Retirement system to be body corporate, to be known as Missouri stateemployees' retirement system--powers and duties--medical benefitfunds.
104.320. 1. For the purpose of providing retirement income and otherbenefits to employees of the state, there is hereby created and establisheda retirement system which shall be a body corporate and an instrumentalityof the state, which shall be under the management of a board of trusteesherein described, and shall be known as the "Missouri State Employees'Retirement System". In the system shall be vested the powers and dutiesspecified in sections 104.010 and 104.320 to 104.800 and such other powersas may be necessary or proper to enable it, its officers, employees, andagents to carry out fully and effectively all the purposes of sections104.010 and 104.320 to 104.800.
2. Notwithstanding any provision of law to the contrary, the systemis also authorized and empowered to provide services in connection withmedical benefit funds established or maintained for state employees,retirees, and their dependents who are participants in a state medical planadministered by the Missouri consolidated health care* plan establishedunder section 103.005, RSMo, or other medical benefit plans established ormaintained by the state for its employees, retirees, and their dependents.All such plans described in this section shall be welfare plans referred toas "State Medical Plans". The services to be provided by the system shallinclude, but not be limited to, the investment of assets of such statemedical plans. Such services to be provided by the system shall beprovided under a trust agreement between the board, as trustee, and thestate medical plan, subject to approval by the board of trustees of theMissouri state employees' retirement system and the state medical plan.The system shall be vested with the powers and duties specified in section104.010 and sections 104.320 to 104.1093 and such other powers as may benecessary or proper to enable it, its officers, employees, and agents tocarry out fully and effectively all the purposes of this subsection.Whenever the system is acting under section 104.010 and sections 104.320 to104.1093 with respect to services provided under this subsection, theprovisions of such sections shall be read to apply to services providedunder this subsection and not to services provided under subsection 1 ofthis section.
3. Notwithstanding any provision of law to the contrary, the boardshall set up and maintain a separate employee and retiree medical benefittrust for each state medical plan that the system contracts with undersubsection 2 of this section in which shall be placed contributions made tothe board by the state of Missouri, either directly or indirectly throughthe medical benefit plan, to fund benefits payable under such state medicalplan. No such contributions made from the medical benefit plan's trustfund shall be transferred to the board without the approval of the medicalbenefit plan's governing body. All property, money, funds, investments,and rights so received and accepted by the board together with proceeds andreinvestments thereof shall be dedicated to and held in a separate trust,known as the medical benefit trust, for the exclusive purpose of satisfyingthe obligations of the applicable state medical plan to pay health care andother medical benefits to employee and retiree participants and theirdependents under such state medical plan. At no time shall any part of amedical benefit trust be used for or diverted to any purpose other than forthe exclusive purpose of satisfying the obligations of the applicable statemedical plan to provide health care and other medical benefits to employeeand retiree participants and their dependents, including payment ofbenefits on behalf of such participants under such state medical plan andpayment of reasonable expenses of the medical benefit trust. The board mayestablish one or more trust instruments that set forth the terms andconditions for holding, investing, and distributing assets of a medicalbenefit trust that are consistent with subsection 2 of this section. Suchmedical benefit trust may be irrevocable. A separate account for a statemedical plan may be established under a separate trust instrument. Theboard may consolidate the retiree assets of one or more medical benefittrusts in a single fund or funds, a "master trust", that may be commingledfor investment purposes, and subject to the applicable trust agreement, maycommingle the retiree assets of one or more medical benefit trusts withassets of the system for investment purposes. In the event the boardcommingles assets of one or more trusts for investment purposes, it shallmaintain separate bookkeeping accounts reflecting the separate share ineach investment pool of each participating trust. The board shall havepower to purchase, acquire, hold, invest, lend, lease, sell, assign,transfer, and dispose of all property, rights, and securities and enterinto written contracts and may employ or contract with third-party advisorsall as may be necessary or proper to carry out the purposes of thissubsection and subsection 2 of this section. The board shall have thepower to borrow money for any of the authorized purposes of the board andto issue negotiable notes, bonds, or other instruments in writing inevidence of the sum or sums to be borrowed. Whenever the system is actingunder section 104.010 and sections 104.320 to 104.1093 with respect to anaccount established under this subsection, the provisions of such sectionsshall be read to apply to an account provided under this subsection and notaccounts established under subsection 1 of section 104.440.
4. The board shall make such payments from a medical benefit trust toor for the benefit of the participants in a state medical plan and theirdependents, at such time, in such manner, in such amounts, in such form,and for such purposes as may be specified in one or more directives by thestate medical plan administrator authorized to direct payment of benefitsunder such state medical plan from time to time or as provided in a trustagreement governing such medical benefit trust, and the board shall have noresponsibility and shall be without liability for any payment made undersuch direction. The board shall be under no duty or obligation to make anyinquiry or investigation as to whether any direction is made under theprovisions of any state medical plan and shall not be responsible in anyrespect for the administration of any state medical plan. Payment inresponse to such direction shall be a complete discharge of the board ofits responsibility for the holding and safekeeping of such assets and anyassets paid over shall no longer constitute part of the medical benefittrust.
5. The board shall invest the funds of a medical benefit trust in thesame manner as it invests funds of the retirement system as permitted bysections 105.686** to 105.690, RSMo.
6. The board may authorize the executive director to assist withprograms and procedures pertaining to payroll for state employees and anystate employee benefits as requested by the office of administration orother state agencies.
Retirement system to be body corporate, to be known as Missouri stateemployees' retirement system--powers and duties--medical benefitfunds.
104.320. 1. For the purpose of providing retirement income and otherbenefits to employees of the state, there is hereby created and establisheda retirement system which shall be a body corporate and an instrumentalityof the state, which shall be under the management of a board of trusteesherein described, and shall be known as the "Missouri State Employees'Retirement System". In the system shall be vested the powers and dutiesspecified in sections 104.010 and 104.320 to 104.800 and such other powersas may be necessary or proper to enable it, its officers, employees, andagents to carry out fully and effectively all the purposes of sections104.010 and 104.320 to 104.800.
2. Notwithstanding any provision of law to the contrary, the systemis also authorized and empowered to provide services in connection withmedical benefit funds established or maintained for state employees,retirees, and their dependents who are participants in a state medical planadministered by the Missouri consolidated health care* plan establishedunder section 103.005, RSMo, or other medical benefit plans established ormaintained by the state for its employees, retirees, and their dependents.All such plans described in this section shall be welfare plans referred toas "State Medical Plans". The services to be provided by the system shallinclude, but not be limited to, the investment of assets of such statemedical plans. Such services to be provided by the system shall beprovided under a trust agreement between the board, as trustee, and thestate medical plan, subject to approval by the board of trustees of theMissouri state employees' retirement system and the state medical plan.The system shall be vested with the powers and duties specified in section104.010 and sections 104.320 to 104.1093 and such other powers as may benecessary or proper to enable it, its officers, employees, and agents tocarry out fully and effectively all the purposes of this subsection.Whenever the system is acting under section 104.010 and sections 104.320 to104.1093 with respect to services provided under this subsection, theprovisions of such sections shall be read to apply to services providedunder this subsection and not to services provided under subsection 1 ofthis section.
3. Notwithstanding any provision of law to the contrary, the boardshall set up and maintain a separate employee and retiree medical benefittrust for each state medical plan that the system contracts with undersubsection 2 of this section in which shall be placed contributions made tothe board by the state of Missouri, either directly or indirectly throughthe medical benefit plan, to fund benefits payable under such state medicalplan. No such contributions made from the medical benefit plan's trustfund shall be transferred to the board without the approval of the medicalbenefit plan's governing body. All property, money, funds, investments,and rights so received and accepted by the board together with proceeds andreinvestments thereof shall be dedicated to and held in a separate trust,known as the medical benefit trust, for the exclusive purpose of satisfyingthe obligations of the applicable state medical plan to pay health care andother medical benefits to employee and retiree participants and theirdependents under such state medical plan. At no time shall any part of amedical benefit trust be used for or diverted to any purpose other than forthe exclusive purpose of satisfying the obligations of the applicable statemedical plan to provide health care and other medical benefits to employeeand retiree participants and their dependents, including payment ofbenefits on behalf of such participants under such state medical plan andpayment of reasonable expenses of the medical benefit trust. The board mayestablish one or more trust instruments that set forth the terms andconditions for holding, investing, and distributing assets of a medicalbenefit trust that are consistent with subsection 2 of this section. Suchmedical benefit trust may be irrevocable. A separate account for a statemedical plan may be established under a separate trust instrument. Theboard may consolidate the retiree assets of one or more medical benefittrusts in a single fund or funds, a "master trust", that may be commingledfor investment purposes, and subject to the applicable trust agreement, maycommingle the retiree assets of one or more medical benefit trusts withassets of the system for investment purposes. In the event the boardcommingles assets of one or more trusts for investment purposes, it shallmaintain separate bookkeeping accounts reflecting the separate share ineach investment pool of each participating trust. The board shall havepower to purchase, acquire, hold, invest, lend, lease, sell, assign,transfer, and dispose of all property, rights, and securities and enterinto written contracts and may employ or contract with third-party advisorsall as may be necessary or proper to carry out the purposes of thissubsection and subsection 2 of this section. The board shall have thepower to borrow money for any of the authorized purposes of the board andto issue negotiable notes, bonds, or other instruments in writing inevidence of the sum or sums to be borrowed. Whenever the system is actingunder section 104.010 and sections 104.320 to 104.1093 with respect to anaccount established under this subsection, the provisions of such sectionsshall be read to apply to an account provided under this subsection and notaccounts established under subsection 1 of section 104.440.
4. The board shall make such payments from a medical benefit trust toor for the benefit of the participants in a state medical plan and theirdependents, at such time, in such manner, in such amounts, in such form,and for such purposes as may be specified in one or more directives by thestate medical plan administrator authorized to direct payment of benefitsunder such state medical plan from time to time or as provided in a trustagreement governing such medical benefit trust, and the board shall have noresponsibility and shall be without liability for any payment made undersuch direction. The board shall be under no duty or obligation to make anyinquiry or investigation as to whether any direction is made under theprovisions of any state medical plan and shall not be responsible in anyrespect for the administration of any state medical plan. Payment inresponse to such direction shall be a complete discharge of the board ofits responsibility for the holding and safekeeping of such assets and anyassets paid over shall no longer constitute part of the medical benefittrust.
5. The board shall invest the funds of a medical benefit trust in thesame manner as it invests funds of the retirement system as permitted bysections 105.686** to 105.690, RSMo.
6. The board may authorize the executive director to assist withprograms and procedures pertaining to payroll for state employees and anystate employee benefits as requested by the office of administration orother state agencies.
Retirement system to be body corporate, to be known as Missouri stateemployees' retirement system--powers and duties--medical benefitfunds.
104.320. 1. For the purpose of providing retirement income and otherbenefits to employees of the state, there is hereby created and establisheda retirement system which shall be a body corporate and an instrumentalityof the state, which shall be under the management of a board of trusteesherein described, and shall be known as the "Missouri State Employees'Retirement System". In the system shall be vested the powers and dutiesspecified in sections 104.010 and 104.320 to 104.800 and such other powersas may be necessary or proper to enable it, its officers, employees, andagents to carry out fully and effectively all the purposes of sections104.010 and 104.320 to 104.800.
2. Notwithstanding any provision of law to the contrary, the systemis also authorized and empowered to provide services in connection withmedical benefit funds established or maintained for state employees,retirees, and their dependents who are participants in a state medical planadministered by the Missouri consolidated health care* plan establishedunder section 103.005, RSMo, or other medical benefit plans established ormaintained by the state for its employees, retirees, and their dependents.All such plans described in this section shall be welfare plans referred toas "State Medical Plans". The services to be provided by the system shallinclude, but not be limited to, the investment of assets of such statemedical plans. Such services to be provided by the system shall beprovided under a trust agreement between the board, as trustee, and thestate medical plan, subject to approval by the board of trustees of theMissouri state employees' retirement system and the state medical plan.The system shall be vested with the powers and duties specified in section104.010 and sections 104.320 to 104.1093 and such other powers as may benecessary or proper to enable it, its officers, employees, and agents tocarry out fully and effectively all the purposes of this subsection.Whenever the system is acting under section 104.010 and sections 104.320 to104.1093 with respect to services provided under this subsection, theprovisions of such sections shall be read to apply to services providedunder this subsection and not to services provided under subsection 1 ofthis section.
3. Notwithstanding any provision of law to the contrary, the boardshall set up and maintain a separate employee and retiree medical benefittrust for each state medical plan that the system contracts with undersubsection 2 of this section in which shall be placed contributions made tothe board by the state of Missouri, either directly or indirectly throughthe medical benefit plan, to fund benefits payable under such state medicalplan. No such contributions made from the medical benefit plan's trustfund shall be transferred to the board without the approval of the medicalbenefit plan's governing body. All property, money, funds, investments,and rights so received and accepted by the board together with proceeds andreinvestments thereof shall be dedicated to and held in a separate trust,known as the medical benefit trust, for the exclusive purpose of satisfyingthe obligations of the applicable state medical plan to pay health care andother medical benefits to employee and retiree participants and theirdependents under such state medical plan. At no time shall any part of amedical benefit trust be used for or diverted to any purpose other than forthe exclusive purpose of satisfying the obligations of the applicable statemedical plan to provide health care and other medical benefits to employeeand retiree participants and their dependents, including payment ofbenefits on behalf of such participants under such state medical plan andpayment of reasonable expenses of the medical benefit trust. The board mayestablish one or more trust instruments that set forth the terms andconditions for holding, investing, and distributing assets of a medicalbenefit trust that are consistent with subsection 2 of this section. Suchmedical benefit trust may be irrevocable. A separate account for a statemedical plan may be established under a separate trust instrument. Theboard may consolidate the retiree assets of one or more medical benefittrusts in a single fund or funds, a "master trust", that may be commingledfor investment purposes, and subject to the applicable trust agreement, maycommingle the retiree assets of one or more medical benefit trusts withassets of the system for investment purposes. In the event the boardcommingles assets of one or more trusts for investment purposes, it shallmaintain separate bookkeeping accounts reflecting the separate share ineach investment pool of each participating trust. The board shall havepower to purchase, acquire, hold, invest, lend, lease, sell, assign,transfer, and dispose of all property, rights, and securities and enterinto written contracts and may employ or contract with third-party advisorsall as may be necessary or proper to carry out the purposes of thissubsection and subsection 2 of this section. The board shall have thepower to borrow money for any of the authorized purposes of the board andto issue negotiable notes, bonds, or other instruments in writing inevidence of the sum or sums to be borrowed. Whenever the system is actingunder section 104.010 and sections 104.320 to 104.1093 with respect to anaccount established under this subsection, the provisions of such sectionsshall be read to apply to an account provided under this subsection and notaccounts established under subsection 1 of section 104.440.
4. The board shall make such payments from a medical benefit trust toor for the benefit of the participants in a state medical plan and theirdependents, at such time, in such manner, in such amounts, in such form,and for such purposes as may be specified in one or more directives by thestate medical plan administrator authorized to direct payment of benefitsunder such state medical plan from time to time or as provided in a trustagreement governing such medical benefit trust, and the board shall have noresponsibility and shall be without liability for any payment made undersuch direction. The board shall be under no duty or obligation to make anyinquiry or investigation as to whether any direction is made under theprovisions of any state medical plan and shall not be responsible in anyrespect for the administration of any state medical plan. Payment inresponse to such direction shall be a complete discharge of the board ofits responsibility for the holding and safekeeping of such assets and anyassets paid over shall no longer constitute part of the medical benefittrust.
5. The board shall invest the funds of a medical benefit trust in thesame manner as it invests funds of the retirement system as permitted bysections 105.686** to 105.690, RSMo.
6. The board may authorize the executive director to assist withprograms and procedures pertaining to payroll for state employees and anystate employee benefits as requested by the office of administration orother state agencies.
