FIRSTREGULARSESSION
[PERFECTED]
HOUSEBILLNO.205
103RDGENERALASSEMBLY
INTRODUCEDBYREPRESENTATIVEHINMAN.
1099H.01P JOSEPHENGLER,ChiefClerk
ANACT
Torepealsections87.140,87.145,87.155,87.260,and87.350,RSMo,andtoenactinlieu
thereoffivenewsectionsrelatingtothefirefighters'retirementsystemsforcertain
cities.
BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
SectionA.Sections87.140,87.145,87.155,87.260,and87.350,RSMo,arerepealed
2andfivenewsectionsenactedinlieuthereof,tobeknownassections87.140,87.145,87.155,
387.260,and87.350,toreadasfollows:
87.140.1.Thegeneraladministrationandtheresponsibilityfortheproperoperation
2oftheretirementsystemshallbevestedinaboardoftrusteesofninepersons.Theboardshall
3beconstitutedasfollows:
4 (1)Thechiefofthefiredepartmentofthecity,exofficio;
5 (2)Thecomptrollerordeputycomptrollerofthecity,exofficio;
6 (3)Twomemberstobeappointedbythemayorofthecitytoserveforatermoftwo
7years;
8 (4)Threememberstobeelectedbythemembersoftheretirementsystemforaterm
9ofthreeyearswhoshallbemembersofthesystemandholdofficeonlywhilemembersofthe
10system;
11 (5)Twomemberswhoshallberetiredfirementobeelectedbytheretiredfiremenof
12thecityandwhoshallholdofficeforatermofthreeyears.
13 2.Ifavacancyoccursintheofficeoftrustee,thevacancyshallbefilledforthe
14unexpiredterminthesamemannerastheofficewaspreviouslyfilled.
EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 15 3.Thetrusteesshallservewithoutcompensation,buttheyshallbereimbursedfrom
16theexpensefundforallnecessaryexpenseswhichtheymayincurthroughserviceonthe
17board.
18 4.Eachtrusteeshall,withintendaysafterhisappointmentorelection,takeanoathof
19officebeforetheclerkofcircuitcourtofthecity,that,sofarasitdevolvesuponhim,hewill
20diligentlyandhonestlyadministertheaffairsoftheboardandthathewillnotknowingly
21violateorwillinglypermittobeviolatedanyoftheprovisionsofthelawapplicabletothe
22retirementsystem.Theoathshallbesubscribedtobythemembermakingitandcertifiedby
23theclerkofcircuitcourtandfiledinhisoffice.
24 5.Eachtrusteeshallbeentitledtoonevoteontheboard.Fivevotesshallbe
25necessaryforadecisionbythetrusteesatanymeetingoftheboard.
26 6.Notwithstandinganyprovisionofsections87.120to87.371tothecontrary,the
27boardoftrusteesoftheretirementsystemshallnotbepreventedfromsimultaneously
28actingasthetrusteesofanyotherpensionplanthatprovidesretirement,disability,and
29deathbenefitsforfirefightersemployedbyanycitynotwithinacountyandthe
30firefighters'covereddependents.Theadministrationoftheotherpensionplanshallbe
31inaccordancewiththetermsofsuchpensionplan.Nothinginthissubsectionshall
32preventtheboardofaldermenofacitynotwithinacountyfromadoptingordinancesto
33governthepensioningoffirefightersandsuchfirefighters'covereddependentsinany
34otherpensionplansimultaneouslyadministeredbytheboardoftrusteesofthe
35retirementsystem.
87.145.Theboardoftrusteesshallhaveexclusiveoriginaljurisdictioninallmatters
2relatingtooraffectingthefundshereinprovidedfor,including,inadditiontoallother
3matters,allclaimsforbenefitsandrefundsunderthislaw,anditsaction,decisionor
4determinationinanymattershallbereviewableunderchapter536only,andanypartytothe
5proceedingsshallhavearightofappealfromthedecisionofthereviewingcourt.Subjectto
6thelimitationsofsections87.120to87.370,theboardoftrusteesshall,fromtimetotime,
7establishrulesandregulationsfortheadministrationoffundscreatedbythislaw,forthe
8transactionofitsbusiness,andforthelimitationofthetimewithinwhichclaimsmaybefiled.
9Theadministrationofanypensionplanotherthantheretirementsystemincludesthe
10abilityoftheboardoftrustees,fromtimetotime,toestablishrulesandregulationsfor
11theadministrationoffundsofsuchotherpensionplanandforthetransactionofsuch
12otherpensionplan'sbusiness.Nothinginthissectionshallpreventtheboardof
13aldermenofacitynotwithinacountyfromadoptingordinancestogovernthe
14pensioningoffirefightersandsuchfirefighters'covereddependentsinanyotherpension
15plansimultaneouslyadministeredbytheboardoftrusteesoftheretirementsystem.
HB205 2 87.155.1.Theboardoftrusteesshallkeepinconvenientformsuchdataasis
2necessaryforactuarialvaluationofthefundsoftheretirementsystemandforcheckingthe
3experienceofthesystem.
4 2.Theboardoftrusteesshallkeeparecordofallitsproceedingswhichshallbeopen
5topublicinspection.Itshallpublishannuallyareportshowingthefiscaltransactionsofthe
6retirementsystemfortheprecedingfiscalyear,theamountoftheaccumulatedcashand
7securitiesofthesystem,andthelastbalancesheetshowingthefinancialconditionofthe
8systembymeansofanactuarialvaluationoftheassetsandliabilitiesoftheretirement
9system.
10 3.Totheextenttheboardoftrusteesadministersapensionplanotherthanthe
11retirementsystem,theboardoftrusteesshallmaintainseparaterecordsofall
12proceedingsofsuchotherpensionplan.
87.260.Theboardoftrusteesofthefirefighters'retirementsystemshallhavethe
2exclusiveauthorityanddiscretiontoinvestandreinvestthefundsinpropertyofanykind,real
3orpersonal.Theboardoftrusteesshallinvestandmanagethefundasaprudentinvestor
4would,byconsideringthepurposes,terms,distributionrequirements,andothercircumstances
5ofthefirefighters'retirementsystem.Insatisfyingthisstandard,theboardoftrusteesshall
6exercisereasonablecare,skill,andcaution.Notrusteeshallhaveanyinterestasatrusteein
7thegainsorprofitsmadeonanyinvestment,exceptbenefitsfrominterestininvestments
8commontoallmembersoftheplan,ifentitledthereto.Totheextenttheboardoftrustees
9administersapensionplanotherthantheretirementsystem,theboardoftrusteesshall
10alsohavetheauthorityanddiscretiontoinvestandreinvestthefundsofsuchother
11pensionplaninpropertyofanykind,realorpersonal.Theboardoftrusteesmay
12choosetoinvestthefundsoftheretirementsystemandthefundsoftheotherpension
13planinthesameinvestmentssolongastheamountsinvestedandthegains,profits,or
14lossesonsuchinvestmentsareaccountedforseparately.Nobenefitsduetothe
15firefightersorsuchfirefighters'covereddependentsfromtheotherpensionplanshall
16bepaidfromthefundsoftheretirementsystem.Nothinginthissectionshallprevent
17theboardofaldermenofacitynotwithinacountyfromadoptingordinancestogovern
18thepensioningoffirefightersandsuchfirefighters'covereddependentsinanyother
19pensionplansimultaneouslyadministeredbytheboardoftrusteesoftheretirement
20system.
87.350.Theexpensefundshallbethefundtowhichshallbecreditedallmoney
2providedtopaytheadministrationexpensesoftheretirementsystemandfromwhichshallbe
3paidalltheexpensesnecessaryinconnectionwiththeadministrationandoperationofthe
4system.Annuallytheboardoftrusteesshallestimatetheamountofmoneynecessarytobe
5paidintotheexpensefundduringtheensuingyeartoprovidefortheexpenseofoperationof
HB205 3 6theretirementsystem.Suchestimateshallbeprovidedbytheboardoftrusteesfrominterest
7andotherearningsonassetsoftheretirementsystem.Innoeventshallanyexpenses,
8includingadministrativeexpenses,incurredbytheboardoftrusteesinthe
9administrationofanypensionplanotherthantheretirementsystemorinthe
10investmentofanyfundsofanypensionplanotherthantheretirementsystembepaid
11fromthefundsoftheretirementsystem.Suchexpensesshallbepaidentirelyfromthe
12fundsoftheotherpensionplan.
âś”
HB205 4