployofapoliticalsubdivisionthedayprecedingthe |
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| 38 | | - | 21datesuchpoliticalsubdivisioncoversfiremenhereunderandwhocontinueinsuchemployas |
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| 39 | | - | 22afiremanonandaftersuchdate,andallpersonswhobecomeemployedbyapolitical |
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| 40 | | - | 23subdivisionasafiremanonorafterthedatethepoliticalsubdivisioncoversfiremen |
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| 41 | | - | 24hereundershallbecomemembersofthesystem. |
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| 42 | | - | 25 (6)Ifhisemployingpoliticalsubdivisionhaselectedtocoveronlyfuturefiremen,all |
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| 43 | | - | 26personswhobecomeemployedbyapoliticalsubdivisionasafiremanonorafterthedate |
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| 44 | | - | 27suchpoliticalsubdivisioncoversfiremenhereundershallbecomemembersofthesystem. |
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| 45 | | - | 28 2.[Innoeventshallanemployeebecomeamemberifcontinuousemploymentto |
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| 46 | | - | 29timeofretirementwillleavetheemployeewithlessthanminimumnumberofyearsof |
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| 47 | | - | 30creditedservicespecifiedinsection70.645. |
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| 48 | | - | 31 3.]Inanycaseofquestionastothesystemmembershipstatusofanyperson,the |
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| 49 | | - | 32boardshalldecidethequestion. |
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| 50 | | - | 70.655.1.Uponamember'sretirementheorsheshallreceiveanallowanceforlifein |
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| 51 | | - | 2accordancewiththeapplicablebenefitprogramelectedbythemember'semployer,as |
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| 52 | | - | 3follows: |
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| 53 | | - | 4 (1)BenefitprogramL-1.Amemberwithcreditedservicecoveredbybenefit |
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| 54 | | - | 5programL-1shallreceiveanallowanceforlifeequaltoonepercentofthemember'sfinal |
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| 55 | | - | 6averagesalarymultipliedbythenumberofyearsofsuchcreditedservice; |
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| 56 | | - | 7 (2)BenefitprogramL-3.Amemberwithcreditedservicecoveredbybenefit |
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| 57 | | - | 8programL-3shallreceiveanallowanceforlifeequaltooneandone-quarterpercentofthe |
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| 58 | | - | 9member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice; |
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| 59 | | - | 10 (3)BenefitprogramLT-4.Amemberwithcreditedservicecoveredbybenefit |
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| 60 | | - | 11programLT-4shallreceiveanallowanceforlifeequaltoonepercentofthemember'sfinal |
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| 61 | | - | 12averagesalarymultipliedbythenumberofyearsofsuchcreditedservice.Inaddition,ifsuch |
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| 62 | | - | 13memberisretiringasprovidedinsection70.645orsection70.650orsection70.670,andif |
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| 63 | | - | 14suchmember'sageatretirementisyoungerthanagesixty-two,thensuchmembershall |
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| 64 | | - | 15receiveatemporaryallowanceequaltoonepercentofthemember'sfinalaveragesalary |
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| 65 | | - | 16multipliedbythenumberofyearsofsuchcreditedservice.Suchtemporaryallowanceshall |
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| 66 | | - | HB147 2 17terminateattheendofthecalendarmonthinwhichtheearlierofthefollowingeventsoccurs: |
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| 67 | | - | 18suchmember'sdeath;orthemember'sattainmentofagesixty-two; |
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| 68 | | - | 19 (4)BenefitprogramLT-5.Amemberwithcreditedservicecoveredbybenefit |
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| 69 | | - | 20programLT-5shallreceiveanallowanceforlifeequaltooneandone-quarterpercentofthe |
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| 70 | | - | 21member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.In |
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| 71 | | - | 22addition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650orsection |
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| 72 | | - | 2370.670,andifsuchmember'sageatretirementisyoungerthanagesixty-two,thensuch |
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| 73 | | - | 24membershallreceiveatemporaryallowanceequaltothree-quartersofonepercentofthe |
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| 74 | | - | 25member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice. |
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| 75 | | - | 26Suchtemporaryallowanceshallterminateattheendofthecalendarmonthinwhichthe |
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| 76 | | - | 27earlierofthefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentof |
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| 77 | | - | 28agesixty-two; |
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| 78 | | - | 29 (5)BenefitprogramL-6.Amemberwithcreditedservicecoveredbybenefit |
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| 79 | | - | 30programL-6shallreceiveanallowanceforlifeequaltotwopercentofthemember'sfinal |
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| 80 | | - | 31averagesalarymultipliedbythenumberofyearsofsuchcreditedservice; |
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| 81 | | - | 32 (6)BenefitprogramL-7.Amemberwithcreditedservicecoveredbybenefit |
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| 82 | | - | 33programL-7shallreceiveanallowanceforlifeequaltooneandone-halfpercentofthe |
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| 83 | | - | 34member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice; |
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| 84 | | - | 35 (7)BenefitprogramLT-8.Amemberwithcreditedservicecoveredbybenefit |
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| 85 | | - | 36programLT-8shallreceiveanallowanceforlifeequaltooneandone-halfpercentofthe |
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| 86 | | - | 37member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.In |
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| 87 | | - | 38addition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650orsection |
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| 88 | | - | 3970.670,andifsuchmember'sageatretirementisyoungerthanagesixty-two,thensuch |
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| 89 | | - | 40membershallreceiveatemporaryallowanceequaltoone-halfofonepercentofthemember's |
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| 90 | | - | 41finalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.Such |
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| 91 | | - | 42temporaryallowanceshallterminateattheendofthecalendarmonthinwhichtheearlierof |
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| 92 | | - | 43thefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentofagesixty- |
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| 93 | | - | 44two; |
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| 94 | | - | 45 (8)BenefitprogramLT-4(65).Amemberwithcreditedservicecoveredbybenefit |
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| 95 | | - | 46programLT-4(65)shallreceiveanallowanceforlifeequaltoonepercentofthemember's |
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| 96 | | - | 47finalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.Inaddition,if |
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| 97 | | - | 48suchmemberisretiringasprovidedinsection70.645orsection70.650orsection70.670,and |
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| 98 | | - | 49ifsuchmember'sageatretirementisyoungerthanagesixty-five,thensuchmembershall |
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| 99 | | - | 50receiveatemporaryallowanceequaltoonepercentofthemember'sfinalaveragesalary |
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| 100 | | - | 51multipliedbythenumberofyearsofsuchcreditedservice.Suchtemporaryallowanceshall |
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| 101 | | - | 52terminateattheendofthecalendarmonthinwhichtheearlierofthefollowingeventsoccurs: |
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| 102 | | - | 53suchmember'sdeath;orthemember'sattainmentofagesixty-five; |
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| 103 | | - | HB147 3 54 (9)BenefitprogramLT-5(65).Amemberwithcreditedservicecoveredbybenefit |
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| 104 | | - | 55programLT-5(65)shallreceiveanallowanceforlifeequaltooneandone-quarterpercentof |
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| 105 | | - | 56themember'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice. |
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| 106 | | - | 57Inaddition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650or |
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| 107 | | - | 58section70.670,andifsuchmember'sageatretirementisyoungerthanagesixty-five,then |
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| 108 | | - | 59suchmembershallreceiveatemporaryallowanceequaltothree-quartersofonepercentof |
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| 109 | | - | 60themember'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice. |
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| 110 | | - | 61Suchtemporaryallowanceshallterminateattheendofthecalendarmonthinwhichthe |
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| 111 | | - | 62earlierofthefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentof |
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| 112 | | - | 63agesixty-five; |
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| 113 | | - | 64 (10)BenefitprogramLT-8(65).Amemberwithcreditedservicecoveredbybenefit |
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| 114 | | - | 65programLT-8(65)shallreceiveanallowanceforlifeequaltooneandone-halfpercentofthe |
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| 115 | | - | 66member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.In |
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| 116 | | - | 67addition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650orsection |
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| 117 | | - | 6870.670,andifsuchmember'sageatretirementisyoungerthanagesixty-five,thensuch |
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| 118 | | - | 69membershallreceiveatemporaryallowanceequaltoone-halfofonepercentofthemember's |
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| 119 | | - | 70finalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.Such |
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| 120 | | - | 71temporaryallowanceshallterminateattheendofthecalendarmonthinwhichtheearlierof |
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| 121 | | - | 72thefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentofagesixty- |
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| 122 | | - | 73five; |
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| 123 | | - | 74 (11)BenefitprogramL-9.Amemberwithcreditedservicecoveredbybenefit |
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| 124 | | - | 75programL-9shallreceiveanallowanceforlifeequaltooneandsix-tenthspercentofthe |
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| 125 | | - | 76member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice; |
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| 126 | | - | 77 (12)BenefitprogramLT-10(65).Amemberwithcreditedservicecoveredbybenefit |
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| 127 | | - | 78programLT-10(65)shallreceiveanallowanceforlifeequaltooneandsix-tenthspercentof |
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| 128 | | - | 79themembers'finalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice. |
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| 129 | | - | 80Inaddition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650or |
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| 130 | | - | 81section70.670,andifsuchmember'sageatretirementisyoungerthanagesixty-five,then |
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| 131 | | - | 82suchmembershallreceiveatemporaryallowanceequaltofour-tenthsofonepercentofthe |
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| 132 | | - | 83member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice. |
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| 133 | | - | 84Suchtemporaryallowanceshallterminateattheendofthecalendarmonthinwhichthe |
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| 134 | | - | 85earlierofthefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentof |
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| 135 | | - | 86agesixty-five; |
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| 136 | | - | 87 (13)BenefitprogramL-11.BenefitprogramL-11maycoveremploymentina |
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| 137 | | - | 88positiononlyifsuchpositionisnotconcurrentlycoveredbyfederalSocialSecurity;in |
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| 138 | | - | 89addition,ifsuchpositionwaspreviouslycoveredbyfederalSocialSecurity,benefitprogram |
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| 139 | | - | 90L-11maycoveronlyemploymentrenderedaftercessationoffederalSocialSecurity |
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| 140 | | - | HB147 4 91coverage.AmemberwithcreditedservicecoveredbybenefitprogramL-11shallreceivean |
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| 141 | | - | 92allowanceforlifeequaltotwoandone-halfpercentofthemember'sfinalaveragesalary |
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| 142 | | - | 93multipliedbythenumberofyearsofsuchcreditedservice; |
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| 143 | | - | 94 (14)BenefitprogramL-12.Amemberwithcreditedservicecoveredbybenefit |
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| 144 | | - | 95programL-12shallreceiveanallowanceforlifeequaltooneandthree-quarterpercentofthe |
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| 145 | | - | 96member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice; |
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| 146 | | - | 97 (15)BenefitprogramLT-14(65).Amemberwithcreditedservicecoveredbybenefit |
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| 147 | | - | 98programLT-14(65)shallreceiveanallowanceforlifeequaltooneandthree-quarterpercent |
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| 148 | | - | 99ofthemember'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcredited |
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| 149 | | - | 100service.Inaddition,ifsuchmemberisretiringasprovidedinsection70.645,70.650,or |
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| 150 | | - | 10170.670,thensuchmembershallreceiveatemporaryallowanceequaltoone-quarterofone |
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| 151 | | - | 102percentofthemember'sfinalaveragesalarymultipliedbythenumberofyearsofsuch |
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| 152 | | - | 103creditedservice.Suchtemporaryallowanceshallterminateattheendofthecalendarmonth |
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| 153 | | - | 104inwhichtheearlierofthefollowingeventsoccurs:suchmember'sdeathorthemember's |
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| 154 | | - | 105attainmentofagesixty-five. |
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| 155 | | - | 106 2.Ifeachportionofamember'screditedserviceisnotcoveredbythesamebenefit |
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| 156 | | - | 107program,thenthemember'stotalallowanceforlifeshallbethetotaloftheallowanceforlife |
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| 157 | | - | 108determinedundereachapplicablebenefitprogram. |
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| 158 | | - | 109 3.Eachemployershallhavethecreditedserviceofeachofitsmemberscoveredby |
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| 159 | | - | 110benefitprogramL-1providedforinthissectionunlesssuchemployershallhaveelected |
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| 160 | | - | 111anotherbenefitprogramprovidedforinthissection. |
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| 161 | | - | 112 4.Exceptasotherwiseprovidedinthissubsection,eachpoliticalsubdivision,by |
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| 162 | | - | 113majorityvoteofitsgoverningbody,mayelectfromtimetotimetocoveritsmembers,whose |
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| 163 | | - | 114politicalsubdivisionemploymentisconcurrentlycoveredbyfederalSocialSecurity,under |
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| 164 | | - | 115oneofthebenefitprogramsprovidedforinthissection.Eachpoliticalsubdivision,by |
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| 165 | | - | 116majorityvoteofitsgoverningbody,mayelectfromtimetotimetocoveritsmembers,whose |
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| 166 | | - | 117politicalsubdivisionemploymentisnotconcurrentlycoveredbyfederalSocialSecurity, |
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| 167 | | - | 118underoneofthebenefitprogramsprovidedforinthissection.Theclerkorsecretaryofthe |
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| 168 | | - | 119politicalsubdivisionshallcertifytheelectionofthebenefitprogramtotheboardwithinten |
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| 169 | | - | 120daysaftersuchvote.Theeffectivedateofthepoliticalsubdivision'sbenefitprogramisthe |
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| 170 | | - | 121firstdayofthecalendarmonthspecifiedbysuchgoverningbody,orthefirstdayofthe |
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| 171 | | - | 122calendarmonthnextfollowingreceiptbytheboardofthecertificationofelectionofbenefit |
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| 172 | | - | 123program,ortheeffectivedateofthepoliticalsubdivisionbecominganemployer,whichever |
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| 173 | | - | 124isthelatest.Suchelectionofbenefitprogrammaybechangedfromtimetotimebysuch |
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| 174 | | - | 125vote,butnotmoreoftenthanbiennially.Ifsuchchangedbenefitprogramprovideslarger |
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| 175 | | - | 126allowancesthanthebenefitprogrampreviouslyineffect,thensuchlargerbenefitprogram |
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| 176 | | - | 127shallbeapplicabletothepastandfutureemploymentwiththeemployerbypresentandfuture |
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| 177 | | - | HB147 5 128employees.Ifsuchchangedbenefitprogramprovidessmallerallowancesthanthebenefit |
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| 178 | | - | 129programpreviouslyineffect,thensuchchangedbenefitprogramshallbeapplicableonlyto |
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| 179 | | - | 130creditedserviceforemploymentrenderedfromandaftertheeffectivedateofsuchchange. |
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| 180 | | - | 131AfterAugust28,1994,politicalsubdivisionsshallnotelectcoverageunderbenefitprogram |
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| 181 | | - | 132LT-4,benefitprogramLT-5,orbenefitprogramLT-8.AfterAugust28,2005,political |
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| 182 | | - | 133subdivisionsshallnotelectcoverageunderbenefitprogramL-9orbenefitprogramLT-10 |
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| 183 | | - | 134(65). |
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| 184 | | - | 135 5.Shouldanemployerchangeitselectionofbenefitprogramasprovidedinthis |
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| 185 | | - | 136section,theemployercontributionsshallbecorrespondinglychangedeffectivethesamedate |
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| 186 | | - | 137asthebenefitprogramchange. |
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| 187 | | - | 138 6.Thelimitationonincreasesinanemployer'scontributionprovidedbysubsection6 |
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| 188 | | - | 139ofsection70.730shallnotapplytoanycontributionincreaseresultingfromanemployer |
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| 189 | | - | 140electingabenefitprogramwhichprovideslargerallowances. |
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| 190 | | - | 141 7.Subjecttotheprovisionsofsubsections8and9[and10]ofthissection,foran |
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| 191 | | - | 142allowancebecomingeffectiveonSeptember28,1975,orlater,andbeginningwiththe |
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| 192 | | - | 143Octoberfirstwhichisatleasttwelvefullmonthsaftertheeffectivedateoftheallowance,the |
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| 193 | | - | 144amountoftheallowanceshallberedeterminedeffectiveeachOctoberfirstandsuch |
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| 194 | | - | 145redeterminedamountshallbepayablefortheensuingyear.Subjecttothelimitationsstated |
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| 195 | | - | 146inthenextsentence,suchredeterminedamountshallbetheamountoftheallowance |
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| 196 | | - | 147otherwisepayablemultipliedbythefollowingpercent:onehundredpercent,plustwopercent |
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| 197 | | - | 148foreachfullyear(excludinganyfractionofayear)intheperiodfromtheeffectivedateofthe |
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| 198 | | - | 149allowancetothecurrentOctoberfirst.Innoeventshallsuchredeterminedamount(1)beless |
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| 199 | | - | 150thantheamountoftheallowanceotherwisepayablenor(2)bemorethantheamountofthe |
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| 200 | | - | 151allowanceotherwisepayablemultipliedbythefollowingfraction:thenumeratorshallbethe |
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| 201 | | - | 152ConsumerPriceIndexforthemonthofJuneimmediatelyprecedingsuchOctoberfirst(butin |
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| 202 | | - | 153noeventanamountlessthanthedenominatorbelow)andthedenominatorshallbethe |
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| 203 | | - | 154ConsumerPriceIndexforthemonthofJuneimmediatelyprecedingtheeffectivedateofthe |
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| 204 | | - | 155allowance.Asusedherein,"ConsumerPriceIndex"meansameasureoftheConsumerPrice |
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| 205 | | - | 156Index[forUrbanWageEarnersandClericalWorkers,] asdeterminedbytheUnitedStates |
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| 206 | | - | 157DepartmentofLaborandadoptedbytheboardoftrustees[ineffectJanuary1,1975; |
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| 207 | | - | 158provided,shouldsuchConsumerPriceIndexberestructuredsubsequentto1974inamanner |
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| 208 | | - | 159materiallychangingitscharacter,theboardshallchangetheapplicationoftheConsumer |
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| 209 | | - | 160PriceIndexsothatasfarasispracticablethe1975intentoftheuseoftheConsumerPrice |
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| 210 | | - | 161Indexshallbecontinued]. Asusedherein"theamountoftheallowanceotherwisepayable" |
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| 211 | | - | 162meanstheamountoftheallowancewhichwouldbepayablewithoutregardtothese |
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| 212 | | - | 163provisionsredeterminingallowanceamountsafterretirement. |
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| 213 | | - | HB147 6 164 8.[Subjecttotheprovisionsofsubsections9and10ofthissection,foranallowance |
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| 214 | | - | 165becomingeffectiveonSeptember28,1975,orlater,themaximumallowancepayableunder |
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| 215 | | - | 166theprovisionsofsection70.685shallberedeterminedeachOctoberfirstinthesamemanner |
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| 216 | | - | 167asanallowanceisredeterminedundertheprovisionsofsubsection7ofthissection. |
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| 217 | | - | 168 9.](1)Thesystemestablishesreservesforthepaymentoffutureallowancesto |
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| 218 | | - | 169retirantsandbeneficiaries.Shouldtheboarddetermine,afterconsultingwiththeactuary,that |
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| 219 | | - | 170theestablishedreservesaremorethansufficienttoprovidesuchallowances,theboardmay |
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| 220 | | - | 171increasetheannualincreaserateprovidedforin[subsections] subsection7[and8]ofthis |
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| 221 | | - | 172section,asitappliestoanyallowancepayable,butinnoeventshallthetotalofall |
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| 222 | | - | 173redeterminedamountsasofOctoberfirstofanyyearbegreaterthanonehundredfourpercent |
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| 223 | | - | 174oftheallowanceswhichwouldhavebeenpayablethatOctoberfirstwithoutsuch |
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| 224 | | - | 175redeterminations;provided,asofanyredeterminationdatethesameannualincreaserateshall |
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| 225 | | - | 176beappliedtoallallowanceswitheffectivedatesintherangeofNovemberfirsttoOctober |
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| 226 | | - | 177firstofthefollowingyear.Theboardmayextendtheprovisionsof[subsections] subsection |
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| 227 | | - | 1787[and8]ofthissectiontoallowanceswhichbecameeffectivebeforeSeptember28,1975; |
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| 228 | | - | 179providedsuchanactionbytheboardshallnotincreaseanemployercontributionratethenin |
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| 229 | | - | 180effect; |
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| 230 | | - | 181 (2)AfterAugust28,1993,theannualincreaserateestablishedbythissubsection |
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| 231 | | - | 182shallbeacompoundrate,compoundedannually,andthefourpercentannualmaximumrate |
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| 232 | | - | 183shallalsobeacompoundrate,compoundedannually;provided,theuseofsuchcompounding |
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| 233 | | - | 184shallnotbeginuntilOctober1,1993,andshallnotaffectredeterminationsmadepriortothat |
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| 234 | | - | 185date. |
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| 235 | | - | 186 [10.]9.Shouldtheboarddeterminethattheprovisionsofsubsections7[,8]and[9]8 |
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| 236 | | - | 187ofthissectionarejeopardizingthefinancialsolvencyofthesystem,theboardshallsuspend |
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| 237 | | - | 188theseprovisionsredeterminingallowanceamountsafterretirementforsuchperiodsoftimeas |
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| 238 | | - | 189theboarddeemsappropriate. |
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| 239 | | - | 70.680.1.Anymemberinservicewithfiveormoreyearsofcreditedservicewho |
|---|
| 240 | | - | 2hasnotattainedtheageandservicerequirementsofsection70.645andwhobecomestotally |
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| 241 | | - | 3andpermanentlyphysicallyormentallyincapacitatedforhisdutyasanemployee,asthe |
|---|
| 242 | | - | 4resultofapersonalinjuryordisease,mayberetiredbytheboarduponwrittenapplication |
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| 243 | | - | 5filedwiththeboardbyoronbehalfofthemember;provided,thatafteramedicalexamination |
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| 244 | | - | 6ofsuchmembermadebyorunderthedirectionofamedicalcommitteeconsistingofthree |
|---|
| 245 | | - | 7physicians,oneofwhomshallbeselectedbytheboard,onebyoronbehalfofsuchmember, |
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| 246 | | - | 8andthethirdbythefirsttwophysicianssonamed,themedicalcommitteereportstothe |
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| 247 | | - | 9board,bymajorityopinioninwriting,thatsuchmemberisphysicallyormentallytotally |
|---|
| 248 | | - | 10incapacitatedforthefurtherperformanceofduty,thatsuchincapacitywillprobablybe |
|---|
| 249 | | - | 11permanentandthatsuchmembershouldberetired. |
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| 250 | | - | HB147 7 12 2.Upondisabilityretirement,asprovidedinsubsection1ofthissection,amember |
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| 251 | | - | 13shallreceiveanallowanceforlifeprovidedforinsection70.655andshallhavetherightto |
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| 252 | | - | 14electanoptionprovidedforinsection70.660.Hisorherdisabilityretirementandallowance |
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| 253 | | - | 15shallbesubjecttotheprovisionsofsubsection5ofthissection[andtotheprovisionsof |
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| 254 | | - | 16section70.685]. |
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| 255 | | - | 17 3.Anymemberinservicewhobecomestotallyandpermanentlyphysicallyor |
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| 256 | | - | 18mentallyincapacitatedforhisdutyasanemployee,asthenaturalandproximateresultofa |
|---|
| 257 | | - | 19personalinjuryordiseasewhichtheboardfindstohavearisenoutofandinthecourseofhis |
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| 258 | | - | 20actualperformanceofdutyasanemployee,mayberetiredbytheboarduponwritten |
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| 259 | | - | 21applicationfiledwiththeboardbyoronbehalfofthemember;provided,thatafteramedical |
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| 260 | | - | 22examinationofsuchmembermadebyorunderthedirectionofamedicalcommittee |
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| 261 | | - | 23consistingofthreephysicians,oneofwhomshallbeselectedbytheboard,onebyoron |
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| 262 | | - | 24behalfofsuchmember,andthethirdbythefirsttwophysicianssonamed,themedical |
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| 263 | | - | 25committeereportstotheboard,bymajorityopinioninwriting,thatsuchmemberis |
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| 264 | | - | 26physicallyormentallytotallyincapacitatedforthefurtherperformanceofduty,thatsuch |
|---|
| 265 | | - | 27incapacitywillprobablybepermanent,andthatsuchmembershouldberetired. |
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| 266 | | - | 28 4.Upondisabilityretirementasprovidedinsubsection3ofthissection,amember |
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| 267 | | - | 29shallreceiveanallowanceforlifeprovidedforinsection70.655;provided,thatforthesole |
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| 268 | | - | 30purposeofcomputingtheamountofsuchallowance,heorsheshallbegivencreditedservice |
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| 269 | | - | 31fortheperiodfromthedateofhisorherdisabilityretirementtothedateheorshewould |
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| 270 | | - | 32attainagesixty.Heorsheshallhavetherighttoelectanoptionprovidedforinsection |
|---|
| 271 | | - | 3370.660.Hisorherdisabilityretirementandallowanceshallbesubjecttotheprovisionsof |
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| 272 | | - | 34subsection5ofthissection[andtotheprovisionsofsection70.685]. |
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| 273 | | - | 35 5.Atleastonceeachyearduringthefirstfiveyearsfollowingamember'sretirement |
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| 274 | | - | 36onaccountofdisability,andatleastonceineachthree-yearperiodthereafter,theboardshall |
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| 275 | | - | 37requireanydisabilityretirantwhohasnotattainedhisminimumserviceretirementageto |
|---|
| 276 | | - | 38undergoamedicalexaminationtobemadebyaphysiciandesignatedbytheboard.Ifthe |
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| 277 | | - | 39retirantrefusestosubmittomedicalexaminationinanysuchperiod,hisdisabilityallowance |
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| 278 | | - | 40shallbesuspendedbytheboarduntilhiswithdrawalofsuchrefusal.Ifsuchrefusalcontinues |
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| 279 | | - | 41foroneyear,allhisrightsinandtoadisabilityallowanceshallberevokedbytheboard.If, |
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| 280 | | - | 42uponmedicalexaminationoftheretirant,thephysicianreportstotheboardthattheretirantis |
|---|
| 281 | | - | 43physicallyandmentallyableandcapableofresuminghisdutyasanemployeeintheposition |
|---|
| 282 | | - | 44heldbyhimatthetimeofhisdisabilityretirement,thentheboardshall,ifdemandedbythe |
|---|
| 283 | | - | 45retirant,arrangeafurthermedicalexaminationofsuchmembermadebyorunderthe |
|---|
| 284 | | - | 46directionofamedicalcommitteeconsistingofthreephysicians,oneofwhomshallbe |
|---|
| 285 | | - | 47selectedbytheboard,onebyoronbehalfofthemember,andthethirdbythefirsttwo |
|---|
| 286 | | - | 48physiciansnamed.Shouldthemedicalcommitteeconcur,bymajorityopinioninwritingto |
|---|
| 287 | | - | HB147 8 49theboard,thedisabilityretirantiscapableofresumptionofduty,hisdisabilityretirement |
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| 288 | | - | 50shallterminateandheshallbereturnedtodutyandheshallimmediatelyagainbecomea |
|---|
| 289 | | - | 51memberofthesystem,hiscreditedserviceatthetimeofdisabilityretirementshallbe |
|---|
| 290 | | - | 52restoredtohiscredit,andtheamountofhisaccumulatedcontributionsatthetimeofhis |
|---|
| 291 | | - | 53disabilityretirementshallberestoredtohiscreditinthemembersdepositfund.Ifhewasin |
|---|
| 292 | | - | 54receiptofadutydisabilityallowanceprovidedforinsubsection3ofthissection,heshallalso |
|---|
| 293 | | - | 55begivenservicecreditfortheperiodhewasinreceiptofthedutydisabilityallowance. |
|---|
| 294 | | - | 70.690.1.Intheeventamemberceasestobeamemberotherthanbydeathbefore |
|---|
| 295 | | - | 2thedatehebecomesentitledtoretirewithanallowancepayablebythesystem,heshallbe |
|---|
| 296 | | - | 3paid,uponhiswrittenapplicationfiledwiththeboard,hisaccumulatedcontributionsstanding |
|---|
| 297 | | - | 4tohiscreditinthemembersdepositfund. |
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| 298 | | - | 5 2.Intheeventamemberdies,andnoallowancebecomesorwillbecomepayableby |
|---|
| 299 | | - | 6thesystemonaccountofhisdeath,hisaccumulatedcontributionsstandingtohiscreditinthe |
|---|
| 300 | | - | 7membersdepositfundatthetimeofhisdeathshallbepaidtosuchpersonorpersonsashe |
|---|
| 301 | | - | 8shallhavenominatedbywrittendesignationdulyexecutedandfiledwiththeboard.Ifthere |
|---|
| 302 | | - | 9benosuchdesignatedpersonorpersonssurvivingsuchmember,suchaccumulated |
|---|
| 303 | | - | 10contributionsshallbepaidtohissurvivingspouse,ortohisestateifthereisnosurviving |
|---|
| 304 | | - | 11spouse. |
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| 305 | | - | 12 3.Intheeventamember'smembershipinthesystemterminates,andnoallowance |
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| 306 | | - | 13becomesorwillbecomepayableonhisaccount,anyaccumulatedcontributionsstandingto |
|---|
| 307 | | - | 14hiscreditinthemembersdepositfundunclaimedbysuchmemberorhislegalrepresentative |
|---|
| 308 | | - | 15within[three] tenyearsafterthedatehismembershipterminated,shallbetransferredtothe |
|---|
| 309 | | - | 16income-expensefund.Ifthereafterproperapplicationismadeforsuchaccumulated |
|---|
| 310 | | - | 17contributions,theboardshallpaythemfromtheincome-expensefund,butwithoutinterest |
|---|
| 311 | | - | 18afterthedatepaymentwasfirstdue. |
|---|
| 312 | | - | 70.745.1.Theboardshallbethetrusteesofthefundsofthesystem.Subjecttothe |
|---|
| 313 | | - | 2provisionsofanyapplicablefederalorstatelaws,theboardshallhavefullpowertoinvest |
|---|
| 314 | | - | 3andreinvestthemoneysofthesystem,andtohold,purchase,sell,assign,transferordispose |
|---|
| 315 | | - | 4ofanyofthesecuritiesandinvestmentsinwhichsuchmoneysshallhavebeeninvested,as |
|---|
| 316 | | - | 5wellastheproceedsofsuchinvestmentsandsuchmoneys. |
|---|
| 317 | | - | 6 2.Theboardoftrusteesmaydeliberateabout,ormaketentativeorfinal |
|---|
| 318 | | - | 7decisionson,investmentsorotherfinancialmattersinaclosedmeetingunderchapter |
|---|
| 319 | | - | 8610ifdisclosureofthedeliberationsordecisionswouldjeopardizetheabilityto |
|---|
| 320 | | - | 9implementadecisionortoachieveinvestmentobjectives.Arecordoftheretirement |
|---|
| 321 | | - | 10systemthatdisclosesdeliberationsabout,oratentativedecisionon,investmentsor |
|---|
| 322 | | - | 11otherfinancialmattersisnotapublicrecordunderchapter610totheextentandsolong |
|---|
| 323 | | - | HB147 9 12asitsdisclosurewouldjeopardizetheabilitytoimplementadecisionortoachieve |
|---|
| 324 | | - | 13investmentobjectives. |
|---|
| 325 | | - | 70.746.Notwithstandinganyotherprovisionoflawtothecontrary,theboardof |
|---|
| 326 | | - | 2trusteesmaydelegatetoitsdulyappointedinvestmentcounselorauthoritytoactinplaceof |
|---|
| 327 | | - | 3theboardintheinvestmentandreinvestmentofallorpartofthemoneysofthesystem,and |
|---|
| 328 | | - | 4mayalsodelegatetosuchcounselortheauthoritytoactinplaceoftheboardintheholding, |
|---|
| 329 | | - | 5purchasing,selling,assigning,transferring,ordisposingofanyorallofthesecuritiesand |
|---|
| 330 | | - | 6investmentsinwhichsuchmoneysshallhavebeeninvested,aswellastheproceedsofsuch |
|---|
| 331 | | - | 7investmentsandsuchmoneys.[Suchinvestmentcounselorshallberegisteredasan |
|---|
| 332 | | - | 8investmentadvisorwiththeUnitedStatesSecuritiesandExchangeCommission.] In |
|---|
| 333 | | - | 9exercisingordelegatingitsinvestmentpowersandauthority,membersoftheboardshall |
|---|
| 334 | | - | 10exerciseordinarybusinesscareandprudenceunderthefactsandcircumstancesprevailingat |
|---|
| 335 | | - | 11thetimeoftheactionordecision.Insodoing,theboardshallconsiderthelong-andshort- |
|---|
| 336 | | - | 12termneedsofthesystemincarryingoutitspurposes,thesystem'spresentandanticipated |
|---|
| 337 | | - | 13financialrequirements,theexpectedtotalreturnonthesystem'sinvestment,general |
|---|
| 338 | | - | 14economicconditions,income,growth,long-termnetappreciation,andprobablesafetyof |
|---|
| 339 | | - | 15funds.Nomemberoftheboardshallbeliableforanyactiontakenoromittedwithrespectto |
|---|
| 340 | | - | 16theexerciseofordelegationofthesepowersandauthorityifsuchmembershallhave |
|---|
| 341 | | - | 17dischargedthedutiesofhisorherpositioningoodfaithandwiththatdegreeofdiligence, |
|---|
| 342 | | - | 18care,andskillwhichprudentmenandwomenwouldordinarilyexerciseundersimilar |
|---|
| 343 | | - | 19circumstancesinalikeposition. |
|---|
| 344 | | - | 70.747.Notwithstandinganyotherprovisionoflawtothecontrary,theboardshall |
|---|
| 345 | | - | 2havefullpowertoinvestandreinvestthefundsandmoneysofthesysteminimprovedreal |
|---|
| 346 | | - | 3estate,includingcollectiverealestatefundsandrealestateinvestmenttrusts,wherever |
|---|
| 347 | | - | 4situated[; provided,however,thatnotmorethanone-tenthofthefundsandmoneysofthe |
|---|
| 348 | | - | 5systematthetimeofsuchinvestmentshallbesoinvested]. |
|---|
| 349 | | - | 70.748.1.Notwithstandingtheprovisionsofsection105.662tothecontrary,the |
|---|
| 350 | | - | 2boardmaysetupandmaintainalocalgovernmentemployeeretirementsystemsof |
|---|
| 351 | | - | 3Missouriinvestmentfundaccountinwhichinvestmentandreinvestmentofallorpart |
|---|
| 352 | | - | 4ofthemoneysoftheretirementsystemmaybeplacedandbeavailableforinvestment |
|---|
| 353 | | - | 5purposes. |
|---|
| 354 | | - | 6 2.Forthepurposeofinvestingthefundsoftheretirementsystem,thefundsmay |
|---|
| 355 | | - | 7becombinedwiththefundsofanyretirementplanthatisadministeredbythe |
|---|
| 356 | | - | 8retirementsystemundersection70.621andanyretirementplanestablishedforthe |
|---|
| 357 | | - | 9purposeofprovidingbenefitsforemployeesofthesystem,butthefundsofeachplan |
|---|
| 358 | | - | 10shallbeaccountedforseparatelyandforallotherreportingpurposesshallbeseparate. |
|---|
| 359 | | - | HB147 10 11 3.Theboardoftrusteesmaypromulgatesuchrulesandregulationsconsistent |
|---|
| 360 | | - | 12withtheprovisionsofthissectionasdeemednecessaryforitsproperadministration, |
|---|
| 361 | | - | 13pursuanttotheprovisionsofthissectionandthischapter.Anyruleorportionofarule, |
|---|
| 362 | | - | 14asthattermisdefinedinsection536.010,thatiscreatedundertheauthoritydelegated |
|---|
| 363 | | - | 15inthissectionshallbecomeeffectiveonlyifitcomplieswithandissubjecttoallofthe |
|---|
| 364 | | - | 16provisionsofchapter536and,ifapplicable,section536.028.Thissectionandchapter |
|---|
| 365 | | - | 17536arenonseverableandifanyofthepowersvestedwiththegeneralassembly |
|---|
| 366 | | - | 18pursuanttochapter536toreview,todelaytheeffectivedate,ortodisapproveandannul |
|---|
| 367 | | - | 19arulearesubsequentlyheldunconstitutional,thenthegrantofrulemakingauthority |
|---|
| 368 | | - | 20andanyruleproposedoradoptedafterAugust28,2025,shallbeinvalidandvoid. |
|---|
| 10 | + | SectionA.Section86.200,RSMo,isrepealedandonenewsectionenactedinlieu |
|---|
| 11 | + | 2thereof,tobeknownassection86.200,toreadasfollows: |
|---|
| 487 | | - | 87.140.1.Thegeneraladministrationandtheresponsibilityfortheproperoperation |
|---|
| 488 | | - | 2oftheretirementsystemshallbevestedinaboardoftrusteesofninepersons.Theboardshall |
|---|
| 489 | | - | 3beconstitutedasfollows: |
|---|
| 490 | | - | 4 (1)Thechiefofthefiredepartmentofthecity,exofficio; |
|---|
| 491 | | - | 5 (2)Thecomptrollerordeputycomptrollerofthecity,exofficio; |
|---|
| 492 | | - | 6 (3)Twomemberstobeappointedbythemayorofthecitytoserveforatermoftwo |
|---|
| 493 | | - | 7years; |
|---|
| 494 | | - | 8 (4)Threememberstobeelectedbythemembersoftheretirementsystemforaterm |
|---|
| 495 | | - | 9ofthreeyearswhoshallbemembersofthesystemandholdofficeonlywhilemembersofthe |
|---|
| 496 | | - | 10system; |
|---|
| 497 | | - | 11 (5)Twomemberswhoshallberetiredfirementobeelectedbytheretiredfiremenof |
|---|
| 498 | | - | 12thecityandwhoshallholdofficeforatermofthreeyears. |
|---|
| 499 | | - | 13 2.Ifavacancyoccursintheofficeoftrustee,thevacancyshallbefilledforthe |
|---|
| 500 | | - | 14unexpiredterminthesamemannerastheofficewaspreviouslyfilled. |
|---|
| 501 | | - | 15 3.Thetrusteesshallservewithoutcompensation,buttheyshallbereimbursedfrom |
|---|
| 502 | | - | 16theexpensefundforallnecessaryexpenseswhichtheymayincurthroughserviceonthe |
|---|
| 503 | | - | 17board. |
|---|
| 504 | | - | 18 4.Eachtrusteeshall,withintendaysafterhisappointmentorelection,takeanoathof |
|---|
| 505 | | - | 19officebeforetheclerkofcircuitcourtofthecity,that,sofarasitdevolvesuponhim,hewill |
|---|
| 506 | | - | HB147 14 20diligentlyandhonestlyadministertheaffairsoftheboardandthathewillnotknowingly |
|---|
| 507 | | - | 21violateorwillinglypermittobeviolatedanyoftheprovisionsofthelawapplicabletothe |
|---|
| 508 | | - | 22retirementsystem.Theoathshallbesubscribedtobythemembermakingitandcertifiedby |
|---|
| 509 | | - | 23theclerkofcircuitcourtandfiledinhisoffice. |
|---|
| 510 | | - | 24 5.Eachtrusteeshallbeentitledtoonevoteontheboard.Fivevotesshallbe |
|---|
| 511 | | - | 25necessaryforadecisionbythetrusteesatanymeetingoftheboard. |
|---|
| 512 | | - | 26 6.Notwithstandinganyprovisionofsections87.120to87.371tothecontrary,the |
|---|
| 513 | | - | 27boardoftrusteesoftheretirementsystemshallnotbepreventedfromsimultaneously |
|---|
| 514 | | - | 28actingasthetrusteesofanyotherpensionplanthatprovidesretirement,disability,and |
|---|
| 515 | | - | 29deathbenefitsforfirefightersemployedbyanycitynotwithinacountyandthe |
|---|
| 516 | | - | 30firefighters'covereddependents.Theadministrationoftheotherpensionplanshallbe |
|---|
| 517 | | - | 31inaccordancewiththetermsofsuchpensionplan.Nothinginthissubsectionshall |
|---|
| 518 | | - | 32preventtheboardofaldermenofacitynotwithinacountyfromadoptingordinancesto |
|---|
| 519 | | - | 33governthepensioningoffirefightersandsuchfirefighters'covereddependentsinany |
|---|
| 520 | | - | 34otherpensionplansimultaneouslyadministeredbytheboardoftrusteesofthe |
|---|
| 521 | | - | 35retirementsystem. |
|---|
| 522 | | - | 87.145.Theboardoftrusteesshallhaveexclusiveoriginaljurisdictioninallmatters |
|---|
| 523 | | - | 2relatingtooraffectingthefundshereinprovidedfor,including,inadditiontoallother |
|---|
| 524 | | - | 3matters,allclaimsforbenefitsandrefundsunderthislaw,anditsaction,decisionor |
|---|
| 525 | | - | 4determinationinanymattershallbereviewableunderchapter536only,andanypartytothe |
|---|
| 526 | | - | 5proceedingsshallhavearightofappealfromthedecisionofthereviewingcourt.Subjectto |
|---|
| 527 | | - | 6thelimitationsofsections87.120to87.370,theboardoftrusteesshall,fromtimetotime, |
|---|
| 528 | | - | 7establishrulesandregulationsfortheadministrationoffundscreatedbythislaw,forthe |
|---|
| 529 | | - | 8transactionofitsbusiness,andforthelimitationofthetimewithinwhichclaimsmaybefiled. |
|---|
| 530 | | - | 9Theadministrationofanypensionplanotherthantheretirementsystemincludesthe |
|---|
| 531 | | - | 10abilityoftheboardoftrustees,fromtimetotime,toestablishrulesandregulationsfor |
|---|
| 532 | | - | 11theadministrationoffundsofsuchotherpensionplanandforthetransactionofsuch |
|---|
| 533 | | - | 12otherpensionplan'sbusiness.Nothinginthissectionshallpreventtheboardof |
|---|
| 534 | | - | 13aldermenofacitynotwithinacountyfromadoptingordinancestogovernthe |
|---|
| 535 | | - | 14pensioningoffirefightersandsuchfirefighters'covereddependentsinanyotherpension |
|---|
| 536 | | - | 15plansimultaneouslyadministeredbytheboardoftrusteesoftheretirementsystem. |
|---|
| 537 | | - | 87.155.1.Theboardoftrusteesshallkeepinconvenientformsuchdataasis |
|---|
| 538 | | - | 2necessaryforactuarialvaluationofthefundsoftheretirementsystemandforcheckingthe |
|---|
| 539 | | - | 3experienceofthesystem. |
|---|
| 540 | | - | 4 2.Theboardoftrusteesshallkeeparecordofallitsproceedingswhichshallbeopen |
|---|
| 541 | | - | 5topublicinspection.Itshallpublishannuallyareportshowingthefiscaltransactionsofthe |
|---|
| 542 | | - | 6retirementsystemfortheprecedingfiscalyear,theamountoftheaccumulatedcashand |
|---|
| 543 | | - | HB147 15 7securitiesofthesystem,andthelastbalancesheetshowingthefinancialconditionofthe |
|---|
| 544 | | - | 8systembymeansofanactuarialvaluationoftheassetsandliabilitiesoftheretirement |
|---|
| 545 | | - | 9system. |
|---|
| 546 | | - | 10 3.Totheextenttheboardoftrusteesadministersapensionplanotherthanthe |
|---|
| 547 | | - | 11retirementsystem,theboardoftrusteesshallmaintainseparaterecordsofall |
|---|
| 548 | | - | 12proceedingsofsuchotherpensionplan. |
|---|
| 549 | | - | 87.260.Theboardoftrusteesofthefirefighters'retirementsystemshallhavethe |
|---|
| 550 | | - | 2exclusiveauthorityanddiscretiontoinvestandreinvestthefundsinpropertyofanykind,real |
|---|
| 551 | | - | 3orpersonal.Theboardoftrusteesshallinvestandmanagethefundasaprudentinvestor |
|---|
| 552 | | - | 4would,byconsideringthepurposes,terms,distributionrequirements,andothercircumstances |
|---|
| 553 | | - | 5ofthefirefighters'retirementsystem.Insatisfyingthisstandard,theboardoftrusteesshall |
|---|
| 554 | | - | 6exercisereasonablecare,skill,andcaution.Notrusteeshallhaveanyinterestasatrusteein |
|---|
| 555 | | - | 7thegainsorprofitsmadeonanyinvestment,exceptbenefitsfrominterestininvestments |
|---|
| 556 | | - | 8commontoallmembersoftheplan,ifentitledthereto.Totheextenttheboardoftrustees |
|---|
| 557 | | - | 9administersapensionplanotherthantheretirementsystem,theboardoftrusteesshall |
|---|
| 558 | | - | 10alsohavetheauthorityanddiscretiontoinvestandreinvestthefundsofsuchother |
|---|
| 559 | | - | 11pensionplaninpropertyofanykind,realorpersonal.Theboardoftrusteesmay |
|---|
| 560 | | - | 12choosetoinvestthefundsoftheretirementsystemandthefundsoftheotherpension |
|---|
| 561 | | - | 13planinthesameinvestmentssolongastheamountsinvestedandthegains,profits,or |
|---|
| 562 | | - | 14lossesonsuchinvestmentsareaccountedforseparately.Nobenefitsduetothe |
|---|
| 563 | | - | 15firefightersorsuchfirefighters'covereddependentsfromtheotherpensionplanshall |
|---|
| 564 | | - | 16bepaidfromthefundsoftheretirementsystem.Nothinginthissectionshallprevent |
|---|
| 565 | | - | 17theboardofaldermenofacitynotwithinacountyfromadoptingordinancestogovern |
|---|
| 566 | | - | 18thepensioningoffirefightersandsuchfirefighters'covereddependentsinanyother |
|---|
| 567 | | - | 19pensionplansimultaneouslyadministeredbytheboardoftrusteesoftheretirement |
|---|
| 568 | | - | 20system. |
|---|
| 569 | | - | 87.350.Theexpensefundshallbethefundtowhichshallbecreditedallmoney |
|---|
| 570 | | - | 2providedtopaytheadministrationexpensesoftheretirementsystemandfromwhichshallbe |
|---|
| 571 | | - | 3paidalltheexpensesnecessaryinconnectionwiththeadministrationandoperationofthe |
|---|
| 572 | | - | 4system.Annuallytheboardoftrusteesshallestimatetheamountofmoneynecessarytobe |
|---|
| 573 | | - | 5paidintotheexpensefundduringtheensuingyeartoprovidefortheexpenseofoperationof |
|---|
| 574 | | - | 6theretirementsystem.Suchestimateshallbeprovidedbytheboardoftrusteesfrominterest |
|---|
| 575 | | - | 7andotherearningsonassetsoftheretirementsystem.Innoeventshallanyexpenses, |
|---|
| 576 | | - | 8includingadministrativeexpenses,incurredbytheboardoftrusteesinthe |
|---|
| 577 | | - | 9administrationofanypensionplanotherthantheretirementsystemorinthe |
|---|
| 578 | | - | 10investmentofanyfundsofanypensionplanotherthantheretirementsystembepaid |
|---|
| 579 | | - | HB147 16 11fromthefundsoftheretirementsystem.Suchexpensesshallbepaidentirelyfromthe |
|---|
| 580 | | - | 12fundsoftheotherpensionplan. |
|---|
| 581 | | - | 105.688.Theassetsofasystemmaybeinvested,reinvestedandmanagedbyan |
|---|
| 582 | | - | 2investmentfiduciarysubjecttotheterms,conditionsandlimitationsprovidedinsections |
|---|
| 583 | | - | 3105.687to105.689.Aninvestmentfiduciaryshalldischargehisorherdutiesintheinterest |
|---|
| 584 | | - | 4oftheparticipantsinthesystemandtheirbeneficiariesandshall: |
|---|
| 585 | | - | 5 (1)Actwiththesamecare,skill,prudence,anddiligenceunderthecircumstances |
|---|
| 586 | | - | 6thenprevailingthataprudentpersonactinginasimilarcapacityandfamiliarwiththose |
|---|
| 587 | | - | 7matterswoulduseintheconductofasimilarenterprisewithsimilaraims; |
|---|
| 588 | | - | 8 (2)Actwithdueregardforthemanagement,reputation,andstabilityoftheissuerand |
|---|
| 589 | | - | 9thecharacteroftheparticularinvestmentsbeingconsidered; |
|---|
| 590 | | - | 10 (3)Makeinvestmentsforthepurposesofprovidingbenefitstoparticipantsand |
|---|
| 591 | | - | 11participants'beneficiaries,andofdefrayingreasonableexpensesofinvestingtheassetsofthe |
|---|
| 592 | | - | 12system; |
|---|
| 593 | | - | 13 (4)Giveappropriateconsiderationtothosefactsandcircumstancesthatthe |
|---|
| 594 | | - | 14investmentfiduciaryknowsorshouldknowarerelevanttotheparticularinvestmentor |
|---|
| 595 | | - | 15investmentcourseofactioninvolved,includingtheroleoftheinvestmentorinvestment |
|---|
| 596 | | - | 16courseofactionplaysinthatportionofthesystem'sinvestmentsforwhichtheinvestment |
|---|
| 597 | | - | 17fiduciaryhasresponsibility.Forpurposesofthissubdivision,"appropriateconsideration" |
|---|
| 598 | | - | 18shallinclude,butisnotnecessarilylimitedtoadeterminationbytheinvestmentfiduciarythat |
|---|
| 599 | | - | 19aparticularinvestmentorinvestmentcourseofactionisreasonablydesigned,aspartofthe |
|---|
| 600 | | - | 20investmentsofthesystem,tofurtherthepurposesofthesystem,takingintoconsiderationthe |
|---|
| 601 | | - | 21riskoflossandtheopportunityforgainorotherreturnassociatedwiththeinvestmentor |
|---|
| 602 | | - | 22investmentcourseofaction;andconsiderationofthefollowingfactorsastheyrelatetothe |
|---|
| 603 | | - | 23investmentorinvestmentcourseofaction: |
|---|
| 604 | | - | 24 (a)Thediversificationoftheinvestmentsofthesystem; |
|---|
| 605 | | - | 25 (b)Theliquidityandcurrentreturnoftheinvestmentsofthesystemrelativetothe |
|---|
| 606 | | - | 26anticipatedcashflowrequirementsofthesystem;and |
|---|
| 607 | | - | 27 (c)Theprojectedreturnoftheinvestmentsofthesystemrelativetothefunding |
|---|
| 608 | | - | 28objectivesofthesystem; |
|---|
| 609 | | - | 29 (5)Giveappropriateconsiderationtoinvestmentswhichwouldenhancethegeneral |
|---|
| 610 | | - | 30welfareofthisstateanditscitizensifthoseinvestmentsofferthesafetyandrateofreturn |
|---|
| 611 | | - | 31comparabletootherinvestmentsavailabletotheinvestmentfiduciaryatthetimethe |
|---|
| 612 | | - | 32investmentdecisionismade; |
|---|
| 613 | | - | 33 (6)Notbeprohibitedfromclosingrecordstotheextentthatsuchrecordsrelate |
|---|
| 614 | | - | 34toinformationsubmittedbyanindividual,corporation,orotherbusinessentityin |
|---|
| 615 | | - | HB147 17 35connectionwithinvestmentsinorfinancialtransactionswithbusinessentitiesfor |
|---|
| 616 | | - | 36investmentpurposes; |
|---|
| 617 | | - | 37 (7)Notconsiderenvironmental,social,orgovernancecharacteristicsina |
|---|
| 618 | | - | 38mannerthatwouldoverridehisorherfiduciarydutiesasdefinedinthissection; |
|---|
| 619 | | - | 39 (8)Notbesubjecttoanylegislative,regulatory,orothermandatestoinvestwith |
|---|
| 620 | | - | 40environmentally,socially,orothernoneconomicallymotivatedinfluenceunlesstheyare |
|---|
| 621 | | - | 41consistentwiththefiduciary'sresponsibilityasprovidedinthissectionorasprovidedin |
|---|
| 622 | | - | 42thesystem’sgoverningstatuteswithrespecttotheinvestmentofsystemassetsorother |
|---|
| 623 | | - | 43dutiesimposedbylawrelatingtotheinvestment,management,deposit,orcustodyof |
|---|
| 624 | | - | 44systemassets;and |
|---|
| 625 | | - | 45 (9)Notbesubjecttoanylegislative,regulatory,orothermandatesfor |
|---|
| 626 | | - | 46divestmentfromanyindirectholdingsinactivelyorpassivelymanagedinvestment |
|---|
| 627 | | - | 47fundsorinprivateassets. |
|---|
| 628 | | - | 105.692.1.Allsharesofcommonstockhelddirectlybyasystem,asdefined |
|---|
| 629 | | - | 2undersection105.687,shallbevotedsolelyintheeconomicinterestofplanparticipants. |
|---|
| 630 | | - | 3Votingsharesforthepurposesoffurtheringnoneconomicenvironmental,social, |
|---|
| 631 | | - | 4political,ideological,orothergoalsisprohibited. |
|---|
| 632 | | - | 5 2.Asystemshallvoteallproxiesassociatedwithitsdirectlyheldsharesof |
|---|
| 633 | | - | 6commonstockbyoneofthefollowingmethods: |
|---|
| 634 | | - | 7 (1)Byinternalsystemstaff;or |
|---|
| 635 | | - | 8 (2)Byaninvestmentmanagerorproxyvotingserviceproviderwhohas |
|---|
| 636 | | - | 9committedinwritingtovotethesharespursuanttoproxyvotingguidelineschosenby |
|---|
| 637 | | - | 10thesystemorhascommittedinwritingtovotethesharesinamannerconsistentwith |
|---|
| 638 | | - | 11theobligationtoactsolelyintheeconomicinterestofplanparticipants. |
|---|
| 639 | | - | 105.693.1.Asusedinthissection,thefollowingtermsmean: |
|---|
| 640 | | - | 2 (1)"Board",thegoverningboardordecision-makingbodyofasystemthatis |
|---|
| 641 | | - | 3authorizedbylawtoadministerthesystem; |
|---|
| 642 | | - | 4 (2)"Control": |
|---|
| 643 | | - | 5 (a)ThesamemeaningassuchtermisdefinedintheInvestmentCompanyActof |
|---|
| 644 | | - | 61940,15U.S.C.Section80a–2(a);or |
|---|
| 645 | | - | 7 (b)Involvementinanentity'sgovernancestructure,monitoring,orinternal |
|---|
| 646 | | - | 8humanresourcesdecisionsconsistentwiththeobjectivessetoutintheOpinionon |
|---|
| 647 | | - | 9StrengtheningtheUnitedFrontWorkofthePrivateEconomyintheNewEraissuedby |
|---|
| 648 | | - | 10theGeneralOfficeoftheCentralCommitteeoftheChineseCommunistParty(2020)or |
|---|
| 649 | | - | 11asuccessororsimilardocument; |
|---|
| 650 | | - | 12 (3)"Divest",asale,redemption,replacement,oranyotheractivitythat |
|---|
| 651 | | - | 13terminatesaninvestment; |
|---|
| 652 | | - | HB147 18 14 (4)"Fund",theretirementbenefitfundofasystem; |
|---|
| 653 | | - | 15 (5)"Investment",anyinvestment,assuchtermisdefinedinsection105.687, |
|---|
| 654 | | - | 16thattheboardorsystemisauthorizedtomake; |
|---|
| 655 | | - | 17 (6)"Person",anindividualorentity; |
|---|
| 656 | | - | 18 (7)"Restrictedentity",thefollowing,includingwholly-ownedsubsidiaries, |
|---|
| 657 | | - | 19majority-ownedsubsidiaries,parentcompanies,andaffiliatesthatexistforprofit- |
|---|
| 658 | | - | 20makingpurposes: |
|---|
| 659 | | - | 21 (a)Anyperson,otherthanaU.S.person,astheterm"U.S.person"isdefinedin |
|---|
| 660 | | - | 2215CFR772.1,thatisidentifiedforthePeople'sRepublicofChinaontheEntityList, |
|---|
| 661 | | - | 23SupplementNo.4to15CFR744,asapersonreasonablybelievedtobeinvolved,orto |
|---|
| 662 | | - | 24poseasignificantriskofbeingorbecominginvolved,inactivitiescontrarytothe |
|---|
| 663 | | - | 25nationalsecurityorforeignpolicyinterestsoftheUnitedStatesuntiltheEnd-User |
|---|
| 664 | | - | 26ReviewCommitteeoftheBureauofIndustryandSecurityintheUnitedStates |
|---|
| 665 | | - | 27DepartmentofCommercedeterminesthatthepersonnolongermeetsthatcriteriaand |
|---|
| 666 | | - | 28removesthepersonfromthelist; |
|---|
| 667 | | - | 29 (b)Anypersonthat: |
|---|
| 668 | | - | 30 a.TheUnitedStatesSecretaryofDefensehaslistedasaCommunistChinese |
|---|
| 669 | | - | 31militarycompanyoperatingdirectlyorindirectlyintheUnitedStatesorinanyofits |
|---|
| 670 | | - | 32territoriesorpossessionsunderSection1237oftheStromThurmondNationalDefense |
|---|
| 671 | | - | 33AuthorizationActofFiscalYear1999,P.L.105-261,asamendedbySection1233ofP.L. |
|---|
| 672 | | - | 34106-398andSection1222ofP.L.108-375,50U.S.C.Section1701note,untilsuchtimeas |
|---|
| 673 | | - | 35theUnitedStatesSecretaryofDefenseremovesthepersonfromsuchlist; |
|---|
| 674 | | - | 36 b.TheUnitedStatesSecretaryofDefense,inconsultationwiththeUnitedStates |
|---|
| 675 | | - | 37SecretaryoftheTreasury,determinesisaCommunistChinesemilitarycompany |
|---|
| 676 | | - | 38operatingdirectlyorindirectlyintheUnitedStatesorinanyofitsterritoriesor |
|---|
| 677 | | - | 39possessionsandthereforelistsassuchunderSection1237oftheStromThurmond |
|---|
| 678 | | - | 40NationalDefenseAuthorizationActofFiscalYear1999,P.L.105-261,asamendedby |
|---|
| 679 | | - | 41Section1233ofP.L.106-398andSection1222ofP.L.108-375,50U.S.C.Section1701 |
|---|
| 680 | | - | 42note,untilsuchtimeastheUnitedStatesSecretaryofDefenseremovesthepersonfrom |
|---|
| 681 | | - | 43suchlist;or |
|---|
| 682 | | - | 44 c.TheUnitedStatesSecretaryoftheTreasurypubliclylistsasmeetingthe |
|---|
| 683 | | - | 45criteriainSection1237(b)(4)(B)oftheStromThurmondNationalDefense |
|---|
| 684 | | - | 46AuthorizationActofFiscalYear1999,P.L.105-261,asamendedbySection1222of |
|---|
| 685 | | - | 47P.L.108-375,50U.S.C.Section1701note,orpubliclylistsasasubsidiaryofaperson |
|---|
| 686 | | - | 48alreadydeterminedtobeaCommunistChinesemilitarycompany,untiltheUnited |
|---|
| 687 | | - | 49StatesSecretaryoftheTreasurydeterminesthatthepersonnolongermeetsthatcriteria |
|---|
| 688 | | - | 50andremovesthepersonfromsuchlist; |
|---|
| 689 | | - | HB147 19 51 (c)Anyorganizationorcitizenthatisidentifiedbytheappropriategovernment |
|---|
| 690 | | - | 52agenciestoberequiredbytheNationalIntelligenceLawofthePeople'sRepublicof |
|---|
| 691 | | - | 53China(2017),asamendedin2018,oranysuccessortosupport,assist,andcooperate |
|---|
| 692 | | - | 54withthestateintelligenceworkofthePeople'sRepublicofChinaandkeepthesecretsof |
|---|
| 693 | | - | 55thenationalintelligenceworkofthePeople'sRepublicofChina;or |
|---|
| 694 | | - | 56 (d)AnypersonthatislistedontheSpeciallyDesignatedNationalsandBlocked |
|---|
| 695 | | - | 57PersonsListpublishedbytheOfficeofForeignAssetsControlofUnitedStates |
|---|
| 696 | | - | 58DepartmentoftheTreasury; |
|---|
| 697 | | - | 59 (8)"Restrictedinvestmentproduct",aninvestmentproductthat: |
|---|
| 698 | | - | 60 (a)Ismanagedbyoneormorepersons: |
|---|
| 699 | | - | 61 a.Thatarenotemployedbythesystem;and |
|---|
| 700 | | - | 62 b.Inwhichthesystemonbehalfofthefundownsinvestmentstogetherwith |
|---|
| 701 | | - | 63investorsotherthanthesystem;and |
|---|
| 702 | | - | 64 (b)Holdsinvestmentsinarestrictedentity; |
|---|
| 703 | | - | 65 (9)"System",anystateorlocalpublicretirementsystemorplanestablishedby |
|---|
| 704 | | - | 66thestateoranypoliticalsubdivisionorinstrumentalityofthestateforthepurposeof |
|---|
| 705 | | - | 67providingplanbenefitsforelectedorappointedpublicofficialsoremployeesofthestate |
|---|
| 706 | | - | 68oranypoliticalsubdivisionorinstrumentalityofthestate. |
|---|
| 707 | | - | 69 2.AfterAugust28,2025,asystemshallnotknowinglyinvestinarestricted |
|---|
| 708 | | - | 70entityorarestrictedinvestmentproductandshalldivestanyinvestmentthatthesystem |
|---|
| 709 | | - | 71hasonbehalfofafundinaccordancewiththissection. |
|---|
| 710 | | - | 72 3.BeforeDecember1,2025,andatleastannuallyonorbeforeDecemberfirstof |
|---|
| 711 | | - | 73eachsubsequentyear,theboardshallmakeagoodfaithefforttoidentifyallrestricted |
|---|
| 712 | | - | 74entitiesandrestrictedinvestmentproductsinwhichthesystemholdsaninvestment. |
|---|
| 713 | | - | 75Theboardmayuseanindependentresearchfirmtoassisttheboard. |
|---|
| 714 | | - | 76 4.(1)Iftheboarddeterminesafterareviewundersubsection3ofthissection |
|---|
| 715 | | - | 77thatthesystemhasinvestmentsinarestrictedentityorarestrictedinvestmentproduct, |
|---|
| 716 | | - | 78theboardshallestablishaplantodivesttheinvestmentandcompletethedivestmentas |
|---|
| 717 | | - | 79soonasfinanciallyprudent.Exceptasprovidedinsubdivision(2)ofthissubsection,the |
|---|
| 718 | | - | 80investmentshallbedivestednolaterthanAugust28,2026. |
|---|
| 719 | | - | 81 (2)TheinvestmentmaybedivestedafterAugust28,2026,butshallbedivested |
|---|
| 720 | | - | 82nolaterthanAugust28,2028,iftheboardfindsthatthefollowingconditionsexist: |
|---|
| 721 | | - | 83 (a)ThedivestmentoftheinvestmentbyAugust28,2026,wouldresultinthe |
|---|
| 722 | | - | 84systemincurringaggregatetransactioncostsinexcessoffivehundredthousanddollars; |
|---|
| 723 | | - | 85 (b)Thesellingofglobalpublicequityinterestswouldresultinalosson |
|---|
| 724 | | - | 86secondarymarkets;or |
|---|
| 725 | | - | HB147 20 87 (c)ThedivestmentoftheinvestmentbyAugust28,2026,wouldotherwisefailto |
|---|
| 726 | | - | 88complywithfederalorstatelaworotherlegalobligations. |
|---|
| 727 | | - | 89 5.Priortodivestinganycommingledfundrequiredbythissectioninwhichthe |
|---|
| 728 | | - | 90divestmentwouldresultinarealizedloss,thestaffofthesystemshallnotifytheboard |
|---|
| 729 | | - | 91andif,withintwobusinessdays,amajorityofthetrusteesoftheboardobject,no |
|---|
| 730 | | - | 92furtheractionshallbetakenuntilaspecialorregularmeetingoftheboard. |
|---|
| 731 | | - | 93 6.Theboardshalldeterminewhethertoceaseordeferdivestmentintheentity |
|---|
| 732 | | - | 94orproductinitiatedunderthissectionandresumeinvestmentintheentityorproduct |
|---|
| 733 | | - | 95duringanyperiodinwhichtheentityorproducthasnotreturnedtobeingarestricted |
|---|
| 734 | | - | 96entityorrestrictedinvestmentproductifanyofthefollowingconditionsaremet: |
|---|
| 735 | | - | 97 (1)TheentityorproductmeetsorexceedstherulesandstandardsofthePublic |
|---|
| 736 | | - | 98CompanyAccountingOversightBoardandtheSarbanes-OxleyActof2002,P.L.107- |
|---|
| 737 | | - | 99204,116Stat.745;or |
|---|
| 738 | | - | 100 (2)Theboarddeterminesthatafundhasholdingsinapassivelymanaged |
|---|
| 739 | | - | 101commingledfundthatincludesarestrictedentityandtheestimatedcostofdivestment |
|---|
| 740 | | - | 102ofthecommingledfundisgreaterthantenpercentofthetotalvalueoftherestricted |
|---|
| 741 | | - | 103entitiesheldinthecommingledfund. |
|---|
| 742 | | - | 104 7.(1)OnorbeforeDecember31,2025,andannuallyonorbeforeDecember |
|---|
| 743 | | - | 105thirty-firstofeachsubsequentyear,theboardshallsubmitareporttothegeneral |
|---|
| 744 | | - | 106assembly. |
|---|
| 745 | | - | 107 (2)Thereportshallincludeatleastthefollowinginformation,asofthedateof |
|---|
| 746 | | - | 108thereport: |
|---|
| 747 | | - | 109 (a)Acopyoftherestrictedentitylist; |
|---|
| 748 | | - | 110 (b)Allpubliclytradedsecuritiessold,redeemed,divested,orwithdrawnin |
|---|
| 749 | | - | 111compliancewiththissection; |
|---|
| 750 | | - | 112 (c)Allcommingledfundsthatareexemptedfromdivestmentundersubsection5 |
|---|
| 751 | | - | 113or6ofthissection;and |
|---|
| 752 | | - | 114 (d)Anyprogressmadeundersubsection6ofthissection. |
|---|
| 753 | | - | 115 8.Withrespecttoactionstakenincompliancewiththissection,includingall |
|---|
| 754 | | - | 116goodfaithdeterminationsregardingrestrictedentitiesandrestrictedinvestment |
|---|
| 755 | | - | 117products,theboardandthesystemareexemptfromanyconflictingstatutoryor |
|---|
| 756 | | - | 118commonlawobligations,includinganyobligationswithrespecttochoiceofasset |
|---|
| 757 | | - | 119managers,investmentfiduciaries,investmentfunds,orinvestmentsforfundinvestment |
|---|
| 758 | | - | 120portfolios. |
|---|
| 759 | | - | 121 9.Thestateandanypoliticalsubdivisionofthestate;itsofficers,agents,and |
|---|
| 760 | | - | 122employees;andtheboardandemployeesofasystemshallbeimmunefromcivilliability |
|---|
| 761 | | - | 123foranyactoromissionrelatedtotheremovalofanassetfromafundunderthissection |
|---|
| 762 | | - | HB147 21 124andareentitledtoindemnificationfromthesystemforalllosses,costs,andexpenses, |
|---|
| 763 | | - | 125includingreasonableattorney'sfees,associatedwithdefendingagainstanyclaimorsuit |
|---|
| 764 | | - | 126relatingtoanactauthorizedundersection. |
|---|
| 765 | | - | 127 10.(1)Notwithstandinganyprovisionoflawtothecontrary,theprovisionsof |
|---|
| 766 | | - | 128thissectiondonotapplytoinvestmentsinprivatemarketfunds. |
|---|
| 767 | | - | 129 (2)Notwithstandinganyprovisionoflawtothecontrary,theprovisionsofthis |
|---|
| 768 | | - | 130sectiondonotapplytoindirectholdingsinactivelymanagedinvestmentfunds. |
|---|
| 769 | | - | 131 (3)Ifamanagerorinvestmentfiduciarycreatesasimilaractivelymanaged |
|---|
| 770 | | - | 132investmentfundwithouttherestrictedentities,theboardshallreplaceallapplicable |
|---|
| 771 | | - | 133investmentswiththeinvestmentsinthesimilaractivelymanagedinvestmentfund |
|---|
| 772 | | - | 134withinaperiodconsistentwithprudentinvestingstandards. |
|---|
| 773 | | - | 143.124.1.Otherprovisionsoflawtothecontrarynotwithstanding,fortaxyears |
|---|
| 774 | | - | 2endingonorbeforeDecember31,2006,thetotalamountofallannuities,pensions,or |
|---|
| 775 | | - | 3retirementallowancesabovetheamountofsixthousanddollarsannuallyprovidedbyanylaw |
|---|
| 776 | | - | 4ofthisstate,theUnitedStates,oranyotherstatetoanypersonexceptasprovidedin |
|---|
| 777 | | - | 5subsection4ofthissection,shallbesubjecttotaxpursuanttotheprovisionsofthischapter, |
|---|
| 778 | | - | 6inthesamemanner,tothesameextentandunderthesameconditionsasanyothertaxable |
|---|
| 779 | | - | 7incomereceivedbythepersonreceivingit.Forpurposesofthissection,"annuity,pension, |
|---|
| 780 | | - | 8retirementbenefit,orretirementallowance"shallbedefinedasanannuity,pensionor |
|---|
| 781 | | - | 9retirementallowanceprovidedbytheUnitedStates,thisstate,anyotherstateoranypolitical |
|---|
| 782 | | - | 10subdivisionoragencyorinstitutionofthisoranyotherstate.Foralltaxyearsbeginningon |
|---|
| 783 | | - | 11orafterJanuary1,1998,forpurposesofthissection,annuity,pensionorretirementallowance |
|---|
| 784 | | - | 12shallbedefinedtoinclude401(k)plans,deferredcompensationplans,self-employed |
|---|
| 785 | | - | 13retirementplans,alsoknownasKeoghplans,annuitiesfromadefinedpensionplanand |
|---|
| 786 | | - | 14individualretirementarrangements,alsoknownasIRAs,asdescribedintheInternalRevenue |
|---|
| 787 | | - | 15Code,butnotincludingRothIRAs,aswellasanannuity,pensionorretirementallowance |
|---|
| 788 | | - | 16providedbytheUnitedStates,thisstate,anyotherstateoranypoliticalsubdivisionoragency |
|---|
| 789 | | - | 17orinstitutionofthisoranyotherstate.Anindividualtaxpayershallonlybealloweda |
|---|
| 790 | | - | 18maximumdeductionequaltotheamountsprovidedunderthissectionforeachtaxpayeron |
|---|
| 791 | | - | 19thecombinedreturn. |
|---|
| 792 | | - | 20 2.FortheperiodbeginningJuly1,1989,andendingDecember31,1989,thereshall |
|---|
| 793 | | - | 21besubtractedfromMissouriadjustedgrossincomeforthatperiod,determinedpursuantto |
|---|
| 794 | | - | 22section143.121,thefirstthreethousanddollarsofretirementbenefitsreceivedbyeach |
|---|
| 795 | | - | 23taxpayer: |
|---|
| 796 | | - | 24 (1)Ifthetaxpayer'sfilingstatusissingle,headofhouseholdorqualifyingwidow(er) |
|---|
| 797 | | - | 25andthetaxpayer'sMissouriadjustedgrossincomeislessthantwelvethousandfivehundred |
|---|
| 798 | | - | 26dollars;or |
|---|
| 799 | | - | HB147 22 27 (2)Ifthetaxpayer'sfilingstatusismarriedfilingcombinedandtheircombined |
|---|
| 800 | | - | 28Missouriadjustedgrossincomeislessthansixteenthousanddollars;or |
|---|
| 801 | | - | 29 (3)Ifthetaxpayer'sfilingstatusismarriedfilingseparatelyandthetaxpayer's |
|---|
| 802 | | - | 30Missouriadjustedgrossincomeislessthaneightthousanddollars. |
|---|
| 803 | | - | 31 3.[ForthetaxyearsbeginningonorafterJanuary1,1990,butendingonorbefore |
|---|
| 804 | | - | 32December31,2006,] ThereshallbesubtractedfromMissouriadjustedgrossincome, |
|---|
| 805 | | - | 33determinedpursuanttosection143.121,[amaximumofthefirstsixthousanddollarsof |
|---|
| 806 | | - | 34retirementbenefitsreceivedbyeachtaxpayerfromsourcesotherthanprivatelyfunded |
|---|
| 807 | | - | 35sources,andfortaxyearsbeginningonorafterJanuary1,1998,thereshallbesubtracted |
|---|
| 808 | | - | 36fromMissouriadjustedgrossincome,determinedpursuanttosection143.121,amaximumof |
|---|
| 809 | | - | 37thefirstonethousanddollarsofanyretirementallowancereceivedfromanyprivatelyfunded |
|---|
| 810 | | - | 38sourcefortaxyearsbeginningonorafterJanuary1,1998,butbeforeJanuary1,1999,anda |
|---|
| 811 | | - | 39maximumofthefirstthreethousanddollarsofanyretirementallowancereceivedfromany |
|---|
| 812 | | - | 40privatelyfundedsourcefortaxyearsbeginningonorafterJanuary1,1999,butbefore |
|---|
| 813 | | - | 41January1,2000,andamaximumofthefirstfourthousanddollarsofanyretirement |
|---|
| 814 | | - | 42allowancereceivedfromanyprivatelyfundedsourcefortaxyearsbeginningonorafter |
|---|
| 815 | | - | 43January1,2000,butbeforeJanuary1,2001,andamaximumofthefirstfivethousanddollars |
|---|
| 816 | | - | 44ofanyretirementallowancereceivedfromanyprivatelyfundedsourcefortaxyears |
|---|
| 817 | | - | 45beginningonorafterJanuary1,2001,butbeforeJanuary1,2002,and]amaximumofthe |
|---|
| 818 | | - | 46firstsixthousanddollarsofanyretirementallowancereceivedbyeachtaxpayerfromany |
|---|
| 819 | | - | 47privatelyfundedsourcesfortaxyearsbeginningonorafterJanuary1,2002, butbefore |
|---|
| 820 | | - | 48January1,2026,andamaximumofthefirsttwelvethousanddollarsofanyretirement |
|---|
| 821 | | - | 49allowancereceivedfromanyprivatelyfundedsourcesfortaxyearsbeginningonor |
|---|
| 822 | | - | 50afterJanuary1,2026. Ataxpayershallbeentitledtothemaximumexemptionprovidedby |
|---|
| 823 | | - | 51thissubsection: |
|---|
| 824 | | - | 52 (1)Ifthetaxpayer'sfilingstatusissingle,headofhouseholdorqualifyingwidow(er) |
|---|
| 825 | | - | 53andthetaxpayer'sMissouriadjustedgrossincomeislessthantwenty-fivethousanddollars |
|---|
| 826 | | - | 54foralltaxyearsendingonorbeforeDecember31,2025,andlessthanfiftythousand |
|---|
| 827 | | - | 55dollarsforalltaxyearsbeginningonorafterJanuary1,2026; or |
|---|
| 828 | | - | 56 (2)Ifthetaxpayer'sfilingstatusismarriedfilingcombinedandtheircombined |
|---|
| 829 | | - | 57Missouriadjustedgrossincomeislessthanthirty-twothousanddollarsforalltaxyears |
|---|
| 830 | | - | 58endingonorbeforeDecember31,2025,andlessthansixty-fourthousanddollarsforall |
|---|
| 831 | | - | 59taxyearsbeginningonorafterJanuary1,2026; or |
|---|
| 832 | | - | 60 (3)Ifthetaxpayer'sfilingstatusismarriedfilingseparatelyandthetaxpayer's |
|---|
| 833 | | - | 61Missouriadjustedgrossincomeislessthansixteenthousanddollarsforalltaxyearsending |
|---|
| 834 | | - | 62onorbeforeDecember31,2025,andlessthanthirty-twothousandsixhundreddollars |
|---|
| 835 | | - | 63foralltaxyearsbeginningonorafterJanuary1,2026. |
|---|
| 836 | | - | HB147 23 64 4.Ifataxpayer'sadjustedgrossincomeexceedstheadjustedgrossincomeceilingfor |
|---|
| 837 | | - | 65suchtaxpayer'sfilingstatus,asprovidedinsubdivisions(1),(2)and(3)ofsubsection3ofthis |
|---|
| 838 | | - | 66section,suchtaxpayershallbeentitledtoanexemptionequaltothegreaterofzeroorthe |
|---|
| 839 | | - | 67maximumexemptionprovidedinsubsection3ofthissectionreducedbyonedollarforevery |
|---|
| 840 | | - | 68dollarsuchtaxpayer'sincomeexceedstheceilingforhisorherfilingstatus. |
|---|
| 841 | | - | 69 5.Forpurposesofthissubsection,theterm"maximumSocialSecuritybenefit |
|---|
| 842 | | - | 70available"shallmeanthirty-twothousandfivehundreddollarsforthetaxyearbeginningon |
|---|
| 843 | | - | 71orafterJanuary1,2007,andforeachsubsequenttaxyearsuchamountshallbeincreasedby |
|---|
| 844 | | - | 72thepercentageincreaseintheConsumerPriceIndexforAllUrbanConsumers,orits |
|---|
| 845 | | - | 73successorindex,assuchindexisdefinedandofficiallyreportedbytheUnitedStates |
|---|
| 846 | | - | 74DepartmentofLabor,oritssuccessoragency.ForthetaxyearbeginningonorafterJanuary |
|---|
| 847 | | - | 751,2007,butendingonorbeforeDecember31,2007,thereshallbesubtractedfromMissouri |
|---|
| 848 | | - | 76adjustedgrossincome,determinedpursuanttosection143.121,amaximumofanamount |
|---|
| 849 | | - | 77equaltothegreaterof:sixthousanddollarsinretirementbenefitsreceivedfromsourcesother |
|---|
| 850 | | - | 78thanprivatelyfundedsources,totheextentsuchbenefitsareincludedinthetaxpayer'sfederal |
|---|
| 851 | | - | 79adjustedgrossincome;ortwentypercentoftheretirementbenefitsreceivedfromsources |
|---|
| 852 | | - | 80otherthanprivatelyfundedsourcesinthetaxyear,butnottoexceedthemaximumSocial |
|---|
| 853 | | - | 81Securitybenefitavailableforsuchtaxyear.ForthetaxyearbeginningonorafterJanuary1, |
|---|
| 854 | | - | 822008,butendingonorbeforeDecember31,2008,thereshallbesubtractedfromMissouri |
|---|
| 855 | | - | 83adjustedgrossincome,determinedpursuanttosection143.121,amaximumofanamount |
|---|
| 856 | | - | 84equaltothegreaterof:sixthousanddollarsinretirementbenefitsreceivedfromsourcesother |
|---|
| 857 | | - | 85thanprivatelyfundedsources,totheextentsuchbenefitsareincludedinthetaxpayer'sfederal |
|---|
| 858 | | - | 86adjustedgrossincome;orthirty-fivepercentoftheretirementbenefitsreceivedfromsources |
|---|
| 859 | | - | 87otherthanprivatelyfundedsourcesinthetaxyear,butnottoexceedthemaximumSocial |
|---|
| 860 | | - | 88Securitybenefitavailableforsuchtaxyear.ForthetaxyearbeginningonorafterJanuary1, |
|---|
| 861 | | - | 892009,butendingonorbeforeDecember31,2009,thereshallbesubtractedfromMissouri |
|---|
| 862 | | - | 90adjustedgrossincome,determinedpursuanttosection143.121,amaximumofanamount |
|---|
| 863 | | - | 91equaltothegreaterof:sixthousanddollarsinretirementbenefitsreceivedfromsourcesother |
|---|
| 864 | | - | 92thanprivatelyfundedsources,totheextentsuchbenefitsareincludedinthetaxpayer'sfederal |
|---|
| 865 | | - | 93adjustedgrossincome;orfiftypercentoftheretirementbenefitsreceivedfromsourcesother |
|---|
| 866 | | - | 94thanprivatelyfundedsourcesinthetaxyear,butnottoexceedthemaximumSocialSecurity |
|---|
| 867 | | - | 95benefitavailableforsuchtaxyear.ForthetaxyearbeginningonorafterJanuary1,2010,but |
|---|
| 868 | | - | 96endingonorbeforeDecember31,2010,thereshallbesubtractedfromMissouriadjusted |
|---|
| 869 | | - | 97grossincome,determinedpursuanttosection143.121,amaximumofanamountequaltothe |
|---|
| 870 | | - | 98greaterof:sixthousanddollarsinretirementbenefitsreceivedfromsourcesotherthan |
|---|
| 871 | | - | 99privatelyfundedsources,totheextentsuchbenefitsareincludedinthetaxpayer'sfederal |
|---|
| 872 | | - | 100adjustedgrossincome;orsixty-fivepercentoftheretirementbenefitsreceivedfromsources |
|---|
| 873 | | - | HB147 24 101otherthanprivatelyfundedsourcesinthetaxyear,butnottoexceedthemaximumSocial |
|---|
| 874 | | - | 102Securitybenefitavailableforsuchtaxyear.ForthetaxyearbeginningonorafterJanuary1, |
|---|
| 875 | | - | 1032011,butendingonorbeforeDecember31,2011,thereshallbesubtractedfromMissouri |
|---|
| 876 | | - | 104adjustedgrossincome,determinedpursuanttosection143.121,amaximumofanamount |
|---|
| 877 | | - | 105equaltothegreaterof:sixthousanddollarsinretirementbenefitsreceivedfromsourcesother |
|---|
| 878 | | - | 106thanprivatelyfundedsources,totheextentsuchbenefitsareincludedinthetaxpayer'sfederal |
|---|
| 879 | | - | 107adjustedgrossincome;oreightypercentoftheretirementbenefitsreceivedfromsources |
|---|
| 880 | | - | 108otherthanprivatelyfundedsourcesinthetaxyear,butnottoexceedthemaximumSocial |
|---|
| 881 | | - | 109Securitybenefitavailableforsuchtaxyear.ForalltaxyearsbeginningonorafterJanuary1, |
|---|
| 882 | | - | 1102012,thereshallbesubtractedfromMissouriadjustedgrossincome,determinedpursuantto |
|---|
| 883 | | - | 111section143.121,amaximumofanamountequaltoonehundredpercentoftheretirement |
|---|
| 884 | | - | 112benefitsreceivedfromsourcesotherthanprivatelyfundedsourcesinthetaxyear,butnotto |
|---|
| 885 | | - | 113exceedthemaximumSocialSecuritybenefitavailableforsuchtaxyear.Foralltaxyears |
|---|
| 886 | | - | 114beginningonorbeforeDecember31,2023,ataxpayershallbeentitledtothemaximum |
|---|
| 887 | | - | 115exemptionprovidedbythissubsection: |
|---|
| 888 | | - | 116 (1)Ifthetaxpayer'sfilingstatusismarriedfilingcombined,andtheircombined |
|---|
| 889 | | - | 117Missouriadjustedgrossincomeisequaltoorlessthanonehundredthousanddollars;or |
|---|
| 890 | | - | 118 (2)Ifthetaxpayer'sfilingstatusissingle,headofhousehold,qualifyingwidow(er), |
|---|
| 891 | | - | 119ormarriedfilingseparately,andthetaxpayer'sMissouriadjustedgrossincomeisequaltoor |
|---|
| 892 | | - | 120lessthaneighty-fivethousanddollars. |
|---|
| 893 | | - | 121 |
|---|
| 894 | | - | 122ForalltaxyearsbeginningonorafterJanuary1,2024,ataxpayershallbeentitledtothe |
|---|
| 895 | | - | 123maximumexemptionprovidedbythissubsectionregardlessofthetaxpayer'sfilingstatusor |
|---|
| 896 | | - | 124theamountofthetaxpayer'sMissouriadjustedgrossincome. |
|---|
| 897 | | - | 125 6.ForalltaxyearsbeginningonorbeforeDecember31,2023,ifataxpayer's |
|---|
| 898 | | - | 126adjustedgrossincomeexceedstheadjustedgrossincomeceilingforsuchtaxpayer'sfiling |
|---|
| 899 | | - | 127status,asprovidedinsubdivisions(1)and(2)ofsubsection5ofthissection,suchtaxpayer |
|---|
| 900 | | - | 128shallbeentitledtoanexemption,lessanyapplicablereductionprovidedundersubsection7 |
|---|
| 901 | | - | 129ofthissection,equaltothegreaterofzeroorthemaximumexemptionprovidedinsubsection |
|---|
| 902 | | - | 1305ofthissectionreducedbyonedollarforeverydollarsuchtaxpayer'sincomeexceedsthe |
|---|
| 903 | | - | 131ceilingforhisorherfilingstatus. |
|---|
| 904 | | - | 132 7.Forpurposesofcalculatingthesubtractionprovidedinsubsection5ofthissection, |
|---|
| 905 | | - | 133suchsubtractionshallbedecreasedbyanamountequaltoanySocialSecuritybenefit |
|---|
| 906 | | - | 134exemptionprovidedundersection143.125. |
|---|
| 907 | | - | 135 8.Forpurposesofthissection,anySocialSecuritybenefitsotherwiseincludedin |
|---|
| 908 | | - | 136Missouriadjustedgrossincomeshallbesubtracted;butSocialSecuritybenefitsshallnotbe |
|---|
| 909 | | - | HB147 25 137subtractedforpurposesofothercomputationspursuanttothischapter,andarenottobe |
|---|
| 910 | | - | 138consideredasretirementbenefitsforpurposesofthissection. |
|---|
| 911 | | - | 139 9.Theprovisionsofsubdivisions(1)and(2)ofsubsection3ofthissectionshall |
|---|
| 912 | | - | 140applyduringalltaxyearsinwhichthefederalInternalRevenueCodeprovidesexemption |
|---|
| 913 | | - | 141levelsforcalculationofthetaxabilityofSocialSecuritybenefitsthatarethesameasthe |
|---|
| 914 | | - | 142levelsinsubdivisions(1)and(2)ofsubsection3ofthissection.Iftheexemptionlevelsfor |
|---|
| 915 | | - | 143thecalculationofthetaxabilityofSocialSecuritybenefitsareadjustedbyapplicablefederal |
|---|
| 916 | | - | 144laworregulation,theexemptionlevelsinsubdivisions(1)and(2)ofsubsection3ofthis |
|---|
| 917 | | - | 145sectionshallbeaccordinglyadjustedtothesameexemptionlevels. |
|---|
| 918 | | - | 146 10.Theportionofataxpayer'slumpsumdistributionfromanannuityorother |
|---|
| 919 | | - | 147retirementplannototherwiseincludedinMissouriadjustedgrossincomeascalculated |
|---|
| 920 | | - | 148pursuanttothischapterbutsubjecttotaxationunderInternalRevenueCodeSection402shall |
|---|
| 921 | | - | 149betaxedinanamountequaltotenpercentofthetaxpayer'sfederalliabilityonsuch |
|---|
| 922 | | - | 150distributionforthesametaxyear. |
|---|
| 923 | | - | 151 11.Forpurposesofthissection,retirementbenefitsreceivedshallnotincludeany |
|---|
| 924 | | - | 152withdrawalsfromqualifiedretirementplanswhicharesubsequentlyrolledoverintoanother |
|---|
| 925 | | - | 153retirementplan. |
|---|
| 926 | | - | 154 12.Theexemptionsprovidedforinthissectionshallnotaffectthecalculationofthe |
|---|
| 927 | | - | 155incometobeusedtodeterminethepropertytaxcreditprovidedinsections135.010to |
|---|
| 928 | | - | 156135.035. |
|---|
| 929 | | - | 157 13.Theexemptionsprovidedforinthissectionshallapplytoanyannuity,pension,or |
|---|
| 930 | | - | 158retirementallowanceasdefinedinsubsection1ofthissectiontotheextentthatsuchamounts |
|---|
| 931 | | - | 159areincludedinthetaxpayer'sfederaladjustedgrossincomeandnototherwisedeductedfrom |
|---|
| 932 | | - | 160thetaxpayer'sfederaladjustedgrossincomeinthecalculationofMissouritaxableincome. |
|---|
| 933 | | - | 161Thissubsectionshallnotapplytoanyindividualwhoqualifiesunderfederalguidelinestobe |
|---|
| 934 | | - | 162onehundredpercentdisabled. |
|---|
| 935 | | - | 169.490.1.Alltheassetsoftheretirementsystemshallbeheldasonefund. |
|---|
| 936 | | - | 2 2.(1)ForanymemberhiredbeforeJanuary1,2018,theemployingboardshallcause |
|---|
| 937 | | - | 3tobedeductedfromthecompensationofeachmemberateverypayrollperiodfivepercentof |
|---|
| 938 | | - | 4hisorhercompensation. |
|---|
| 939 | | - | 5 (2)BeginningJanuary1,2018,thepercentageinsubdivision(1)ofthissubsection |
|---|
| 940 | | - | 6shallincreaseone-halfofonepercentannuallyuntilsuchtimeasthepercentageequalsnine |
|---|
| 941 | | - | 7percent. |
|---|
| 942 | | - | 8 (3)ForanymemberhiredforthefirsttimeonorafterJanuary1,2018,theemploying |
|---|
| 943 | | - | 9boardshallcausetobedeductedfromthecompensationofeachmemberateverypayroll |
|---|
| 944 | | - | 10periodninepercentofsuchmember'scompensation. |
|---|
| 945 | | - | HB147 26 11 (4)Theamountssodeductedshallbetransferredtotheboardoftrusteesandcredited |
|---|
| 946 | | - | 12totheindividualaccountofeachmemberfromwhosecompensationthedeductionwasmade. |
|---|
| 947 | | - | 13Indeterminingtheamountearnablebyamemberinanypayrollperiod,theboardoftrustees |
|---|
| 948 | | - | 14mayconsidertherateofearnablecompensationpayabletosuchmemberonthefirstdayof |
|---|
| 949 | | - | 15thepayrollperiodascontinuingthroughoutsuchpayrollperiod;itmayomitdeductionfrom |
|---|
| 950 | | - | 16compensationforanyperiodlessthanafullpayrollperiodiftheemployeewasnotamember |
|---|
| 951 | | - | 17onthefirstdayofthepayrollperiod;andtofacilitatethemakingofthedeductions,itmay |
|---|
| 952 | | - | 18modifythedeductionrequiredofanymemberbysuchamountasshallnotexceedone-tenth |
|---|
| 953 | | - | 19ofonepercentofthecompensationuponthebasisofwhichsuchdeductionwasmade. |
|---|
| 954 | | - | 20 (5)Thedeductionsprovidedforhereinaredeclaredtobeapartofthesalaryofthe |
|---|
| 955 | | - | 21memberandthemakingofsuchdeductionsshallconstitutepaymentsbythememberoutof |
|---|
| 956 | | - | 22hisorhersalaryorearningsandsuchdeductionsshallbemadenotwithstandingthatthe |
|---|
| 957 | | - | 23minimumcompensationprovidedbylawforanymembershallbereducedthereby.Every |
|---|
| 958 | | - | 24membershallbedeemedtoconsenttothedeductionsmadeandprovidedforherein,andshall |
|---|
| 959 | | - | 25receiptforhisorherfullsalaryorcompensation,andthemakingofsaiddeductionsandthe |
|---|
| 960 | | - | 26paymentofsalaryorcompensationlesssaiddeductionshallbeafullandcompletedischarge |
|---|
| 961 | | - | 27andacquittanceofallclaimsanddemandswhatsoeverforservicesrenderedduringtheperiod |
|---|
| 962 | | - | 28coveredbythepaymentexceptastobenefitsprovidedbysections169.410to169.540. |
|---|
| 963 | | - | 29 (6)Theemployingboardmayelecttopaymembercontributionsrequiredbythis |
|---|
| 964 | | - | 30sectionasanemployerpickupofemployeecontributionsunderSection414(h)(2)ofthe |
|---|
| 965 | | - | 31InternalRevenueCodeof1986,asamended,andsuchcontributionspickedupbythe |
|---|
| 966 | | - | 32employingboardshallbetreatedascontributionsmadebymembersforallpurposesof |
|---|
| 967 | | - | 33sections169.410to169.540. |
|---|
| 968 | | - | 34 3.Ifaretiredmemberreceivingapensionpursuanttosections169.410to169.540is |
|---|
| 969 | | - | 35restoredtoactiveserviceandagainbecomesanactivememberoftheretirementsystem,there |
|---|
| 970 | | - | 36shallbecreditedtohisorherindividualaccountanamountequaltotheexcess,ifany,ofhis |
|---|
| 971 | | - | 37orheraccumulatedcontributionsatretirementoverthetotalpensionbenefitspaidtohimor |
|---|
| 972 | | - | 38her. |
|---|
| 973 | | - | 39 4.Annually,theactuaryfortheretirementsystemshallcalculateeachemployer's |
|---|
| 974 | | - | 40contributionasanamountequaltoacertainpercentageofthetotalcompensationofall |
|---|
| 975 | | - | 41membersemployedbythatemployer.Thepercentageshallbefixedonthebasisofthe |
|---|
| 976 | | - | 42liabilitiesoftheretirementsystemasshownbytheannualactuarialvaluation.Theannual |
|---|
| 977 | | - | 43actuarialvaluationshallbemadeonthebasisofsuchactuarialassumptionsandtheactuarial |
|---|
| 978 | | - | 44costmethodadoptedbytheboardoftrustees,providedthattheactuarialcostmethodadopted |
|---|
| 979 | | - | 45shallbeinaccordancewithgenerallyacceptedactuarialstandardsandthattheunfunded |
|---|
| 980 | | - | 46actuarialaccruedliability,ifany,shallbeamortizedbylevelannualpaymentsoveraperiod |
|---|
| 981 | | - | HB147 27 47nottoexceedthirtyyears.TheprovisionsofthissubsectionshallexpireonDecember31, |
|---|
| 982 | | - | 482017;thereaftersubsection5ofthissectionshallapply. |
|---|
| 983 | | - | 49 5.(1)Forcalendaryear2018,therateofcontributionpayablebyeachemployershall |
|---|
| 984 | | - | 50equalsixteenpercentofthetotalcompensationofallmembersemployedbythatemployer. |
|---|
| 985 | | - | 51Foreachcalendaryearthereafter,thepercentagerateofcontributionpayablebyeach |
|---|
| 986 | | - | 52employerofthetotalcompensationofallmembersemployedbythatemployershalldecrease |
|---|
| 987 | | - | 53one-halfofonepercentannuallyuntilcalendaryear[2032] 2025whentherateofcontribution |
|---|
| 988 | | - | 54payablebyeachemployershallequal[nine] twelveandone-halfpercentofthetotal |
|---|
| 989 | | - | 55compensationofallmembersemployedbythatemployer[. Forsubsequentcalendaryears |
|---|
| 990 | | - | 56after2032], exceptasprovidedundersubdivision(2)ofthissubsection. |
|---|
| 991 | | - | 57 (2)Beginningontheeffectivedateofthissectionandforallsubsequentcalendar |
|---|
| 992 | | - | 58yearsafter,therateofcontributionpayablebyeachemployershallequal[nine] fourteen |
|---|
| 993 | | - | 59percentofthetotalcompensationofallmembersemployedbythatemployer. |
|---|
| 994 | | - | 60 6.Theexpenseandcontingencyreserveshallbeareserveforinvestment |
|---|
| 995 | | - | 61contingenciesandestimatedexpensesofadministrationoftheretirementsystemas |
|---|
| 996 | | - | 62determinedannuallybytheboardoftrustees. |
|---|
| 997 | | - | 63 7.Gifts,devises,bequestsandlegaciesmaybeacceptedbytheboardoftrusteestobe |
|---|
| 998 | | - | 64heldandinvestedasapartoftheassetsoftheretirementsystemandshallnotbeseparately |
|---|
| 999 | | - | 65accountedforexceptwherespecificdirectionfortheuseofagiftismadebyadonor. |
|---|