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| 2 | 2 | | FIRST REGULAR SESSION |
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| 3 | 3 | | SENATE BILL NO. 255 |
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| 4 | 4 | | 103RD GENERAL ASSEMBLY |
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| 5 | 5 | | INTRODUCED BY SENATOR ROBERTS. |
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| 6 | 6 | | 0579S.01I KRISTINA MARTIN, Secretary |
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| 7 | 7 | | AN ACT |
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| 8 | 8 | | To repeal sections 87.140, 87.145, 87.155, 87.260, and 87.350, RSMo, and to enact in lieu thereof |
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| 9 | 9 | | five new sections relating to the firemen's retirement system of St. Louis. |
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| 10 | 10 | | |
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| 11 | 11 | | Be it enacted by the General Assembly of the State of Missouri, as follows: |
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| 12 | 12 | | Section A. Sections 87.140, 87.145, 87.155, 87.260, and 1 |
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| 13 | 13 | | 87.350, RSMo, are repealed and five new sections enacted in 2 |
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| 14 | 14 | | lieu thereof, to be known as sections 87.140, 87.145, 87.155, 3 |
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| 15 | 15 | | 87.260, and 87.350, to read as follows:4 |
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| 16 | 16 | | 87.140. 1. The general administration and the 1 |
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| 17 | 17 | | responsibility for the proper operation of the retirement 2 |
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| 18 | 18 | | system shall be vested in a board of trustees of nine 3 |
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| 19 | 19 | | persons. The board shall be constituted as follows: 4 |
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| 20 | 20 | | (1) The chief of the fire department of the c ity, ex 5 |
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| 21 | 21 | | officio; 6 |
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| 22 | 22 | | (2) The comptroller or deputy comptroller of the city, 7 |
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| 23 | 23 | | ex officio; 8 |
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| 24 | 24 | | (3) Two members to be appointed by the mayor of the 9 |
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| 25 | 25 | | city to serve for a term of two years; 10 |
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| 26 | 26 | | (4) Three members to be elected by the members of the 11 |
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| 27 | 27 | | retirement system for a term of three years who shall be 12 |
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| 28 | 28 | | members of the system and hold office only while members of 13 |
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| 29 | 29 | | the system; 14 |
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| 30 | 30 | | (5) Two members who shall be retired firemen to be 15 |
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| 31 | 31 | | elected by the retired firemen of the city and who shall 16 |
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| 32 | 32 | | hold office for a term of three years. 17 SB 255 2 |
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| 33 | 33 | | 2. If a vacancy occurs in the office of trustee, the 18 |
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| 34 | 34 | | vacancy shall be filled for the unexpired term in the same 19 |
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| 35 | 35 | | manner as the office was previously filled. 20 |
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| 36 | 36 | | 3. The trustees shall serve without compensation, but 21 |
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| 37 | 37 | | they shall be reimbursed from the expense fund for all 22 |
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| 38 | 38 | | necessary expenses which they may incur through service on 23 |
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| 39 | 39 | | the board. 24 |
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| 40 | 40 | | 4. Each trustee shall, within ten days after his 25 |
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| 41 | 41 | | appointment or election, take an oath of office before the 26 |
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| 42 | 42 | | clerk of circuit court of the city, that, so far as it 27 |
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| 43 | 43 | | devolves upon him, he will diligently and honestly 28 |
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| 44 | 44 | | administer the affairs of the board and that he will not 29 |
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| 45 | 45 | | knowingly violate or willingly permit to be violated any of 30 |
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| 46 | 46 | | the provisions of the law applicable to the reti rement 31 |
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| 47 | 47 | | system. The oath shall be subscribed to by the member 32 |
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| 48 | 48 | | making it and certified by the clerk of circuit court and 33 |
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| 49 | 49 | | filed in his office. 34 |
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| 50 | 50 | | 5. Each trustee shall be entitled to one vote on the 35 |
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| 51 | 51 | | board. Five votes shall be necessary for a decision by the 36 |
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| 52 | 52 | | trustees at any meeting of the board. 37 |
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| 53 | 53 | | 6. Notwithstanding any provision of sections 87.120 to 38 |
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| 54 | 54 | | 87.371 to the contrary, the board of trustees of the 39 |
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| 55 | 55 | | retirement system shall not be prevented from simultaneously 40 |
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| 56 | 56 | | acting as the trustees of any ot her pension plan that 41 |
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| 57 | 57 | | provides retirement, disability, and death benefits for 42 |
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| 58 | 58 | | firefighters employed by any city not within a county and 43 |
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| 59 | 59 | | their covered dependents. The administration of the other 44 |
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| 60 | 60 | | pension plan shall be in accordance with the terms of suc h 45 |
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| 61 | 61 | | pension plan. Nothing in this subsection shall prevent the 46 |
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| 62 | 62 | | board of alderman of a city not within a county from 47 |
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| 63 | 63 | | adopting ordinances to govern the pensioning of firefighters 48 |
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| 64 | 64 | | and their covered dependents in any other pension plan 49 SB 255 3 |
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| 65 | 65 | | simultaneously admin istered by the board of trustees of the 50 |
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| 66 | 66 | | retirement system. 51 |
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| 67 | 67 | | 87.145. The board of trustees shall have exclusive 1 |
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| 68 | 68 | | original jurisdiction in all matters relating to or 2 |
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| 69 | 69 | | affecting the funds herein provided for, including, in 3 |
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| 70 | 70 | | addition to all other matters, all claims for benefits and 4 |
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| 71 | 71 | | refunds under this law, and its action, decision or 5 |
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| 72 | 72 | | determination in any matter shall be reviewable under 6 |
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| 73 | 73 | | chapter 536 only, and any party to the proceedings shall 7 |
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| 74 | 74 | | have a right of appeal from the decision of t he reviewing 8 |
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| 75 | 75 | | court. Subject to the limitations of sections 87.120 to 9 |
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| 76 | 76 | | 87.370, the board of trustees shall, from time to time, 10 |
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| 77 | 77 | | establish rules and regulations for the administration of 11 |
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| 78 | 78 | | funds created by this law, for the transaction of its 12 |
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| 79 | 79 | | business, and for the limitation of the time within which 13 |
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| 80 | 80 | | claims may be filed. The administration of any pension 14 |
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| 81 | 81 | | plan, other than the retirement system, includes the ability 15 |
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| 82 | 82 | | of the board of trustees, from time to time, to establish 16 |
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| 83 | 83 | | rules and regulations for the ad ministration of funds of 17 |
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| 84 | 84 | | such other pension plan and for the transaction of such 18 |
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| 85 | 85 | | other pension plan's business. Nothing in this section 19 |
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| 86 | 86 | | shall prevent the board of alderman of a city not within a 20 |
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| 87 | 87 | | county from adopting ordinances to govern the pensioning of 21 |
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| 88 | 88 | | firefighters and their covered dependents in any other 22 |
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| 89 | 89 | | pension plan simultaneously administered by the board of 23 |
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| 90 | 90 | | trustees of the retirement system. 24 |
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| 91 | 91 | | 87.155. 1. The board of trustees shall keep in 1 |
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| 92 | 92 | | convenient form such data as is n ecessary for actuarial 2 |
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| 93 | 93 | | valuation of the funds of the retirement system and for 3 |
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| 94 | 94 | | checking the experience of the system. 4 |
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| 95 | 95 | | 2. The board of trustees shall keep a record of all 5 |
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| 96 | 96 | | its proceedings which shall be open to public inspection. 6 SB 255 4 |
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| 97 | 97 | | It shall publish annually a report showing the fiscal 7 |
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| 98 | 98 | | transactions of the retirement system for the preceding 8 |
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| 99 | 99 | | fiscal year, the amount of the accumulated cash and 9 |
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| 100 | 100 | | securities of the system, and the last balance sheet showing 10 |
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| 101 | 101 | | the financial condition of the system by means of an 11 |
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| 102 | 102 | | actuarial valuation of the assets and liabilities of the 12 |
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| 103 | 103 | | retirement system. 13 |
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| 104 | 104 | | 3. To the extent the board of trustees administers a 14 |
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| 105 | 105 | | pension plan other than the retirement system, the board of 15 |
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| 106 | 106 | | trustees shall maintain separate records of all pr oceedings 16 |
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| 107 | 107 | | of such other pension plan. 17 |
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| 108 | 108 | | 87.260. The board of trustees of the firefighters' 1 |
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| 109 | 109 | | retirement system shall have the exclusive authority and 2 |
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| 110 | 110 | | discretion to invest and reinvest the funds in property of 3 |
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| 111 | 111 | | any kind, real or personal. The board of trustees shall 4 |
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| 112 | 112 | | invest and manage the fund as a prudent investor would, by 5 |
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| 113 | 113 | | considering the purposes, terms, distribution requirements, 6 |
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| 114 | 114 | | and other circumstances of the firefighters' retirement 7 |
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| 115 | 115 | | system. In satisfying this standard, the board of trustees 8 |
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| 116 | 116 | | shall exercise reasonable care, skill, and caution. No 9 |
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| 117 | 117 | | trustee shall have any interest as a trustee in the gains or 10 |
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| 118 | 118 | | profits made on any investment, except benefits from 11 |
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| 119 | 119 | | interest in investments common to all members of the plan, 12 |
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| 120 | 120 | | if entitled thereto. To the extent the board of trustees 13 |
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| 121 | 121 | | administers a pension plan other than the retirement system, 14 |
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| 122 | 122 | | the board of trustees shall also have the authority and 15 |
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| 123 | 123 | | discretion to invest and reinvest the funds of such other 16 |
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| 124 | 124 | | pension plan in property of any kind, real or personal. The 17 |
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| 125 | 125 | | board of trustees may choose to invest the funds of the 18 |
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| 126 | 126 | | retirement system and the funds of the other pension plan in 19 |
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| 127 | 127 | | the same investments so long as the amounts invested and the 20 |
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| 128 | 128 | | gains, profits, or losses on such investm ents are accounted 21 SB 255 5 |
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| 129 | 129 | | for separately. No benefits due to the firefighters or 22 |
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| 130 | 130 | | their covered dependents from the other pension plan shall 23 |
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| 131 | 131 | | be paid from the funds of the retirement system. Nothing in 24 |
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| 132 | 132 | | this section shall prevent the board of alderman of a cit y 25 |
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| 133 | 133 | | not within a county from adopting ordinances to govern the 26 |
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| 134 | 134 | | pensioning of firefighters and their covered dependents in 27 |
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| 135 | 135 | | any other pension plan simultaneously administered by the 28 |
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| 136 | 136 | | board of trustees of the retirement system. 29 |
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| 137 | 137 | | 87.350. The expense fund shall be the fund to which 1 |
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| 138 | 138 | | shall be credited all money provided to pay the 2 |
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| 139 | 139 | | administration expenses of the retirement system and from 3 |
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| 140 | 140 | | which shall be paid all the expenses necessary in connection 4 |
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| 141 | 141 | | with the administration and operation of th e system. 5 |
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| 142 | 142 | | Annually the board of trustees shall estimate the amount of 6 |
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| 143 | 143 | | money necessary to be paid into the expense fund during the 7 |
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| 144 | 144 | | ensuing year to provide for the expense of operation of the 8 |
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| 145 | 145 | | retirement system. Such estimate shall be provided by the 9 |
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| 146 | 146 | | board of trustees from interest and other earnings on assets 10 |
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| 147 | 147 | | of the retirement system. In no event shall any expenses, 11 |
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| 148 | 148 | | including administrative expenses, incurred by the board of 12 |
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| 149 | 149 | | trustees in the administration of any pension plan other 13 |
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| 150 | 150 | | than the retirement system or in the investment of any funds 14 |
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| 151 | 151 | | of any pension plan other than the retirement system be paid 15 |
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| 152 | 152 | | from the funds of the retirement system. Such expenses 16 |
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| 153 | 153 | | shall be paid entirely from the funds of the other pension 17 |
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| 154 | 154 | | plan. 18 |
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| 155 | 155 | | |
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