MO
Missouri House Bill HB976

Missouri 2025 Regular Session

Missouri House Bill HB976 Compare Versions

OldNewDifferences
11 FIRSTREGULARSESSION
2-HOUSECOMMITTEESUBSTITUTEFOR
32 HOUSEBILLNO.976
43 103RDGENERALASSEMBLY
5-2097H.02C JOSEPHENGLER,ChiefClerk
4+INTRODUCEDBYREPRESENTATIVEHOVIS.
5+2097H.01I JOSEPHENGLER,ChiefClerk
66 ANACT
7-Torepealsections70.630,70.655,70.680,70.690,70.745,70.746,70.747,and105.688,
8-RSMo,andtoenactinlieuthereofninenewsectionsrelatingtoMissouriretirement
9-systems.
7+Torepealsections70.630,70.655,70.680,70.690,70.745,70.746,and70.747,RSMo,andto
8+enactinlieuthereofeightnewsectionsrelatingtotheMissourilocalgovernment
9+employees'retirementsystem.
1010 BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
11-SectionA.Sections70.630,70.655,70.680,70.690,70.745,70.746,70.747,and
12-2105.688,RSMo,arerepealedandninenewsectionsenactedinlieuthereof,tobeknownas
13-3sections70.630,70.655,70.680,70.690,70.745,70.746,70.747,70.748,and105.688,toread
14-4asfollows:
11+SectionA.Sections70.630,70.655,70.680,70.690,70.745,70.746,and70.747,
12+2RSMo,arerepealedandeightnewsectionsenactedinlieuthereof,tobeknownassections
13+370.630,70.655,70.680,70.690,70.745,70.746,70.747,and70.748,toreadasfollows:
1514 70.630.1.Themembershipofthesystemshallincludethefollowingpersons:
1615 2 (1)Allemployeeswhoareneitherpolicemennorfiremenwhoareintheemployofa
1716 3politicalsubdivisionthedayprecedingthedatesuchpoliticalsubdivisionbecomesan
1817 4employerandwhocontinueinsuchemployonandaftersuchdateshallbecomemembersof
1918 5thesystem.
2019 6 (2)Allpersonswhobecomeemployedbyapoliticalsubdivisionasneitherpolicemen
2120 7norfiremenonorafterthedatesuchpoliticalsubdivisionbecomesanemployershallbecome
2221 8membersofthesystem.
2322 9 (3)Ifhisemployingpoliticalsubdivisionhaselectedtocoverpresentandfuture
2423 10policemen,allpolicemenwhoareintheemployofapoliticalsubdivisionthedaypreceding
2524 11thedatesuchpoliticalsubdivisioncoverspolicemenhereunderandwhocontinueinsuch
2625 12employasapolicemanonandaftersuchdate,andallpersonswhobecomeemployedbya
2726 13politicalsubdivisionasapolicemanonorafterthedatethepoliticalsubdivisioncovers
2827 14policemenshallbecomemembersofthesystem.
2928 EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
3029 intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 15 (4)Ifhisemployingpoliticalsubdivisionhaselectedtocoveronlyfuturepolicemen,
3130 16allpersonswhobecomeemployedbyapoliticalsubdivisionasapolicemanonorafterthe
3231 17datesuchpoliticalsubdivisioncoverspolicemenhereundershallbecomemembersofthe
3332 18system.
3433 19 (5)Ifhisemployingpoliticalsubdivisionhaselectedtocoverpresentandfuture
3534 20firemen,allfiremenwhoareintheemployofapoliticalsubdivisionthedayprecedingthe
3635 21datesuchpoliticalsubdivisioncoversfiremenhereunderandwhocontinueinsuchemployas
3736 22afiremanonandaftersuchdate,andallpersonswhobecomeemployedbyapolitical
3837 23subdivisionasafiremanonorafterthedatethepoliticalsubdivisioncoversfiremen
3938 24hereundershallbecomemembersofthesystem.
4039 25 (6)Ifhisemployingpoliticalsubdivisionhaselectedtocoveronlyfuturefiremen,all
4140 26personswhobecomeemployedbyapoliticalsubdivisionasafiremanonorafterthedate
4241 27suchpoliticalsubdivisioncoversfiremenhereundershallbecomemembersofthesystem.
4342 28 2.[Innoeventshallanemployeebecomeamemberifcontinuousemploymentto
4443 29timeofretirementwillleavetheemployeewithlessthanminimumnumberofyearsof
4544 30creditedservicespecifiedinsection70.645.
4645 31 3.]Inanycaseofquestionastothesystemmembershipstatusofanyperson,the
4746 32boardshalldecidethequestion.
4847 70.655.1.Uponamember'sretirementheorsheshallreceiveanallowanceforlifein
4948 2accordancewiththeapplicablebenefitprogramelectedbythemember'semployer,as
5049 3follows:
5150 4 (1)BenefitprogramL-1.Amemberwithcreditedservicecoveredbybenefit
5251 5programL-1shallreceiveanallowanceforlifeequaltoonepercentofthemember'sfinal
5352 6averagesalarymultipliedbythenumberofyearsofsuchcreditedservice;
5453 7 (2)BenefitprogramL-3.Amemberwithcreditedservicecoveredbybenefit
5554 8programL-3shallreceiveanallowanceforlifeequaltooneandone-quarterpercentofthe
5655 9member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice;
5756 10 (3)BenefitprogramLT-4.Amemberwithcreditedservicecoveredbybenefit
5857 11programLT-4shallreceiveanallowanceforlifeequaltoonepercentofthemember'sfinal
5958 12averagesalarymultipliedbythenumberofyearsofsuchcreditedservice.Inaddition,ifsuch
6059 13memberisretiringasprovidedinsection70.645orsection70.650orsection70.670,andif
6160 14suchmember'sageatretirementisyoungerthanagesixty-two,thensuchmembershall
6261 15receiveatemporaryallowanceequaltoonepercentofthemember'sfinalaveragesalary
6362 16multipliedbythenumberofyearsofsuchcreditedservice.Suchtemporaryallowanceshall
6463 17terminateattheendofthecalendarmonthinwhichtheearlierofthefollowingeventsoccurs:
6564 18suchmember'sdeath;orthemember'sattainmentofagesixty-two;
66-HCSHB976 2 19 (4)BenefitprogramLT-5.Amemberwithcreditedservicecoveredbybenefit
65+HB976 2 19 (4)BenefitprogramLT-5.Amemberwithcreditedservicecoveredbybenefit
6766 20programLT-5shallreceiveanallowanceforlifeequaltooneandone-quarterpercentofthe
6867 21member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.In
6968 22addition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650orsection
7069 2370.670,andifsuchmember'sageatretirementisyoungerthanagesixty-two,thensuch
7170 24membershallreceiveatemporaryallowanceequaltothree-quartersofonepercentofthe
7271 25member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.
7372 26Suchtemporaryallowanceshallterminateattheendofthecalendarmonthinwhichthe
7473 27earlierofthefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentof
7574 28agesixty-two;
7675 29 (5)BenefitprogramL-6.Amemberwithcreditedservicecoveredbybenefit
7776 30programL-6shallreceiveanallowanceforlifeequaltotwopercentofthemember'sfinal
7877 31averagesalarymultipliedbythenumberofyearsofsuchcreditedservice;
7978 32 (6)BenefitprogramL-7.Amemberwithcreditedservicecoveredbybenefit
8079 33programL-7shallreceiveanallowanceforlifeequaltooneandone-halfpercentofthe
8180 34member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice;
8281 35 (7)BenefitprogramLT-8.Amemberwithcreditedservicecoveredbybenefit
8382 36programLT-8shallreceiveanallowanceforlifeequaltooneandone-halfpercentofthe
8483 37member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.In
8584 38addition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650orsection
8685 3970.670,andifsuchmember'sageatretirementisyoungerthanagesixty-two,thensuch
8786 40membershallreceiveatemporaryallowanceequaltoone-halfofonepercentofthemember's
8887 41finalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.Such
8988 42temporaryallowanceshallterminateattheendofthecalendarmonthinwhichtheearlierof
9089 43thefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentofagesixty-
9190 44two;
9291 45 (8)BenefitprogramLT-4(65).Amemberwithcreditedservicecoveredbybenefit
9392 46programLT-4(65)shallreceiveanallowanceforlifeequaltoonepercentofthemember's
9493 47finalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.Inaddition,if
9594 48suchmemberisretiringasprovidedinsection70.645orsection70.650orsection70.670,and
9695 49ifsuchmember'sageatretirementisyoungerthanagesixty-five,thensuchmembershall
9796 50receiveatemporaryallowanceequaltoonepercentofthemember'sfinalaveragesalary
9897 51multipliedbythenumberofyearsofsuchcreditedservice.Suchtemporaryallowanceshall
9998 52terminateattheendofthecalendarmonthinwhichtheearlierofthefollowingeventsoccurs:
10099 53suchmember'sdeath;orthemember'sattainmentofagesixty-five;
101100 54 (9)BenefitprogramLT-5(65).Amemberwithcreditedservicecoveredbybenefit
102101 55programLT-5(65)shallreceiveanallowanceforlifeequaltooneandone-quarterpercentof
103-HCSHB976 3 56themember'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.
102+HB976 3 56themember'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.
104103 57Inaddition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650or
105104 58section70.670,andifsuchmember'sageatretirementisyoungerthanagesixty-five,then
106105 59suchmembershallreceiveatemporaryallowanceequaltothree-quartersofonepercentof
107106 60themember'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.
108107 61Suchtemporaryallowanceshallterminateattheendofthecalendarmonthinwhichthe
109108 62earlierofthefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentof
110109 63agesixty-five;
111110 64 (10)BenefitprogramLT-8(65).Amemberwithcreditedservicecoveredbybenefit
112111 65programLT-8(65)shallreceiveanallowanceforlifeequaltooneandone-halfpercentofthe
113112 66member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.In
114113 67addition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650orsection
115114 6870.670,andifsuchmember'sageatretirementisyoungerthanagesixty-five,thensuch
116115 69membershallreceiveatemporaryallowanceequaltoone-halfofonepercentofthemember's
117116 70finalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.Such
118117 71temporaryallowanceshallterminateattheendofthecalendarmonthinwhichtheearlierof
119118 72thefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentofagesixty-
120119 73five;
121120 74 (11)BenefitprogramL-9.Amemberwithcreditedservicecoveredbybenefit
122121 75programL-9shallreceiveanallowanceforlifeequaltooneandsix-tenthspercentofthe
123122 76member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice;
124123 77 (12)BenefitprogramLT-10(65).Amemberwithcreditedservicecoveredbybenefit
125124 78programLT-10(65)shallreceiveanallowanceforlifeequaltooneandsix-tenthspercentof
126125 79themembers'finalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.
127126 80Inaddition,ifsuchmemberisretiringasprovidedinsection70.645orsection70.650or
128127 81section70.670,andifsuchmember'sageatretirementisyoungerthanagesixty-five,then
129128 82suchmembershallreceiveatemporaryallowanceequaltofour-tenthsofonepercentofthe
130129 83member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice.
131130 84Suchtemporaryallowanceshallterminateattheendofthecalendarmonthinwhichthe
132131 85earlierofthefollowingeventsoccurs:suchmember'sdeath;orthemember'sattainmentof
133132 86agesixty-five;
134133 87 (13)BenefitprogramL-11.BenefitprogramL-11maycoveremploymentina
135134 88positiononlyifsuchpositionisnotconcurrentlycoveredbyfederalSocialSecurity;in
136135 89addition,ifsuchpositionwaspreviouslycoveredbyfederalSocialSecurity,benefitprogram
137136 90L-11maycoveronlyemploymentrenderedaftercessationoffederalSocialSecurity
138137 91coverage.AmemberwithcreditedservicecoveredbybenefitprogramL-11shallreceivean
139-HCSHB976 4 92allowanceforlifeequaltotwoandone-halfpercentofthemember'sfinalaveragesalary
138+HB976 4 92allowanceforlifeequaltotwoandone-halfpercentofthemember'sfinalaveragesalary
140139 93multipliedbythenumberofyearsofsuchcreditedservice;
141140 94 (14)BenefitprogramL-12.Amemberwithcreditedservicecoveredbybenefit
142141 95programL-12shallreceiveanallowanceforlifeequaltooneandthree-quarterpercentofthe
143142 96member'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcreditedservice;
144143 97 (15)BenefitprogramLT-14(65).Amemberwithcreditedservicecoveredbybenefit
145144 98programLT-14(65)shallreceiveanallowanceforlifeequaltooneandthree-quarterpercent
146145 99ofthemember'sfinalaveragesalarymultipliedbythenumberofyearsofsuchcredited
147146 100service.Inaddition,ifsuchmemberisretiringasprovidedinsection70.645,70.650,or
148147 10170.670,thensuchmembershallreceiveatemporaryallowanceequaltoone-quarterofone
149148 102percentofthemember'sfinalaveragesalarymultipliedbythenumberofyearsofsuch
150149 103creditedservice.Suchtemporaryallowanceshallterminateattheendofthecalendarmonth
151150 104inwhichtheearlierofthefollowingeventsoccurs:suchmember'sdeathorthemember's
152151 105attainmentofagesixty-five.
153152 106 2.Ifeachportionofamember'screditedserviceisnotcoveredbythesamebenefit
154153 107program,thenthemember'stotalallowanceforlifeshallbethetotaloftheallowanceforlife
155154 108determinedundereachapplicablebenefitprogram.
156155 109 3.Eachemployershallhavethecreditedserviceofeachofitsmemberscoveredby
157156 110benefitprogramL-1providedforinthissectionunlesssuchemployershallhaveelected
158157 111anotherbenefitprogramprovidedforinthissection.
159158 112 4.Exceptasotherwiseprovidedinthissubsection,eachpoliticalsubdivision,by
160159 113majorityvoteofitsgoverningbody,mayelectfromtimetotimetocoveritsmembers,whose
161160 114politicalsubdivisionemploymentisconcurrentlycoveredbyfederalSocialSecurity,under
162161 115oneofthebenefitprogramsprovidedforinthissection.Eachpoliticalsubdivision,by
163162 116majorityvoteofitsgoverningbody,mayelectfromtimetotimetocoveritsmembers,whose
164163 117politicalsubdivisionemploymentisnotconcurrentlycoveredbyfederalSocialSecurity,
165164 118underoneofthebenefitprogramsprovidedforinthissection.Theclerkorsecretaryofthe
166165 119politicalsubdivisionshallcertifytheelectionofthebenefitprogramtotheboardwithinten
167166 120daysaftersuchvote.Theeffectivedateofthepoliticalsubdivision'sbenefitprogramisthe
168167 121firstdayofthecalendarmonthspecifiedbysuchgoverningbody,orthefirstdayofthe
169168 122calendarmonthnextfollowingreceiptbytheboardofthecertificationofelectionofbenefit
170169 123program,ortheeffectivedateofthepoliticalsubdivisionbecominganemployer,whichever
171170 124isthelatest.Suchelectionofbenefitprogrammaybechangedfromtimetotimebysuch
172171 125vote,butnotmoreoftenthanbiennially.Ifsuchchangedbenefitprogramprovideslarger
173172 126allowancesthanthebenefitprogrampreviouslyineffect,thensuchlargerbenefitprogram
174173 127shallbeapplicabletothepastandfutureemploymentwiththeemployerbypresentandfuture
175174 128employees.Ifsuchchangedbenefitprogramprovidessmallerallowancesthanthebenefit
176-HCSHB976 5 129programpreviouslyineffect,thensuchchangedbenefitprogramshallbeapplicableonlyto
175+HB976 5 129programpreviouslyineffect,thensuchchangedbenefitprogramshallbeapplicableonlyto
177176 130creditedserviceforemploymentrenderedfromandaftertheeffectivedateofsuchchange.
178177 131AfterAugust28,1994,politicalsubdivisionsshallnotelectcoverageunderbenefitprogram
179178 132LT-4,benefitprogramLT-5,orbenefitprogramLT-8.AfterAugust28,2005,political
180179 133subdivisionsshallnotelectcoverageunderbenefitprogramL-9orbenefitprogramLT-10
181180 134(65).
182181 135 5.Shouldanemployerchangeitselectionofbenefitprogramasprovidedinthis
183182 136section,theemployercontributionsshallbecorrespondinglychangedeffectivethesamedate
184183 137asthebenefitprogramchange.
185184 138 6.Thelimitationonincreasesinanemployer'scontributionprovidedbysubsection6
186185 139ofsection70.730shallnotapplytoanycontributionincreaseresultingfromanemployer
187186 140electingabenefitprogramwhichprovideslargerallowances.
188187 141 7.Subjecttotheprovisionsofsubsections8and9[and10]ofthissection,foran
189188 142allowancebecomingeffectiveonSeptember28,1975,orlater,andbeginningwiththe
190189 143Octoberfirstwhichisatleasttwelvefullmonthsaftertheeffectivedateoftheallowance,the
191190 144amountoftheallowanceshallberedeterminedeffectiveeachOctoberfirstandsuch
192191 145redeterminedamountshallbepayablefortheensuingyear.Subjecttothelimitationsstated
193192 146inthenextsentence,suchredeterminedamountshallbetheamountoftheallowance
194193 147otherwisepayablemultipliedbythefollowingpercent:onehundredpercent,plustwopercent
195194 148foreachfullyear(excludinganyfractionofayear)intheperiodfromtheeffectivedateofthe
196195 149allowancetothecurrentOctoberfirst.Innoeventshallsuchredeterminedamount(1)beless
197196 150thantheamountoftheallowanceotherwisepayablenor(2)bemorethantheamountofthe
198197 151allowanceotherwisepayablemultipliedbythefollowingfraction:thenumeratorshallbethe
199198 152ConsumerPriceIndexforthemonthofJuneimmediatelyprecedingsuchOctoberfirst(butin
200199 153noeventanamountlessthanthedenominatorbelow)andthedenominatorshallbethe
201200 154ConsumerPriceIndexforthemonthofJuneimmediatelyprecedingtheeffectivedateofthe
202201 155allowance.Asusedherein,"ConsumerPriceIndex"meansameasureoftheConsumerPrice
203202 156Index[forUrbanWageEarnersandClericalWorkers,] asdeterminedbytheUnitedStates
204203 157DepartmentofLaborandadoptedbytheboardoftrustees[ineffectJanuary1,1975;
205204 158provided,shouldsuchConsumerPriceIndexberestructuredsubsequentto1974inamanner
206205 159materiallychangingitscharacter,theboardshallchangetheapplicationoftheConsumer
207206 160PriceIndexsothatasfarasispracticablethe1975intentoftheuseoftheConsumerPrice
208207 161Indexshallbecontinued]. Asusedherein"theamountoftheallowanceotherwisepayable"
209208 162meanstheamountoftheallowancewhichwouldbepayablewithoutregardtothese
210209 163provisionsredeterminingallowanceamountsafterretirement.
211210 164 8.[Subjecttotheprovisionsofsubsections9and10ofthissection,foranallowance
212211 165becomingeffectiveonSeptember28,1975,orlater,themaximumallowancepayableunder
213-HCSHB976 6 166theprovisionsofsection70.685shallberedeterminedeachOctoberfirstinthesamemanner
212+HB976 6 166theprovisionsofsection70.685shallberedeterminedeachOctoberfirstinthesamemanner
214213 167asanallowanceisredeterminedundertheprovisionsofsubsection7ofthissection.
215214 168 9.](1)Thesystemestablishesreservesforthepaymentoffutureallowancesto
216215 169retirantsandbeneficiaries.Shouldtheboarddetermine,afterconsultingwiththeactuary,that
217216 170theestablishedreservesaremorethansufficienttoprovidesuchallowances,theboardmay
218217 171increasetheannualincreaserateprovidedforin[subsections] subsection7[and8]ofthis
219218 172section,asitappliestoanyallowancepayable,butinnoeventshallthetotalofall
220219 173redeterminedamountsasofOctoberfirstofanyyearbegreaterthanonehundredfourpercent
221220 174oftheallowanceswhichwouldhavebeenpayablethatOctoberfirstwithoutsuch
222221 175redeterminations;provided,asofanyredeterminationdatethesameannualincreaserateshall
223222 176beappliedtoallallowanceswitheffectivedatesintherangeofNovemberfirsttoOctober
224223 177firstofthefollowingyear.Theboardmayextendtheprovisionsof[subsections] subsection
225224 1787[and8]ofthissectiontoallowanceswhichbecameeffectivebeforeSeptember28,1975;
226225 179providedsuchanactionbytheboardshallnotincreaseanemployercontributionratethenin
227226 180effect;
228227 181 (2)AfterAugust28,1993,theannualincreaserateestablishedbythissubsection
229228 182shallbeacompoundrate,compoundedannually,andthefourpercentannualmaximumrate
230229 183shallalsobeacompoundrate,compoundedannually;provided,theuseofsuchcompounding
231230 184shallnotbeginuntilOctober1,1993,andshallnotaffectredeterminationsmadepriortothat
232231 185date.
233232 186 [10.]9.Shouldtheboarddeterminethattheprovisionsofsubsections7[,8]and[9]8
234233 187ofthissectionarejeopardizingthefinancialsolvencyofthesystem,theboardshallsuspend
235234 188theseprovisionsredeterminingallowanceamountsafterretirementforsuchperiodsoftimeas
236235 189theboarddeemsappropriate.
237236 70.680.1.Anymemberinservicewithfiveormoreyearsofcreditedservicewho
238237 2hasnotattainedtheageandservicerequirementsofsection70.645andwhobecomestotally
239238 3andpermanentlyphysicallyormentallyincapacitatedforhisdutyasanemployee,asthe
240239 4resultofapersonalinjuryordisease,mayberetiredbytheboarduponwrittenapplication
241240 5filedwiththeboardbyoronbehalfofthemember;provided,thatafteramedicalexamination
242241 6ofsuchmembermadebyorunderthedirectionofamedicalcommitteeconsistingofthree
243242 7physicians,oneofwhomshallbeselectedbytheboard,onebyoronbehalfofsuchmember,
244243 8andthethirdbythefirsttwophysicianssonamed,themedicalcommitteereportstothe
245244 9board,bymajorityopinioninwriting,thatsuchmemberisphysicallyormentallytotally
246245 10incapacitatedforthefurtherperformanceofduty,thatsuchincapacitywillprobablybe
247246 11permanentandthatsuchmembershouldberetired.
248247 12 2.Upondisabilityretirement,asprovidedinsubsection1ofthissection,amember
249248 13shallreceiveanallowanceforlifeprovidedforinsection70.655andshallhavetherightto
250-HCSHB976 7 14electanoptionprovidedforinsection70.660.Hisorherdisabilityretirementandallowance
249+HB976 7 14electanoptionprovidedforinsection70.660.Hisorherdisabilityretirementandallowance
251250 15shallbesubjecttotheprovisionsofsubsection5ofthissection[andtotheprovisionsof
252251 16section70.685].
253252 17 3.Anymemberinservicewhobecomestotallyandpermanentlyphysicallyor
254253 18mentallyincapacitatedforhisdutyasanemployee,asthenaturalandproximateresultofa
255254 19personalinjuryordiseasewhichtheboardfindstohavearisenoutofandinthecourseofhis
256255 20actualperformanceofdutyasanemployee,mayberetiredbytheboarduponwritten
257256 21applicationfiledwiththeboardbyoronbehalfofthemember;provided,thatafteramedical
258257 22examinationofsuchmembermadebyorunderthedirectionofamedicalcommittee
259258 23consistingofthreephysicians,oneofwhomshallbeselectedbytheboard,onebyoron
260259 24behalfofsuchmember,andthethirdbythefirsttwophysicianssonamed,themedical
261260 25committeereportstotheboard,bymajorityopinioninwriting,thatsuchmemberis
262261 26physicallyormentallytotallyincapacitatedforthefurtherperformanceofduty,thatsuch
263262 27incapacitywillprobablybepermanent,andthatsuchmembershouldberetired.
264263 28 4.Upondisabilityretirementasprovidedinsubsection3ofthissection,amember
265264 29shallreceiveanallowanceforlifeprovidedforinsection70.655;provided,thatforthesole
266265 30purposeofcomputingtheamountofsuchallowance,heorsheshallbegivencreditedservice
267266 31fortheperiodfromthedateofhisorherdisabilityretirementtothedateheorshewould
268267 32attainagesixty.Heorsheshallhavetherighttoelectanoptionprovidedforinsection
269268 3370.660.Hisorherdisabilityretirementandallowanceshallbesubjecttotheprovisionsof
270269 34subsection5ofthissection[andtotheprovisionsofsection70.685].
271270 35 5.Atleastonceeachyearduringthefirstfiveyearsfollowingamember'sretirement
272271 36onaccountofdisability,andatleastonceineachthree-yearperiodthereafter,theboardshall
273272 37requireanydisabilityretirantwhohasnotattainedhisminimumserviceretirementageto
274273 38undergoamedicalexaminationtobemadebyaphysiciandesignatedbytheboard.Ifthe
275274 39retirantrefusestosubmittomedicalexaminationinanysuchperiod,hisdisabilityallowance
276275 40shallbesuspendedbytheboarduntilhiswithdrawalofsuchrefusal.Ifsuchrefusalcontinues
277276 41foroneyear,allhisrightsinandtoadisabilityallowanceshallberevokedbytheboard.If,
278277 42uponmedicalexaminationoftheretirant,thephysicianreportstotheboardthattheretirantis
279278 43physicallyandmentallyableandcapableofresuminghisdutyasanemployeeintheposition
280279 44heldbyhimatthetimeofhisdisabilityretirement,thentheboardshall,ifdemandedbythe
281280 45retirant,arrangeafurthermedicalexaminationofsuchmembermadebyorunderthe
282281 46directionofamedicalcommitteeconsistingofthreephysicians,oneofwhomshallbe
283282 47selectedbytheboard,onebyoronbehalfofthemember,andthethirdbythefirsttwo
284283 48physiciansnamed.Shouldthemedicalcommitteeconcur,bymajorityopinioninwritingto
285284 49theboard,thedisabilityretirantiscapableofresumptionofduty,hisdisabilityretirement
286285 50shallterminateandheshallbereturnedtodutyandheshallimmediatelyagainbecomea
287-HCSHB976 8 51memberofthesystem,hiscreditedserviceatthetimeofdisabilityretirementshallbe
286+HB976 8 51memberofthesystem,hiscreditedserviceatthetimeofdisabilityretirementshallbe
288287 52restoredtohiscredit,andtheamountofhisaccumulatedcontributionsatthetimeofhis
289288 53disabilityretirementshallberestoredtohiscreditinthemembersdepositfund.Ifhewasin
290289 54receiptofadutydisabilityallowanceprovidedforinsubsection3ofthissection,heshallalso
291290 55begivenservicecreditfortheperiodhewasinreceiptofthedutydisabilityallowance.
292291 70.690.1.Intheeventamemberceasestobeamemberotherthanbydeathbefore
293292 2thedatehebecomesentitledtoretirewithanallowancepayablebythesystem,heshallbe
294293 3paid,uponhiswrittenapplicationfiledwiththeboard,hisaccumulatedcontributionsstanding
295294 4tohiscreditinthemembersdepositfund.
296295 5 2.Intheeventamemberdies,andnoallowancebecomesorwillbecomepayableby
297296 6thesystemonaccountofhisdeath,hisaccumulatedcontributionsstandingtohiscreditinthe
298297 7membersdepositfundatthetimeofhisdeathshallbepaidtosuchpersonorpersonsashe
299298 8shallhavenominatedbywrittendesignationdulyexecutedandfiledwiththeboard.Ifthere
300299 9benosuchdesignatedpersonorpersonssurvivingsuchmember,suchaccumulated
301300 10contributionsshallbepaidtohissurvivingspouse,ortohisestateifthereisnosurviving
302301 11spouse.
303302 12 3.Intheeventamember'smembershipinthesystemterminates,andnoallowance
304303 13becomesorwillbecomepayableonhisaccount,anyaccumulatedcontributionsstandingto
305304 14hiscreditinthemembersdepositfundunclaimedbysuchmemberorhislegalrepresentative
306305 15within[three] tenyearsafterthedatehismembershipterminated,shallbetransferredtothe
307306 16income-expensefund.Ifthereafterproperapplicationismadeforsuchaccumulated
308307 17contributions,theboardshallpaythemfromtheincome-expensefund,butwithoutinterest
309308 18afterthedatepaymentwasfirstdue.
310309 70.745.1.Theboardshallbethetrusteesofthefundsofthesystem.Subjecttothe
311310 2provisionsofanyapplicablefederalorstatelaws,theboardshallhavefullpowertoinvest
312311 3andreinvestthemoneysofthesystem,andtohold,purchase,sell,assign,transferordispose
313312 4ofanyofthesecuritiesandinvestmentsinwhichsuchmoneysshallhavebeeninvested,as
314313 5wellastheproceedsofsuchinvestmentsandsuchmoneys.
315314 6 2.Theboardoftrusteesmaydeliberateabout,ormaketentativeorfinal
316315 7decisionson,investmentsorotherfinancialmattersinaclosedmeetingunderchapter
317316 8610ifdisclosureofthedeliberationsordecisionswouldjeopardizetheabilityto
318317 9implementadecisionortoachieveinvestmentobjectives.Arecordoftheretirement
319318 10systemthatdisclosesdeliberationsabout,oratentativedecisionon,investmentsor
320319 11otherfinancialmattersisnotapublicrecordunderchapter610totheextentandsolong
321320 12asitsdisclosurewouldjeopardizetheabilitytoimplementadecisionortoachieve
322321 13investmentobjectives.
323-HCSHB976 9 70.746.Notwithstandinganyotherprovisionoflawtothecontrary,theboardof
322+HB976 9 70.746.Notwithstandinganyotherprovisionoflawtothecontrary,theboardof
324323 2trusteesmaydelegatetoitsdulyappointedinvestmentcounselorauthoritytoactinplaceof
325324 3theboardintheinvestmentandreinvestmentofallorpartofthemoneysofthesystem,and
326325 4mayalsodelegatetosuchcounselortheauthoritytoactinplaceoftheboardintheholding,
327326 5purchasing,selling,assigning,transferring,ordisposingofanyorallofthesecuritiesand
328327 6investmentsinwhichsuchmoneysshallhavebeeninvested,aswellastheproceedsofsuch
329328 7investmentsandsuchmoneys.[Suchinvestmentcounselorshallberegisteredasan
330329 8investmentadvisorwiththeUnitedStatesSecuritiesandExchangeCommission.] In
331330 9exercisingordelegatingitsinvestmentpowersandauthority,membersoftheboardshall
332331 10exerciseordinarybusinesscareandprudenceunderthefactsandcircumstancesprevailingat
333332 11thetimeoftheactionordecision.Insodoing,theboardshallconsiderthelong-andshort-
334333 12termneedsofthesystemincarryingoutitspurposes,thesystem'spresentandanticipated
335334 13financialrequirements,theexpectedtotalreturnonthesystem'sinvestment,general
336335 14economicconditions,income,growth,long-termnetappreciation,andprobablesafetyof
337336 15funds.Nomemberoftheboardshallbeliableforanyactiontakenoromittedwithrespectto
338337 16theexerciseofordelegationofthesepowersandauthorityifsuchmembershallhave
339338 17dischargedthedutiesofhisorherpositioningoodfaithandwiththatdegreeofdiligence,
340339 18care,andskillwhichprudentmenandwomenwouldordinarilyexerciseundersimilar
341340 19circumstancesinalikeposition.
342341 70.747.Notwithstandinganyotherprovisionoflawtothecontrary,theboardshall
343342 2havefullpowertoinvestandreinvestthefundsandmoneysofthesysteminimprovedreal
344343 3estate,includingcollectiverealestatefundsandrealestateinvestmenttrusts,wherever
345344 4situated[; provided,however,thatnotmorethanone-tenthofthefundsandmoneysofthe
346345 5systematthetimeofsuchinvestmentshallbesoinvested].
347346 70.748.1.Notwithstandingtheprovisionsofsection105.662tothecontrary,the
348347 2boardmaysetupandmaintainalocalgovernmentemployeeretirementsystemsof
349348 3Missouriinvestmentfundaccountinwhichinvestmentandreinvestmentofallorpart
350349 4ofthemoneysoftheretirementsystemmaybeplacedandbeavailableforinvestment
351350 5purposes.
352351 6 2.Forthepurposeofinvestingthefundsoftheretirementsystem,thefundsmay
353352 7becombinedwiththefundsofanyretirementplanthatisadministeredbythe
354353 8retirementsystemundersection70.621andanyretirementplanestablishedforthe
355354 9purposeofprovidingbenefitsforemployeesofthesystem,butthefundsofeachplan
356355 10shallbeaccountedforseparatelyandforallotherreportingpurposesshallbeseparate.
357356 11 3.Theboardoftrusteesmaypromulgatesuchrulesandregulationsconsistent
358357 12withtheprovisionsofthissectionasdeemednecessaryforitsproperadministration,
359358 13pursuanttotheprovisionsofthissectionandthischapter.Anyruleorportionofarule,
360-HCSHB976 10 14asthattermisdefinedinsection536.010,thatiscreatedundertheauthoritydelegated
359+HB976 10 14asthattermisdefinedinsection536.010,thatiscreatedundertheauthoritydelegated
361360 15inthissectionshallbecomeeffectiveonlyifitcomplieswithandissubjecttoallofthe
362361 16provisionsofchapter536and,ifapplicable,section536.028.Thissectionandchapter
363362 17536arenonseverableandifanyofthepowersvestedwiththegeneralassembly
364363 18pursuanttochapter536toreview,todelaytheeffectivedate,ortodisapproveandannul
365364 19arulearesubsequentlyheldunconstitutional,thenthegrantofrulemakingauthority
366365 20andanyruleproposedoradoptedafterAugust28,2025,shallbeinvalidandvoid.
367-105.688.Theassetsofasystemmaybeinvested,reinvestedandmanagedbyan
368-2investmentfiduciarysubjecttotheterms,conditionsandlimitationsprovidedinsections
369-3105.687to105.689.Aninvestmentfiduciaryshalldischargehisorherdutiesintheinterest
370-4oftheparticipantsinthesystemandtheirbeneficiariesandshall:
371-5 (1)Actwiththesamecare,skill,prudence,anddiligenceunderthecircumstances
372-6thenprevailingthataprudentpersonactinginasimilarcapacityandfamiliarwiththose
373-7matterswoulduseintheconductofasimilarenterprisewithsimilaraims;
374-8 (2)Actwithdueregardforthemanagement,reputation,andstabilityoftheissuerand
375-9thecharacteroftheparticularinvestmentsbeingconsidered;
376-10 (3)Makeinvestmentsforthepurposesofprovidingbenefitstoparticipantsand
377-11participants'beneficiaries,andofdefrayingreasonableexpensesofinvestingtheassetsofthe
378-12system;
379-13 (4)Giveappropriateconsiderationtothosefactsandcircumstancesthatthe
380-14investmentfiduciaryknowsorshouldknowarerelevanttotheparticularinvestmentor
381-15investmentcourseofactioninvolved,includingtheroleoftheinvestmentorinvestment
382-16courseofactionplaysinthatportionofthesystem'sinvestmentsforwhichtheinvestment
383-17fiduciaryhasresponsibility.Forpurposesofthissubdivision,"appropriateconsideration"
384-18shallinclude,butisnotnecessarilylimitedtoadeterminationbytheinvestmentfiduciarythat
385-19aparticularinvestmentorinvestmentcourseofactionisreasonablydesigned,aspartofthe
386-20investmentsofthesystem,tofurtherthepurposesofthesystem,takingintoconsiderationthe
387-21riskoflossandtheopportunityforgainorotherreturnassociatedwiththeinvestmentor
388-22investmentcourseofaction;andconsiderationofthefollowingfactorsastheyrelatetothe
389-23investmentorinvestmentcourseofaction:
390-24 (a)Thediversificationoftheinvestmentsofthesystem;
391-25 (b)Theliquidityandcurrentreturnoftheinvestmentsofthesystemrelativetothe
392-26anticipatedcashflowrequirementsofthesystem;and
393-27 (c)Theprojectedreturnoftheinvestmentsofthesystemrelativetothefunding
394-28objectivesofthesystem;
395-29 (5)Giveappropriateconsiderationtoinvestmentswhichwouldenhancethegeneral
396-30welfareofthisstateanditscitizensifthoseinvestmentsofferthesafetyandrateofreturn
397-HCSHB976 11 31comparabletootherinvestmentsavailabletotheinvestmentfiduciaryatthetimethe
398-32investmentdecisionismade; and
399-33 (6)Notbeprohibitedfromclosingrecordstotheextentthatsuchrecordsrelate
400-34toinformationsubmittedbyanindividual,corporation,orotherbusinessentityin
401-35connectionwithinvestmentsinorfinancialtransactionswithbusinessentitiesfor
402-36investmentpurposes.
403366 âś”
404-HCSHB976 12
367+HB976 11