System created, what districts included--trustees, appointment, terms,qualifications, election, duties--venue--state auditor to reviewaudit, when--interest.
169.020. 1. For the purpose of providing retirement allowances andother benefits for public school teachers, there is hereby created andestablished a retirement system which shall be a body corporate, shall beunder the management of a board of trustees herein described, and shall beknown as "The Public School Retirement System of Missouri". Such systemshall, by and in such name, sue and be sued, transact all of its business,invest all of its funds, and hold all of its cash, securities, and otherproperty. The system so created shall include all school districts in thisstate, except those in cities that had populations of four hundred thousandor more according to the latest United States decennial census, and suchothers as are or hereafter may be included in a similar system or insimilar systems established by law and made operative; provided, thatteachers in school districts of more than four hundred thousand inhabitantswho are or may become members of a local retirement system may becomemembers of this system with the same legal benefits as accrue to presentmembers of such state system on the terms and under the conditions providedfor in section 169.021. The system hereby established shall beginoperations on the first day of July next following the date upon whichsections 169.010 to 169.130 shall take effect.
2. The general administration and the responsibility for the properoperation of the retirement system and for making effective the provisionsof sections 169.010 to 169.141 are hereby vested in a board of trustees ofseven persons as follows: four persons to be elected as trustees by themembers and retired members of the public school retirement system createdby sections 169.010 to 169.141 and the public education employee retirementsystem created by sections 169.600 to 169.715; and three members appointedby the governor with the advice and consent of the senate. The firstmember appointed by the governor shall replace the commissioner ofeducation for a term beginning August 28, 1998. The other two membersshall be appointed by the governor at the time each member's, who wasappointed by the state board of education, term expires.
3. Trustees appointed and elected shall be chosen for terms of fouryears from the first day of July next following their appointment orelection, except that one of the elected trustees shall be a member of thepublic education employee retirement system and shall be initially electedfor a term of three years from July 1, 1991. The initial term of one otherelected trustee shall commence on July 1, 1992.
4. Trustees appointed by the governor shall be residents of schooldistricts included in the retirement system, but not employees of suchdistricts or a state employee or a state elected official. At least onetrustee so appointed shall be a retired member of the public schoolretirement system or the public education employee retirement system.Three elected trustees shall be members of the public school retirementsystem and one elected trustee shall be a member of the public educationemployee retirement system.
5. The elections of the trustees shall be arranged for, managed andconducted by the board of trustees of the retirement system.
6. If a vacancy occurs in the office of trustee, the vacancy shall befilled for the unexpired term in the same manner as the office waspreviously filled.
7. Trustees of the retirement system shall serve without compensationbut they shall be reimbursed for expenses necessarily incurred throughservice on the board of trustees.
8. Each trustee shall be commissioned by the governor, and beforeentering upon the duties of the trustee's office, shall take and subscribeto an oath or affirmation to support the Constitution of the United States,and of the state of Missouri and to demean himself or herself faithfully inthe trustee's office. Such oath as subscribed to shall be filed in theoffice of secretary of state of this state.
9. Each trustee shall be entitled to one vote in the board oftrustees. Four votes shall be necessary for a decision by the trustees atany meeting of the board of trustees. Unless otherwise expressly providedherein, a meeting need not be called or held to make any decision on amatter before the board. Each member must be sent by the executivedirector a copy of the matter to be decided with full information from thefiles of the board of trustees. The unanimous decision of four trusteesmay decide the issue by signing a document declaring their decision andsending such written instrument to the executive director of the board,provided that no other member of the board of trustees shall send adissenting decision to the executive director of the board within fifteendays after such document and information was mailed to the trustee. If anymember is not in agreement with four members the matter is to be passed onat a regular board meeting or a special meeting called for the purpose.
10. The board of trustees shall elect one of their number aschairman, and shall employ a full-time executive director, not one of theirnumber, who shall be the executive officer of the board. Other employeesof the board shall be chosen only upon the recommendation of the executivedirector.
11. The board of trustees shall employ an actuary who shall be itstechnical advisor on matters regarding the operation of the retirementsystem, and shall perform such duties as are essential in connectiontherewith, including the recommendation for adoption by the board ofmortality and other necessary tables, and the recommendation of the levelrate of contributions required for operation of the system.
12. As soon as practicable after the establishment of the retirementsystem, and annually thereafter, the actuary shall make a valuation of thesystem's assets and liabilities on the basis of such tables as have beenadopted.
13. At least once in the three-year period following theestablishment of the retirement system, and in each five-year periodthereafter, the board of trustees shall cause to be made an actuarialinvestigation into the mortality, service, and compensation experience ofthe members and beneficiaries of the system, and shall make any changes inthe mortality, service, and other tables then in use which the results ofthe investigation show to be necessary.
14. Subject to the limitations of sections 169.010 to 169.141 and169.600 to 169.715, the board of trustees shall formulate and adopt rulesand regulations for the government of its own proceedings and for theadministration of the retirement system.
15. The board of trustees shall determine and decide all questions ofdoubt as to what constitutes employment within the meaning of sections169.010 to 169.141 and 169.600 to 169.715, the amount of benefits to bepaid to members, retired members, beneficiaries and survivors and theamount of contributions to be paid by employer and employee. The executivedirector shall notify by certified mail both employer and member, retiredmember, beneficiary or survivor interested in such determination. Anymember, retired member, beneficiary or survivor, district or employeradversely affected by such determination, at any time within thirty daysafter being notified of such determination, may appeal to the circuit courtof Cole County. Such appeal shall be tried and determined anew in thecircuit court and such court shall hear and consider any and all competenttestimony relative to the issues in the case, which may be offered byeither party thereto. The circuit court shall determine the rights of theparties under sections 169.010 to 169.141 and 169.600 to 169.715 using thesame standard provided in section 536.150, RSMo, and the judgment or orderof such circuit court shall be binding upon the parties and the board shallcarry out such judgment or order unless an appeal is taken from suchdecision of the circuit court. Appeals may be had from the circuit courtby the employer, member, retired member, beneficiary, survivor or theboard, in the manner provided by the civil code.
16. The board of trustees shall keep a record of all its proceedings,which shall be open to public inspection. It shall prepare annually acomprehensive annual financial report, the financial section of which shallbe prepared in accordance with applicable accounting standards and shallinclude the independent auditor's opinion letter. The report shall alsoinclude information on the actuarial status and the investments of thesystem. The reports shall be preserved by the executive director and madeavailable for public inspection.
17. The board of trustees shall provide for the maintenance of anindividual account with each member, setting forth such data as may benecessary for a ready determination of the member's earnings,contributions, and interest accumulations. It shall also collect and keepin convenient form such data as shall be necessary for the preparation ofthe required mortality and service tables and for the compilation of suchother information as shall be required for the valuation of the system'sassets and liabilities. All individually identifiable informationpertaining to members, retirees, beneficiaries and survivors shall beconfidential.
18. The board of trustees shall meet regularly at least twice eachyear, with the dates of such meetings to be designated in the rules andregulations adopted by the board. Such other meetings as are deemednecessary may be called by the chairman of the board or by any four membersacting jointly.
19. The headquarters of the retirement system shall be in JeffersonCity, where suitable office space, utilities and other services andequipment necessary for the operation of the system shall be provided bythe board of trustees and all costs shall be paid from funds of the system.All suits or proceedings directly or indirectly against the board oftrustees, the board's members or employees or the retirement systemestablished by sections 169.010 to 169.141 or 169.600 to 169.715 shall bebrought in Cole County.
20. The board may appoint an attorney or firm of attorneys to be thelegal advisor to the board and to represent the board in legal proceedings,however, if the board does not make such an appointment, the attorneygeneral shall be the legal advisor of the board of trustees, and shallrepresent the board in all legal proceedings.
21. The board of trustees shall arrange for adequate surety bondscovering the executive director. When approved by the board, such bondsshall be deposited in the office of the secretary of state of this state.
22. The board shall arrange for annual audits of the records andaccounts of the system by a firm of certified public accountants, the stateauditor shall review the audit of the records and accounts of the system atleast once every three years and shall report the results to the board oftrustees and the governor.
23. The board by its rules may establish an interest charge to bepaid by the employer on any payments of contributions which are delinquent.The rate charged shall not exceed the actuarially assumed rate of return oninvested funds of the pertinent system.
System created, what districts included--trustees, appointment, terms,qualifications, election, duties--venue--state auditor to reviewaudit, when--interest.
169.020. 1. For the purpose of providing retirement allowances andother benefits for public school teachers, there is hereby created andestablished a retirement system which shall be a body corporate, shall beunder the management of a board of trustees herein described, and shall beknown as "The Public School Retirement System of Missouri". Such systemshall, by and in such name, sue and be sued, transact all of its business,invest all of its funds, and hold all of its cash, securities, and otherproperty. The system so created shall include all school districts in thisstate, except those in cities that had populations of four hundred thousandor more according to the latest United States decennial census, and suchothers as are or hereafter may be included in a similar system or insimilar systems established by law and made operative; provided, thatteachers in school districts of more than four hundred thousand inhabitantswho are or may become members of a local retirement system may becomemembers of this system with the same legal benefits as accrue to presentmembers of such state system on the terms and under the conditions providedfor in section 169.021. The system hereby established shall beginoperations on the first day of July next following the date upon whichsections 169.010 to 169.130 shall take effect.
2. The general administration and the responsibility for the properoperation of the retirement system and for making effective the provisionsof sections 169.010 to 169.141 are hereby vested in a board of trustees ofseven persons as follows: four persons to be elected as trustees by themembers and retired members of the public school retirement system createdby sections 169.010 to 169.141 and the public education employee retirementsystem created by sections 169.600 to 169.715; and three members appointedby the governor with the advice and consent of the senate. The firstmember appointed by the governor shall replace the commissioner ofeducation for a term beginning August 28, 1998. The other two membersshall be appointed by the governor at the time each member's, who wasappointed by the state board of education, term expires.
3. Trustees appointed and elected shall be chosen for terms of fouryears from the first day of July next following their appointment orelection, except that one of the elected trustees shall be a member of thepublic education employee retirement system and shall be initially electedfor a term of three years from July 1, 1991. The initial term of one otherelected trustee shall commence on July 1, 1992.
4. Trustees appointed by the governor shall be residents of schooldistricts included in the retirement system, but not employees of suchdistricts or a state employee or a state elected official. At least onetrustee so appointed shall be a retired member of the public schoolretirement system or the public education employee retirement system.Three elected trustees shall be members of the public school retirementsystem and one elected trustee shall be a member of the public educationemployee retirement system.
5. The elections of the trustees shall be arranged for, managed andconducted by the board of trustees of the retirement system.
6. If a vacancy occurs in the office of trustee, the vacancy shall befilled for the unexpired term in the same manner as the office waspreviously filled.
7. Trustees of the retirement system shall serve without compensationbut they shall be reimbursed for expenses necessarily incurred throughservice on the board of trustees.
8. Each trustee shall be commissioned by the governor, and beforeentering upon the duties of the trustee's office, shall take and subscribeto an oath or affirmation to support the Constitution of the United States,and of the state of Missouri and to demean himself or herself faithfully inthe trustee's office. Such oath as subscribed to shall be filed in theoffice of secretary of state of this state.
9. Each trustee shall be entitled to one vote in the board oftrustees. Four votes shall be necessary for a decision by the trustees atany meeting of the board of trustees. Unless otherwise expressly providedherein, a meeting need not be called or held to make any decision on amatter before the board. Each member must be sent by the executivedirector a copy of the matter to be decided with full information from thefiles of the board of trustees. The unanimous decision of four trusteesmay decide the issue by signing a document declaring their decision andsending such written instrument to the executive director of the board,provided that no other member of the board of trustees shall send adissenting decision to the executive director of the board within fifteendays after such document and information was mailed to the trustee. If anymember is not in agreement with four members the matter is to be passed onat a regular board meeting or a special meeting called for the purpose.
10. The board of trustees shall elect one of their number aschairman, and shall employ a full-time executive director, not one of theirnumber, who shall be the executive officer of the board. Other employeesof the board shall be chosen only upon the recommendation of the executivedirector.
11. The board of trustees shall employ an actuary who shall be itstechnical advisor on matters regarding the operation of the retirementsystem, and shall perform such duties as are essential in connectiontherewith, including the recommendation for adoption by the board ofmortality and other necessary tables, and the recommendation of the levelrate of contributions required for operation of the system.
12. As soon as practicable after the establishment of the retirementsystem, and annually thereafter, the actuary shall make a valuation of thesystem's assets and liabilities on the basis of such tables as have beenadopted.
13. At least once in the three-year period following theestablishment of the retirement system, and in each five-year periodthereafter, the board of trustees shall cause to be made an actuarialinvestigation into the mortality, service, and compensation experience ofthe members and beneficiaries of the system, and shall make any changes inthe mortality, service, and other tables then in use which the results ofthe investigation show to be necessary.
14. Subject to the limitations of sections 169.010 to 169.141 and169.600 to 169.715, the board of trustees shall formulate and adopt rulesand regulations for the government of its own proceedings and for theadministration of the retirement system.
15. The board of trustees shall determine and decide all questions ofdoubt as to what constitutes employment within the meaning of sections169.010 to 169.141 and 169.600 to 169.715, the amount of benefits to bepaid to members, retired members, beneficiaries and survivors and theamount of contributions to be paid by employer and employee. The executivedirector shall notify by certified mail both employer and member, retiredmember, beneficiary or survivor interested in such determination. Anymember, retired member, beneficiary or survivor, district or employeradversely affected by such determination, at any time within thirty daysafter being notified of such determination, may appeal to the circuit courtof Cole County. Such appeal shall be tried and determined anew in thecircuit court and such court shall hear and consider any and all competenttestimony relative to the issues in the case, which may be offered byeither party thereto. The circuit court shall determine the rights of theparties under sections 169.010 to 169.141 and 169.600 to 169.715 using thesame standard provided in section 536.150, RSMo, and the judgment or orderof such circuit court shall be binding upon the parties and the board shallcarry out such judgment or order unless an appeal is taken from suchdecision of the circuit court. Appeals may be had from the circuit courtby the employer, member, retired member, beneficiary, survivor or theboard, in the manner provided by the civil code.
16. The board of trustees shall keep a record of all its proceedings,which shall be open to public inspection. It shall prepare annually acomprehensive annual financial report, the financial section of which shallbe prepared in accordance with applicable accounting standards and shallinclude the independent auditor's opinion letter. The report shall alsoinclude information on the actuarial status and the investments of thesystem. The reports shall be preserved by the executive director and madeavailable for public inspection.
17. The board of trustees shall provide for the maintenance of anindividual account with each member, setting forth such data as may benecessary for a ready determination of the member's earnings,contributions, and interest accumulations. It shall also collect and keepin convenient form such data as shall be necessary for the preparation ofthe required mortality and service tables and for the compilation of suchother information as shall be required for the valuation of the system'sassets and liabilities. All individually identifiable informationpertaining to members, retirees, beneficiaries and survivors shall beconfidential.
18. The board of trustees shall meet regularly at least twice eachyear, with the dates of such meetings to be designated in the rules andregulations adopted by the board. Such other meetings as are deemednecessary may be called by the chairman of the board or by any four membersacting jointly.
19. The headquarters of the retirement system shall be in JeffersonCity, where suitable office space, utilities and other services andequipment necessary for the operation of the system shall be provided bythe board of trustees and all costs shall be paid from funds of the system.All suits or proceedings directly or indirectly against the board oftrustees, the board's members or employees or the retirement systemestablished by sections 169.010 to 169.141 or 169.600 to 169.715 shall bebrought in Cole County.
20. The board may appoint an attorney or firm of attorneys to be thelegal advisor to the board and to represent the board in legal proceedings,however, if the board does not make such an appointment, the attorneygeneral shall be the legal advisor of the board of trustees, and shallrepresent the board in all legal proceedings.
21. The board of trustees shall arrange for adequate surety bondscovering the executive director. When approved by the board, such bondsshall be deposited in the office of the secretary of state of this state.
22. The board shall arrange for annual audits of the records andaccounts of the system by a firm of certified public accountants, the stateauditor shall review the audit of the records and accounts of the system atleast once every three years and shall report the results to the board oftrustees and the governor.
23. The board by its rules may establish an interest charge to bepaid by the employer on any payments of contributions which are delinquent.The rate charged shall not exceed the actuarially assumed rate of return oninvested funds of the pertinent system.
System created, what districts included--trustees, appointment, terms,qualifications, election, duties--venue--state auditor to reviewaudit, when--interest.
169.020. 1. For the purpose of providing retirement allowances andother benefits for public school teachers, there is hereby created andestablished a retirement system which shall be a body corporate, shall beunder the management of a board of trustees herein described, and shall beknown as "The Public School Retirement System of Missouri". Such systemshall, by and in such name, sue and be sued, transact all of its business,invest all of its funds, and hold all of its cash, securities, and otherproperty. The system so created shall include all school districts in thisstate, except those in cities that had populations of four hundred thousandor more according to the latest United States decennial census, and suchothers as are or hereafter may be included in a similar system or insimilar systems established by law and made operative; provided, thatteachers in school districts of more than four hundred thousand inhabitantswho are or may become members of a local retirement system may becomemembers of this system with the same legal benefits as accrue to presentmembers of such state system on the terms and under the conditions providedfor in section 169.021. The system hereby established shall beginoperations on the first day of July next following the date upon whichsections 169.010 to 169.130 shall take effect.
2. The general administration and the responsibility for the properoperation of the retirement system and for making effective the provisionsof sections 169.010 to 169.141 are hereby vested in a board of trustees ofseven persons as follows: four persons to be elected as trustees by themembers and retired members of the public school retirement system createdby sections 169.010 to 169.141 and the public education employee retirementsystem created by sections 169.600 to 169.715; and three members appointedby the governor with the advice and consent of the senate. The firstmember appointed by the governor shall replace the commissioner ofeducation for a term beginning August 28, 1998. The other two membersshall be appointed by the governor at the time each member's, who wasappointed by the state board of education, term expires.
3. Trustees appointed and elected shall be chosen for terms of fouryears from the first day of July next following their appointment orelection, except that one of the elected trustees shall be a member of thepublic education employee retirement system and shall be initially electedfor a term of three years from July 1, 1991. The initial term of one otherelected trustee shall commence on July 1, 1992.
4. Trustees appointed by the governor shall be residents of schooldistricts included in the retirement system, but not employees of suchdistricts or a state employee or a state elected official. At least onetrustee so appointed shall be a retired member of the public schoolretirement system or the public education employee retirement system.Three elected trustees shall be members of the public school retirementsystem and one elected trustee shall be a member of the public educationemployee retirement system.
5. The elections of the trustees shall be arranged for, managed andconducted by the board of trustees of the retirement system.
6. If a vacancy occurs in the office of trustee, the vacancy shall befilled for the unexpired term in the same manner as the office waspreviously filled.
7. Trustees of the retirement system shall serve without compensationbut they shall be reimbursed for expenses necessarily incurred throughservice on the board of trustees.
8. Each trustee shall be commissioned by the governor, and beforeentering upon the duties of the trustee's office, shall take and subscribeto an oath or affirmation to support the Constitution of the United States,and of the state of Missouri and to demean himself or herself faithfully inthe trustee's office. Such oath as subscribed to shall be filed in theoffice of secretary of state of this state.
9. Each trustee shall be entitled to one vote in the board oftrustees. Four votes shall be necessary for a decision by the trustees atany meeting of the board of trustees. Unless otherwise expressly providedherein, a meeting need not be called or held to make any decision on amatter before the board. Each member must be sent by the executivedirector a copy of the matter to be decided with full information from thefiles of the board of trustees. The unanimous decision of four trusteesmay decide the issue by signing a document declaring their decision andsending such written instrument to the executive director of the board,provided that no other member of the board of trustees shall send adissenting decision to the executive director of the board within fifteendays after such document and information was mailed to the trustee. If anymember is not in agreement with four members the matter is to be passed onat a regular board meeting or a special meeting called for the purpose.
10. The board of trustees shall elect one of their number aschairman, and shall employ a full-time executive director, not one of theirnumber, who shall be the executive officer of the board. Other employeesof the board shall be chosen only upon the recommendation of the executivedirector.
11. The board of trustees shall employ an actuary who shall be itstechnical advisor on matters regarding the operation of the retirementsystem, and shall perform such duties as are essential in connectiontherewith, including the recommendation for adoption by the board ofmortality and other necessary tables, and the recommendation of the levelrate of contributions required for operation of the system.
12. As soon as practicable after the establishment of the retirementsystem, and annually thereafter, the actuary shall make a valuation of thesystem's assets and liabilities on the basis of such tables as have beenadopted.
13. At least once in the three-year period following theestablishment of the retirement system, and in each five-year periodthereafter, the board of trustees shall cause to be made an actuarialinvestigation into the mortality, service, and compensation experience ofthe members and beneficiaries of the system, and shall make any changes inthe mortality, service, and other tables then in use which the results ofthe investigation show to be necessary.
14. Subject to the limitations of sections 169.010 to 169.141 and169.600 to 169.715, the board of trustees shall formulate and adopt rulesand regulations for the government of its own proceedings and for theadministration of the retirement system.
15. The board of trustees shall determine and decide all questions ofdoubt as to what constitutes employment within the meaning of sections169.010 to 169.141 and 169.600 to 169.715, the amount of benefits to bepaid to members, retired members, beneficiaries and survivors and theamount of contributions to be paid by employer and employee. The executivedirector shall notify by certified mail both employer and member, retiredmember, beneficiary or survivor interested in such determination. Anymember, retired member, beneficiary or survivor, district or employeradversely affected by such determination, at any time within thirty daysafter being notified of such determination, may appeal to the circuit courtof Cole County. Such appeal shall be tried and determined anew in thecircuit court and such court shall hear and consider any and all competenttestimony relative to the issues in the case, which may be offered byeither party thereto. The circuit court shall determine the rights of theparties under sections 169.010 to 169.141 and 169.600 to 169.715 using thesame standard provided in section 536.150, RSMo, and the judgment or orderof such circuit court shall be binding upon the parties and the board shallcarry out such judgment or order unless an appeal is taken from suchdecision of the circuit court. Appeals may be had from the circuit courtby the employer, member, retired member, beneficiary, survivor or theboard, in the manner provided by the civil code.
16. The board of trustees shall keep a record of all its proceedings,which shall be open to public inspection. It shall prepare annually acomprehensive annual financial report, the financial section of which shallbe prepared in accordance with applicable accounting standards and shallinclude the independent auditor's opinion letter. The report shall alsoinclude information on the actuarial status and the investments of thesystem. The reports shall be preserved by the executive director and madeavailable for public inspection.
17. The board of trustees shall provide for the maintenance of anindividual account with each member, setting forth such data as may benecessary for a ready determination of the member's earnings,contributions, and interest accumulations. It shall also collect and keepin convenient form such data as shall be necessary for the preparation ofthe required mortality and service tables and for the compilation of suchother information as shall be required for the valuation of the system'sassets and liabilities. All individually identifiable informationpertaining to members, retirees, beneficiaries and survivors shall beconfidential.
18. The board of trustees shall meet regularly at least twice eachyear, with the dates of such meetings to be designated in the rules andregulations adopted by the board. Such other meetings as are deemednecessary may be called by the chairman of the board or by any four membersacting jointly.
19. The headquarters of the retirement system shall be in JeffersonCity, where suitable office space, utilities and other services andequipment necessary for the operation of the system shall be provided bythe board of trustees and all costs shall be paid from funds of the system.All suits or proceedings directly or indirectly against the board oftrustees, the board's members or employees or the retirement systemestablished by sections 169.010 to 169.141 or 169.600 to 169.715 shall bebrought in Cole County.
20. The board may appoint an attorney or firm of attorneys to be thelegal advisor to the board and to represent the board in legal proceedings,however, if the board does not make such an appointment, the attorneygeneral shall be the legal advisor of the board of trustees, and shallrepresent the board in all legal proceedings.
21. The board of trustees shall arrange for adequate surety bondscovering the executive director. When approved by the board, such bondsshall be deposited in the office of the secretary of state of this state.
22. The board shall arrange for annual audits of the records andaccounts of the system by a firm of certified public accountants, the stateauditor shall review the audit of the records and accounts of the system atleast once every three years and shall report the results to the board oftrustees and the governor.
23. The board by its rules may establish an interest charge to bepaid by the employer on any payments of contributions which are delinquent.The rate charged shall not exceed the actuarially assumed rate of return oninvested funds of the pertinent system.
