169.295. 1. The board of trustees shall be the trustees of all thefunds of the system and shall have full power to invest and reinvest suchfunds. The trustees shall have full power to hold, purchase, sell, assign,transfer or dispose of any of the securities and investments in which thefunds shall have been invested, and the proceeds thereof.
2. The board of trustees shall allow interest annually on the balancein each member's account at the beginning of the year at the rate approvedby the board. The board shall adjust the balance of the general reservefund for investment realized and unrealized gains, losses, income andexpenses, not so allowed as interest on members' accounts.
3. The board of trustees shall elect a treasurer who shall serve atthe board's pleasure. The treasurer shall be the custodian of the fundsprovided for in section 169.350 and shall give such bond for the faithfulhandling of the funds as the board of trustees shall determine. The boardof trustees may employ one or more banks having fiduciary powers for theprovisions of such custodial or clerical service as the board may deemappropriate to assist the treasurer. Disbursement of funds of theretirement system shall be under the supervision of the treasurer and shallbe in accordance with procedures established or approved by the board oftrustees with the concurrence of the system's auditors.
4. For the purpose of meeting disbursements for retirement allowancesand other payments, there may be kept available cash, not exceeding tenpercent of the total amount in the funds of the retirement system, ondeposit in one or more banks or trust companies in the school district,organized under the laws of the state of Missouri, or of the United States;provided, that the amount on deposit in any one bank or trust company shallnot exceed twenty-five percent of the paid-up capital and surplus of suchbank or trust company, and for all deposits in excess of ten thousanddollars the board of trustees shall require of the banks or trust companiesas security for the safekeeping and payment of the deposits securities of alike kind and character as may be required by law for the safekeeping andpayment of deposits made by the state treasurer.
5. Except as herein provided, no trustee and no employee of the boardof trustees shall have any direct interest in the gains or profits of anyinvestment made by the board of trustees. No trustee or employee of theboard of trustees shall directly or indirectly for such person or as anagent in any manner use the assets of the retirement system except to makesuch current and necessary payments as are authorized by the board oftrustees, nor shall any trustee or employee of the board of trustees becomein any manner an obligor for moneys loaned by or borrowed from the board oftrustees.
6. In the event that any employer offers to its employees an earlyretirement option, or any other form of group exit incentive program, theboard of trustees is hereby authorized to permit such employer or anyactive member who participates in such group exit incentive program topurchase additional creditable service, in increments of not less than onemonth, and shall fix and determine by proper rules and regulations, whichmay be amended from time to time, the amount of service that may bepurchased and the cost thereof. Under no circumstance, however, shall:
(1) The amount of such purchased creditable service exceedtwenty-four months;
(2) The cost of purchasing such creditable service be less than theamount necessary to pay the full actuarial cost to the retirement system ofthe additional purchased service;
(3) The purchasing employer or active member be permitted to elect topurchase such creditable service after the expiration of a reasonable timeperiod, which time period shall be specified in the above-referenced rulesand regulations;
(4) Such purchased creditable service count toward the vestingrequirements of section 169.301; or
(5) This subsection be applied in any manner that would not be incompliance with applicable provisions of the Internal Revenue Code.
169.295. 1. The board of trustees shall be the trustees of all thefunds of the system and shall have full power to invest and reinvest suchfunds. The trustees shall have full power to hold, purchase, sell, assign,transfer or dispose of any of the securities and investments in which thefunds shall have been invested, and the proceeds thereof.
2. The board of trustees shall allow interest annually on the balancein each member's account at the beginning of the year at the rate approvedby the board. The board shall adjust the balance of the general reservefund for investment realized and unrealized gains, losses, income andexpenses, not so allowed as interest on members' accounts.
3. The board of trustees shall elect a treasurer who shall serve atthe board's pleasure. The treasurer shall be the custodian of the fundsprovided for in section 169.350 and shall give such bond for the faithfulhandling of the funds as the board of trustees shall determine. The boardof trustees may employ one or more banks having fiduciary powers for theprovisions of such custodial or clerical service as the board may deemappropriate to assist the treasurer. Disbursement of funds of theretirement system shall be under the supervision of the treasurer and shallbe in accordance with procedures established or approved by the board oftrustees with the concurrence of the system's auditors.
4. For the purpose of meeting disbursements for retirement allowancesand other payments, there may be kept available cash, not exceeding tenpercent of the total amount in the funds of the retirement system, ondeposit in one or more banks or trust companies in the school district,organized under the laws of the state of Missouri, or of the United States;provided, that the amount on deposit in any one bank or trust company shallnot exceed twenty-five percent of the paid-up capital and surplus of suchbank or trust company, and for all deposits in excess of ten thousanddollars the board of trustees shall require of the banks or trust companiesas security for the safekeeping and payment of the deposits securities of alike kind and character as may be required by law for the safekeeping andpayment of deposits made by the state treasurer.
5. Except as herein provided, no trustee and no employee of the boardof trustees shall have any direct interest in the gains or profits of anyinvestment made by the board of trustees. No trustee or employee of theboard of trustees shall directly or indirectly for such person or as anagent in any manner use the assets of the retirement system except to makesuch current and necessary payments as are authorized by the board oftrustees, nor shall any trustee or employee of the board of trustees becomein any manner an obligor for moneys loaned by or borrowed from the board oftrustees.
6. In the event that any employer offers to its employees an earlyretirement option, or any other form of group exit incentive program, theboard of trustees is hereby authorized to permit such employer or anyactive member who participates in such group exit incentive program topurchase additional creditable service, in increments of not less than onemonth, and shall fix and determine by proper rules and regulations, whichmay be amended from time to time, the amount of service that may bepurchased and the cost thereof. Under no circumstance, however, shall:
(1) The amount of such purchased creditable service exceedtwenty-four months;
(2) The cost of purchasing such creditable service be less than theamount necessary to pay the full actuarial cost to the retirement system ofthe additional purchased service;
(3) The purchasing employer or active member be permitted to elect topurchase such creditable service after the expiration of a reasonable timeperiod, which time period shall be specified in the above-referenced rulesand regulations;
(4) Such purchased creditable service count toward the vestingrequirements of section 169.301; or
(5) This subsection be applied in any manner that would not be incompliance with applicable provisions of the Internal Revenue Code.
169.295. 1. The board of trustees shall be the trustees of all thefunds of the system and shall have full power to invest and reinvest suchfunds. The trustees shall have full power to hold, purchase, sell, assign,transfer or dispose of any of the securities and investments in which thefunds shall have been invested, and the proceeds thereof.
2. The board of trustees shall allow interest annually on the balancein each member's account at the beginning of the year at the rate approvedby the board. The board shall adjust the balance of the general reservefund for investment realized and unrealized gains, losses, income andexpenses, not so allowed as interest on members' accounts.
3. The board of trustees shall elect a treasurer who shall serve atthe board's pleasure. The treasurer shall be the custodian of the fundsprovided for in section 169.350 and shall give such bond for the faithfulhandling of the funds as the board of trustees shall determine. The boardof trustees may employ one or more banks having fiduciary powers for theprovisions of such custodial or clerical service as the board may deemappropriate to assist the treasurer. Disbursement of funds of theretirement system shall be under the supervision of the treasurer and shallbe in accordance with procedures established or approved by the board oftrustees with the concurrence of the system's auditors.
4. For the purpose of meeting disbursements for retirement allowancesand other payments, there may be kept available cash, not exceeding tenpercent of the total amount in the funds of the retirement system, ondeposit in one or more banks or trust companies in the school district,organized under the laws of the state of Missouri, or of the United States;provided, that the amount on deposit in any one bank or trust company shallnot exceed twenty-five percent of the paid-up capital and surplus of suchbank or trust company, and for all deposits in excess of ten thousanddollars the board of trustees shall require of the banks or trust companiesas security for the safekeeping and payment of the deposits securities of alike kind and character as may be required by law for the safekeeping andpayment of deposits made by the state treasurer.
5. Except as herein provided, no trustee and no employee of the boardof trustees shall have any direct interest in the gains or profits of anyinvestment made by the board of trustees. No trustee or employee of theboard of trustees shall directly or indirectly for such person or as anagent in any manner use the assets of the retirement system except to makesuch current and necessary payments as are authorized by the board oftrustees, nor shall any trustee or employee of the board of trustees becomein any manner an obligor for moneys loaned by or borrowed from the board oftrustees.
6. In the event that any employer offers to its employees an earlyretirement option, or any other form of group exit incentive program, theboard of trustees is hereby authorized to permit such employer or anyactive member who participates in such group exit incentive program topurchase additional creditable service, in increments of not less than onemonth, and shall fix and determine by proper rules and regulations, whichmay be amended from time to time, the amount of service that may bepurchased and the cost thereof. Under no circumstance, however, shall:
(1) The amount of such purchased creditable service exceedtwenty-four months;
(2) The cost of purchasing such creditable service be less than theamount necessary to pay the full actuarial cost to the retirement system ofthe additional purchased service;
(3) The purchasing employer or active member be permitted to elect topurchase such creditable service after the expiration of a reasonable timeperiod, which time period shall be specified in the above-referenced rulesand regulations;
(4) Such purchased creditable service count toward the vestingrequirements of section 169.301; or
(5) This subsection be applied in any manner that would not be incompliance with applicable provisions of the Internal Revenue Code.
