Board of trustees, qualifications, terms--superintendent of schooldistrict to be member--vacancies--lapse of corporate organization,effect of--oaths--officers--expenses--powers and duties--medicalboard, appointment--contribution rates of employers, amount.
169.291. 1. The general administration and the responsibility forthe proper operation of the retirement system are hereby vested in a boardof trustees of twelve persons who shall be resident taxpayers of the schooldistrict, as follows:
(1) Four trustees to be appointed for terms of four years by theboard of education; provided, however, that the terms of office of thefirst four trustees so appointed shall begin immediately upon theirappointment and shall expire one, two, three and four years from the datethe retirement system becomes operative, respectively;
(2) Four trustees to be elected for terms of four years by and fromthe members of the retirement system; provided, however, that the terms ofoffice of the first four trustees so elected shall begin immediately upontheir election and shall expire one, two, three and four years from thedate the retirement system becomes operative, respectively;
(3) The ninth trustee shall be the superintendent of schools of theschool district;
(4) The tenth trustee shall be one retirant of the retirement systemelected for a term of four years beginning the first day of Januaryimmediately following August 13, 1986, by the retirants of the retirementsystem;
(5) The eleventh trustee shall be appointed for a term of four yearsbeginning the first day of January immediately following August 13, 1990,by the board of trustees described in subdivision (3) of section 182.701,RSMo;
(6) The twelfth trustee shall be a retirant of the retirement systemelected for a term of four years beginning the first day of Januaryimmediately following August 28, 1992, by the retirants of the retirementsystem.
2. If a vacancy occurs in the office of a trustee, the vacancy shallbe filled for the unexpired term in the same manner as the office waspreviously filled, except that the board of trustees may appoint aqualified person to fill the vacancy in the office of an elected memberuntil the next regular election at which time a member shall be elected forthe unexpired term. No vacancy or vacancies on the board of trustees shallimpair the power of the remaining trustees to administer the retirementsystem pending the filling of such vacancy or vacancies.
3. In the event of a lapse of the school district's corporateorganization as described in subsections 1 and 4 of section 162.081, RSMo,the general administration and responsibility for the proper operation ofthe retirement system shall continue to be vested in a twelve-person boardof trustees, all of whom shall be resident taxpayers of a city, other thana city not within a county, of four hundred thousand or more. In suchevent, if vacancies occur in the offices of the four trustees appointed,prior to the lapse, by the board of education, or in the offices of thefour trustees elected, prior to the lapse, by the members of the retirementsystem, or in the office of trustee held, prior to the lapse, by thesuperintendent of schools in the school district, as provided insubdivisions (1), (2) and (3) of subsection 1 of this section, the board oftrustees shall appoint a qualified person to fill each vacancy andsubsequent vacancies in the office of trustee for terms of up to fouryears, as determined by the board of trustees.
4. Each trustee shall, before assuming the duties of a trustee, takethe oath of office before the court of the judicial circuit or one of thecourts of the judicial circuit in which the school district is located thatso far as it devolves upon the trustee, such trustee shall diligently andhonestly administer the affairs of the board of trustees and that thetrustee will not knowingly violate or willingly permit to be violated anyof the provisions of the law applicable to the retirement system. Suchoath shall be subscribed to by the trustee making it and filed in theoffice of the clerk of the circuit court.
5. Each trustee shall be entitled to one vote in the board oftrustees. Seven trustees shall constitute a quorum at any meeting of theboard of trustees. At any meeting of the board of trustees where a quorumis present, the vote of at least seven of the trustees in support of amotion, resolution or other matter is necessary to be the decision of theboard; provided, however, that in the event of a lapse in the schooldistrict's corporate organization as described in subsections 1 and 4 ofsection 162.081, RSMo, a majority of the trustees then in office shallconstitute a quorum at any meeting of the board of trustees, and the voteof a majority of the trustees then in office in support of a motion,resolution or other matter shall be necessary to be the decision of theboard.
6. The board of trustees shall have exclusive original jurisdictionin all matters relating to or affecting the funds herein provided for,including, in addition to all other matters, all claims for benefits orrefunds, and its action, decision or determination in any matter shall bereviewable in accordance with chapter 536, RSMo, or chapter 621, RSMo.Subject to the limitations of sections 169.270 to 169.400, the board oftrustees shall, from time to time, establish rules and regulations for theadministration of funds of the retirement system, for the transaction ofits business, and for the limitation of the time within which claims may befiled.
7. The trustees shall serve without compensation. The board oftrustees shall elect from its membership a chairman and a vice chairman.The board of trustees shall appoint an executive director who shall serveas the administrative officer of the retirement system and as secretary tothe board of trustees. It shall employ one or more persons, firms orcorporations experienced in the investment of moneys to serve as investmentcounsel to the board of trustees. The compensation of all persons engagedby the board of trustees and all other expenses of the board necessary forthe operation of the retirement system shall be paid at such rates and insuch amounts as the board of trustees shall approve, and shall be paid fromthe investment income.
8. The board of trustees shall keep in convenient form such data asshall be necessary for actuarial valuations of the various funds of theretirement system and for checking the experience of the system.
9. The board of trustees shall keep a record of all its proceedingswhich shall be open to public inspection. It shall prepare annually andfurnish to the board of education and to each member of the retirementsystem who so requests a report showing the fiscal transactions of theretirement system for the preceding fiscal year, the amount of accumulatedcash and securities of the system, and the last balance sheet showing thefinancial condition of the system by means of an actuarial valuation of theassets and liabilities of the retirement system.
10. The board of trustees shall have, in its own name, power to sueand to be sued, to enter into contracts, to own property, real andpersonal, and to convey the same; but the members of such board of trusteesshall not be personally liable for obligations or liabilities of the boardof trustees or of the retirement system.
11. The board of trustees shall arrange for necessary legal advicefor the operation of the retirement system.
12. The board of trustees shall designate a medical board to becomposed of three or more physicians who shall not be eligible formembership in the system and who shall pass upon all medical examinationsrequired under the provisions of sections 169.270 to 169.400, shallinvestigate all essential statements and certificates made by or on behalfof a member in connection with an application for disability retirement andshall report in writing to the board of trustees its conclusions andrecommendations upon all matters referred to it.
13. The board of trustees shall designate an actuary who shall be thetechnical advisor of the board of trustees on matters regarding theoperation of the retirement system and shall perform such other duties asare required in connection therewith. Such person shall be qualified as anactuary by membership as a Fellow of the Society of Actuaries or by similarobjective standards.
14. At least once in each five-year period the actuary shall make aninvestigation into the actuarial experience of the members, retirants andbeneficiaries of the retirement system and, taking into account the resultsof such investigation, the board of trustees shall adopt for the retirementsystem such actuarial assumptions as the board of trustees deems necessaryfor the financial soundness of the retirement system.
15. On the basis of such actuarial assumptions as the board oftrustees adopts, the actuary shall make annual valuations of the assets andliabilities of the funds of the retirement system.
16. The rate of contribution payable by the employer shall equal oneand ninety-nine one-hundredths percent, effective July 1, 1993; three andninety-nine one-hundredths percent, effective July 1, 1995; five andninety-nine one-hundredths percent, effective July 1, 1996; seven andone-half percent effective January 1, 1999, and for all subsequent years.
17. In the event of a lapse of a school district's corporateorganization as described in subsections 1 and 4 of section 162.081, RSMo,no retirement system, nor any of the assets of any retirement system, shallbe transferred to or merged with another retirement system without priorapproval of such transfer or merge by the board of trustees of theretirement system.
Board of trustees, qualifications, terms--superintendent of schooldistrict to be member--vacancies--lapse of corporate organization,effect of--oaths--officers--expenses--powers and duties--medicalboard, appointment--contribution rates of employers, amount.
169.291. 1. The general administration and the responsibility forthe proper operation of the retirement system are hereby vested in a boardof trustees of twelve persons who shall be resident taxpayers of the schooldistrict, as follows:
(1) Four trustees to be appointed for terms of four years by theboard of education; provided, however, that the terms of office of thefirst four trustees so appointed shall begin immediately upon theirappointment and shall expire one, two, three and four years from the datethe retirement system becomes operative, respectively;
(2) Four trustees to be elected for terms of four years by and fromthe members of the retirement system; provided, however, that the terms ofoffice of the first four trustees so elected shall begin immediately upontheir election and shall expire one, two, three and four years from thedate the retirement system becomes operative, respectively;
(3) The ninth trustee shall be the superintendent of schools of theschool district;
(4) The tenth trustee shall be one retirant of the retirement systemelected for a term of four years beginning the first day of Januaryimmediately following August 13, 1986, by the retirants of the retirementsystem;
(5) The eleventh trustee shall be appointed for a term of four yearsbeginning the first day of January immediately following August 13, 1990,by the board of trustees described in subdivision (3) of section 182.701,RSMo;
(6) The twelfth trustee shall be a retirant of the retirement systemelected for a term of four years beginning the first day of Januaryimmediately following August 28, 1992, by the retirants of the retirementsystem.
2. If a vacancy occurs in the office of a trustee, the vacancy shallbe filled for the unexpired term in the same manner as the office waspreviously filled, except that the board of trustees may appoint aqualified person to fill the vacancy in the office of an elected memberuntil the next regular election at which time a member shall be elected forthe unexpired term. No vacancy or vacancies on the board of trustees shallimpair the power of the remaining trustees to administer the retirementsystem pending the filling of such vacancy or vacancies.
3. In the event of a lapse of the school district's corporateorganization as described in subsections 1 and 4 of section 162.081, RSMo,the general administration and responsibility for the proper operation ofthe retirement system shall continue to be vested in a twelve-person boardof trustees, all of whom shall be resident taxpayers of a city, other thana city not within a county, of four hundred thousand or more. In suchevent, if vacancies occur in the offices of the four trustees appointed,prior to the lapse, by the board of education, or in the offices of thefour trustees elected, prior to the lapse, by the members of the retirementsystem, or in the office of trustee held, prior to the lapse, by thesuperintendent of schools in the school district, as provided insubdivisions (1), (2) and (3) of subsection 1 of this section, the board oftrustees shall appoint a qualified person to fill each vacancy andsubsequent vacancies in the office of trustee for terms of up to fouryears, as determined by the board of trustees.
4. Each trustee shall, before assuming the duties of a trustee, takethe oath of office before the court of the judicial circuit or one of thecourts of the judicial circuit in which the school district is located thatso far as it devolves upon the trustee, such trustee shall diligently andhonestly administer the affairs of the board of trustees and that thetrustee will not knowingly violate or willingly permit to be violated anyof the provisions of the law applicable to the retirement system. Suchoath shall be subscribed to by the trustee making it and filed in theoffice of the clerk of the circuit court.
5. Each trustee shall be entitled to one vote in the board oftrustees. Seven trustees shall constitute a quorum at any meeting of theboard of trustees. At any meeting of the board of trustees where a quorumis present, the vote of at least seven of the trustees in support of amotion, resolution or other matter is necessary to be the decision of theboard; provided, however, that in the event of a lapse in the schooldistrict's corporate organization as described in subsections 1 and 4 ofsection 162.081, RSMo, a majority of the trustees then in office shallconstitute a quorum at any meeting of the board of trustees, and the voteof a majority of the trustees then in office in support of a motion,resolution or other matter shall be necessary to be the decision of theboard.
6. The board of trustees shall have exclusive original jurisdictionin all matters relating to or affecting the funds herein provided for,including, in addition to all other matters, all claims for benefits orrefunds, and its action, decision or determination in any matter shall bereviewable in accordance with chapter 536, RSMo, or chapter 621, RSMo.Subject to the limitations of sections 169.270 to 169.400, the board oftrustees shall, from time to time, establish rules and regulations for theadministration of funds of the retirement system, for the transaction ofits business, and for the limitation of the time within which claims may befiled.
7. The trustees shall serve without compensation. The board oftrustees shall elect from its membership a chairman and a vice chairman.The board of trustees shall appoint an executive director who shall serveas the administrative officer of the retirement system and as secretary tothe board of trustees. It shall employ one or more persons, firms orcorporations experienced in the investment of moneys to serve as investmentcounsel to the board of trustees. The compensation of all persons engagedby the board of trustees and all other expenses of the board necessary forthe operation of the retirement system shall be paid at such rates and insuch amounts as the board of trustees shall approve, and shall be paid fromthe investment income.
8. The board of trustees shall keep in convenient form such data asshall be necessary for actuarial valuations of the various funds of theretirement system and for checking the experience of the system.
9. The board of trustees shall keep a record of all its proceedingswhich shall be open to public inspection. It shall prepare annually andfurnish to the board of education and to each member of the retirementsystem who so requests a report showing the fiscal transactions of theretirement system for the preceding fiscal year, the amount of accumulatedcash and securities of the system, and the last balance sheet showing thefinancial condition of the system by means of an actuarial valuation of theassets and liabilities of the retirement system.
10. The board of trustees shall have, in its own name, power to sueand to be sued, to enter into contracts, to own property, real andpersonal, and to convey the same; but the members of such board of trusteesshall not be personally liable for obligations or liabilities of the boardof trustees or of the retirement system.
11. The board of trustees shall arrange for necessary legal advicefor the operation of the retirement system.
12. The board of trustees shall designate a medical board to becomposed of three or more physicians who shall not be eligible formembership in the system and who shall pass upon all medical examinationsrequired under the provisions of sections 169.270 to 169.400, shallinvestigate all essential statements and certificates made by or on behalfof a member in connection with an application for disability retirement andshall report in writing to the board of trustees its conclusions andrecommendations upon all matters referred to it.
13. The board of trustees shall designate an actuary who shall be thetechnical advisor of the board of trustees on matters regarding theoperation of the retirement system and shall perform such other duties asare required in connection therewith. Such person shall be qualified as anactuary by membership as a Fellow of the Society of Actuaries or by similarobjective standards.
14. At least once in each five-year period the actuary shall make aninvestigation into the actuarial experience of the members, retirants andbeneficiaries of the retirement system and, taking into account the resultsof such investigation, the board of trustees shall adopt for the retirementsystem such actuarial assumptions as the board of trustees deems necessaryfor the financial soundness of the retirement system.
15. On the basis of such actuarial assumptions as the board oftrustees adopts, the actuary shall make annual valuations of the assets andliabilities of the funds of the retirement system.
16. The rate of contribution payable by the employer shall equal oneand ninety-nine one-hundredths percent, effective July 1, 1993; three andninety-nine one-hundredths percent, effective July 1, 1995; five andninety-nine one-hundredths percent, effective July 1, 1996; seven andone-half percent effective January 1, 1999, and for all subsequent years.
17. In the event of a lapse of a school district's corporateorganization as described in subsections 1 and 4 of section 162.081, RSMo,no retirement system, nor any of the assets of any retirement system, shallbe transferred to or merged with another retirement system without priorapproval of such transfer or merge by the board of trustees of theretirement system.
Board of trustees, qualifications, terms--superintendent of schooldistrict to be member--vacancies--lapse of corporate organization,effect of--oaths--officers--expenses--powers and duties--medicalboard, appointment--contribution rates of employers, amount.
169.291. 1. The general administration and the responsibility forthe proper operation of the retirement system are hereby vested in a boardof trustees of twelve persons who shall be resident taxpayers of the schooldistrict, as follows:
(1) Four trustees to be appointed for terms of four years by theboard of education; provided, however, that the terms of office of thefirst four trustees so appointed shall begin immediately upon theirappointment and shall expire one, two, three and four years from the datethe retirement system becomes operative, respectively;
(2) Four trustees to be elected for terms of four years by and fromthe members of the retirement system; provided, however, that the terms ofoffice of the first four trustees so elected shall begin immediately upontheir election and shall expire one, two, three and four years from thedate the retirement system becomes operative, respectively;
(3) The ninth trustee shall be the superintendent of schools of theschool district;
(4) The tenth trustee shall be one retirant of the retirement systemelected for a term of four years beginning the first day of Januaryimmediately following August 13, 1986, by the retirants of the retirementsystem;
(5) The eleventh trustee shall be appointed for a term of four yearsbeginning the first day of January immediately following August 13, 1990,by the board of trustees described in subdivision (3) of section 182.701,RSMo;
(6) The twelfth trustee shall be a retirant of the retirement systemelected for a term of four years beginning the first day of Januaryimmediately following August 28, 1992, by the retirants of the retirementsystem.
2. If a vacancy occurs in the office of a trustee, the vacancy shallbe filled for the unexpired term in the same manner as the office waspreviously filled, except that the board of trustees may appoint aqualified person to fill the vacancy in the office of an elected memberuntil the next regular election at which time a member shall be elected forthe unexpired term. No vacancy or vacancies on the board of trustees shallimpair the power of the remaining trustees to administer the retirementsystem pending the filling of such vacancy or vacancies.
3. In the event of a lapse of the school district's corporateorganization as described in subsections 1 and 4 of section 162.081, RSMo,the general administration and responsibility for the proper operation ofthe retirement system shall continue to be vested in a twelve-person boardof trustees, all of whom shall be resident taxpayers of a city, other thana city not within a county, of four hundred thousand or more. In suchevent, if vacancies occur in the offices of the four trustees appointed,prior to the lapse, by the board of education, or in the offices of thefour trustees elected, prior to the lapse, by the members of the retirementsystem, or in the office of trustee held, prior to the lapse, by thesuperintendent of schools in the school district, as provided insubdivisions (1), (2) and (3) of subsection 1 of this section, the board oftrustees shall appoint a qualified person to fill each vacancy andsubsequent vacancies in the office of trustee for terms of up to fouryears, as determined by the board of trustees.
4. Each trustee shall, before assuming the duties of a trustee, takethe oath of office before the court of the judicial circuit or one of thecourts of the judicial circuit in which the school district is located thatso far as it devolves upon the trustee, such trustee shall diligently andhonestly administer the affairs of the board of trustees and that thetrustee will not knowingly violate or willingly permit to be violated anyof the provisions of the law applicable to the retirement system. Suchoath shall be subscribed to by the trustee making it and filed in theoffice of the clerk of the circuit court.
5. Each trustee shall be entitled to one vote in the board oftrustees. Seven trustees shall constitute a quorum at any meeting of theboard of trustees. At any meeting of the board of trustees where a quorumis present, the vote of at least seven of the trustees in support of amotion, resolution or other matter is necessary to be the decision of theboard; provided, however, that in the event of a lapse in the schooldistrict's corporate organization as described in subsections 1 and 4 ofsection 162.081, RSMo, a majority of the trustees then in office shallconstitute a quorum at any meeting of the board of trustees, and the voteof a majority of the trustees then in office in support of a motion,resolution or other matter shall be necessary to be the decision of theboard.
6. The board of trustees shall have exclusive original jurisdictionin all matters relating to or affecting the funds herein provided for,including, in addition to all other matters, all claims for benefits orrefunds, and its action, decision or determination in any matter shall bereviewable in accordance with chapter 536, RSMo, or chapter 621, RSMo.Subject to the limitations of sections 169.270 to 169.400, the board oftrustees shall, from time to time, establish rules and regulations for theadministration of funds of the retirement system, for the transaction ofits business, and for the limitation of the time within which claims may befiled.
7. The trustees shall serve without compensation. The board oftrustees shall elect from its membership a chairman and a vice chairman.The board of trustees shall appoint an executive director who shall serveas the administrative officer of the retirement system and as secretary tothe board of trustees. It shall employ one or more persons, firms orcorporations experienced in the investment of moneys to serve as investmentcounsel to the board of trustees. The compensation of all persons engagedby the board of trustees and all other expenses of the board necessary forthe operation of the retirement system shall be paid at such rates and insuch amounts as the board of trustees shall approve, and shall be paid fromthe investment income.
8. The board of trustees shall keep in convenient form such data asshall be necessary for actuarial valuations of the various funds of theretirement system and for checking the experience of the system.
9. The board of trustees shall keep a record of all its proceedingswhich shall be open to public inspection. It shall prepare annually andfurnish to the board of education and to each member of the retirementsystem who so requests a report showing the fiscal transactions of theretirement system for the preceding fiscal year, the amount of accumulatedcash and securities of the system, and the last balance sheet showing thefinancial condition of the system by means of an actuarial valuation of theassets and liabilities of the retirement system.
10. The board of trustees shall have, in its own name, power to sueand to be sued, to enter into contracts, to own property, real andpersonal, and to convey the same; but the members of such board of trusteesshall not be personally liable for obligations or liabilities of the boardof trustees or of the retirement system.
11. The board of trustees shall arrange for necessary legal advicefor the operation of the retirement system.
12. The board of trustees shall designate a medical board to becomposed of three or more physicians who shall not be eligible formembership in the system and who shall pass upon all medical examinationsrequired under the provisions of sections 169.270 to 169.400, shallinvestigate all essential statements and certificates made by or on behalfof a member in connection with an application for disability retirement andshall report in writing to the board of trustees its conclusions andrecommendations upon all matters referred to it.
13. The board of trustees shall designate an actuary who shall be thetechnical advisor of the board of trustees on matters regarding theoperation of the retirement system and shall perform such other duties asare required in connection therewith. Such person shall be qualified as anactuary by membership as a Fellow of the Society of Actuaries or by similarobjective standards.
14. At least once in each five-year period the actuary shall make aninvestigation into the actuarial experience of the members, retirants andbeneficiaries of the retirement system and, taking into account the resultsof such investigation, the board of trustees shall adopt for the retirementsystem such actuarial assumptions as the board of trustees deems necessaryfor the financial soundness of the retirement system.
15. On the basis of such actuarial assumptions as the board oftrustees adopts, the actuary shall make annual valuations of the assets andliabilities of the funds of the retirement system.
16. The rate of contribution payable by the employer shall equal oneand ninety-nine one-hundredths percent, effective July 1, 1993; three andninety-nine one-hundredths percent, effective July 1, 1995; five andninety-nine one-hundredths percent, effective July 1, 1996; seven andone-half percent effective January 1, 1999, and for all subsequent years.
17. In the event of a lapse of a school district's corporateorganization as described in subsections 1 and 4 of section 162.081, RSMo,no retirement system, nor any of the assets of any retirement system, shallbe transferred to or merged with another retirement system without priorapproval of such transfer or merge by the board of trustees of theretirement system.
