Funds of system, how invested, how accounted for--bank or trustcompany to serve as depository and intermediary in investment offunds--title to securities, form--electronic fundstransfer--closed meetings authorized, when.
169.630. 1. All funds arising from the operation of sections 169.600to 169.715 shall belong to the retirement system created in sections169.600 to 169.715 and shall be controlled by the board of trustees andthat board shall provide for the collection of these funds, see that theyare safely preserved, and shall permit their disbursement only for thepurposes authorized in sections 169.600 to 169.715. These funds aredeclared and shall be deemed to be the moneys and funds of this retirementsystem and not general funds of the state and shall not be commingled withany state funds or other retirement funds. Solely for the purpose ofinvesting the funds of the retirement system, the funds may be combinedwith the funds of the public school retirement system of Missouri, but thefunds of each system shall be accounted for separately and for all otherpurposes shall be separate.
2. The board shall invest all funds under its control which are inexcess of a safe operating balance. The investment shall be made only insecurities authorized and pursuant to the same standards set for investmentby section 169.040.
3. Notwithstanding the provisions of section 105.662, RSMo, the boardmay set up and maintain a public school and education employee retirementsystems of Missouri investment fund account in which investment andreinvestment of all or part of the moneys of the system may be placed andbe available for investment purposes. For the purpose of investing thefunds of the retirement system, the funds may be combined with the funds ofthe public school retirement system of Missouri, but the funds of eachsystem shall be accounted for separately and for all other reportingpurposes shall be separate. The board of trustees may promulgate suchrules and regulations consistent with the provisions of section 169.040 andthis section as deemed necessary for its proper administration, pursuant tothe provisions of this section and this chapter. Any rule or portion of arule, as that term is defined in section 536.010, RSMo, that is createdunder the authority delegated in this section shall become effective onlyif it complies with and is subject to all of the provisions of chapter 536,RSMo, and, if applicable, section 536.028, RSMo. This section and chapter536, RSMo, are nonseverable and if any of the powers vested with thegeneral assembly pursuant to chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2009, shall be invalid and void.
4. No investment transaction authorized by the board shall be handledby any company or firm in which a member of the board has an interest, norshall any member of the board profit directly or indirectly from any suchinvestment. All investments shall be made for the account of theretirement system, and any securities or other properties obtained by theboard of trustees may be held by a custodian in the name of the retirementsystem, or in the name of a nominee in order to facilitate the expeditioustransfer of such securities or other property. Such securities or otherproperties which are not available in registered form may be held in bearerform or in book entry form. The retirement system is further authorizedto deposit, or have deposited for its account, eligible securities in acentral depository system or clearing corporation or in a federal reservebank under a book entry system as defined in the Uniform Commercial Code,sections 400.8-102 and 400.8-108, RSMo. When such eligible securities ofthe retirement system are so deposited with a central depository system,the securities may be merged and held in the name of the nominee of suchsecurities depository and title to such securities may be transferred bybookkeeping entry on the books of such securities depository or federalreserve bank without physical delivery of the certificates or documentsrepresenting such securities.
5. With appropriate safeguards against loss by the system in anycontingency, the board may designate a bank or trust company to serve as adepository of system funds and intermediary in the investment of thosefunds and payment of system obligations.
6. All retirement allowances or other periodic payments paid by theboard shall be paid to recipients of such payments by electronic fundstransfer, unless another method has been determined by the board to beappropriate. Each recipient of retirement allowances or other periodicpayments shall designate a financial institution or other authorizedpayment agent and provide the board information necessary for the recipientto receive electronic funds transfer payments through the institution oragent designated. This subsection shall apply to retirement allowances andother periodic payments first paid on or after January 1, 1998, and shallapply to all retirement allowances and other periodic payments on and afterJanuary 1, 1999.
7. The board of trustees may deliberate about, or make tentative orfinal decisions on, investments or other financial matters in a closedmeeting under chapter 610, RSMo, if disclosure of the deliberations ordecisions would jeopardize the ability to implement a decision or toachieve investment objectives. A record of the retirement system thatdiscloses deliberations about, or a tentative or final decision on,investments or other financial matters is not a public record under chapter610, RSMo, to the extent and so long as its disclosure would jeopardize theability to implement a decision or to achieve investment objectives.
Funds of system, how invested, how accounted for--bank or trustcompany to serve as depository and intermediary in investment offunds--title to securities, form--electronic fundstransfer--closed meetings authorized, when.
169.630. 1. All funds arising from the operation of sections 169.600to 169.715 shall belong to the retirement system created in sections169.600 to 169.715 and shall be controlled by the board of trustees andthat board shall provide for the collection of these funds, see that theyare safely preserved, and shall permit their disbursement only for thepurposes authorized in sections 169.600 to 169.715. These funds aredeclared and shall be deemed to be the moneys and funds of this retirementsystem and not general funds of the state and shall not be commingled withany state funds or other retirement funds. Solely for the purpose ofinvesting the funds of the retirement system, the funds may be combinedwith the funds of the public school retirement system of Missouri, but thefunds of each system shall be accounted for separately and for all otherpurposes shall be separate.
2. The board shall invest all funds under its control which are inexcess of a safe operating balance. The investment shall be made only insecurities authorized and pursuant to the same standards set for investmentby section 169.040.
3. Notwithstanding the provisions of section 105.662, RSMo, the boardmay set up and maintain a public school and education employee retirementsystems of Missouri investment fund account in which investment andreinvestment of all or part of the moneys of the system may be placed andbe available for investment purposes. For the purpose of investing thefunds of the retirement system, the funds may be combined with the funds ofthe public school retirement system of Missouri, but the funds of eachsystem shall be accounted for separately and for all other reportingpurposes shall be separate. The board of trustees may promulgate suchrules and regulations consistent with the provisions of section 169.040 andthis section as deemed necessary for its proper administration, pursuant tothe provisions of this section and this chapter. Any rule or portion of arule, as that term is defined in section 536.010, RSMo, that is createdunder the authority delegated in this section shall become effective onlyif it complies with and is subject to all of the provisions of chapter 536,RSMo, and, if applicable, section 536.028, RSMo. This section and chapter536, RSMo, are nonseverable and if any of the powers vested with thegeneral assembly pursuant to chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2009, shall be invalid and void.
4. No investment transaction authorized by the board shall be handledby any company or firm in which a member of the board has an interest, norshall any member of the board profit directly or indirectly from any suchinvestment. All investments shall be made for the account of theretirement system, and any securities or other properties obtained by theboard of trustees may be held by a custodian in the name of the retirementsystem, or in the name of a nominee in order to facilitate the expeditioustransfer of such securities or other property. Such securities or otherproperties which are not available in registered form may be held in bearerform or in book entry form. The retirement system is further authorizedto deposit, or have deposited for its account, eligible securities in acentral depository system or clearing corporation or in a federal reservebank under a book entry system as defined in the Uniform Commercial Code,sections 400.8-102 and 400.8-108, RSMo. When such eligible securities ofthe retirement system are so deposited with a central depository system,the securities may be merged and held in the name of the nominee of suchsecurities depository and title to such securities may be transferred bybookkeeping entry on the books of such securities depository or federalreserve bank without physical delivery of the certificates or documentsrepresenting such securities.
5. With appropriate safeguards against loss by the system in anycontingency, the board may designate a bank or trust company to serve as adepository of system funds and intermediary in the investment of thosefunds and payment of system obligations.
6. All retirement allowances or other periodic payments paid by theboard shall be paid to recipients of such payments by electronic fundstransfer, unless another method has been determined by the board to beappropriate. Each recipient of retirement allowances or other periodicpayments shall designate a financial institution or other authorizedpayment agent and provide the board information necessary for the recipientto receive electronic funds transfer payments through the institution oragent designated. This subsection shall apply to retirement allowances andother periodic payments first paid on or after January 1, 1998, and shallapply to all retirement allowances and other periodic payments on and afterJanuary 1, 1999.
7. The board of trustees may deliberate about, or make tentative orfinal decisions on, investments or other financial matters in a closedmeeting under chapter 610, RSMo, if disclosure of the deliberations ordecisions would jeopardize the ability to implement a decision or toachieve investment objectives. A record of the retirement system thatdiscloses deliberations about, or a tentative or final decision on,investments or other financial matters is not a public record under chapter610, RSMo, to the extent and so long as its disclosure would jeopardize theability to implement a decision or to achieve investment objectives.
Funds of system, how invested, how accounted for--bank or trustcompany to serve as depository and intermediary in investment offunds--title to securities, form--electronic fundstransfer--closed meetings authorized, when.
169.630. 1. All funds arising from the operation of sections 169.600to 169.715 shall belong to the retirement system created in sections169.600 to 169.715 and shall be controlled by the board of trustees andthat board shall provide for the collection of these funds, see that theyare safely preserved, and shall permit their disbursement only for thepurposes authorized in sections 169.600 to 169.715. These funds aredeclared and shall be deemed to be the moneys and funds of this retirementsystem and not general funds of the state and shall not be commingled withany state funds or other retirement funds. Solely for the purpose ofinvesting the funds of the retirement system, the funds may be combinedwith the funds of the public school retirement system of Missouri, but thefunds of each system shall be accounted for separately and for all otherpurposes shall be separate.
2. The board shall invest all funds under its control which are inexcess of a safe operating balance. The investment shall be made only insecurities authorized and pursuant to the same standards set for investmentby section 169.040.
3. Notwithstanding the provisions of section 105.662, RSMo, the boardmay set up and maintain a public school and education employee retirementsystems of Missouri investment fund account in which investment andreinvestment of all or part of the moneys of the system may be placed andbe available for investment purposes. For the purpose of investing thefunds of the retirement system, the funds may be combined with the funds ofthe public school retirement system of Missouri, but the funds of eachsystem shall be accounted for separately and for all other reportingpurposes shall be separate. The board of trustees may promulgate suchrules and regulations consistent with the provisions of section 169.040 andthis section as deemed necessary for its proper administration, pursuant tothe provisions of this section and this chapter. Any rule or portion of arule, as that term is defined in section 536.010, RSMo, that is createdunder the authority delegated in this section shall become effective onlyif it complies with and is subject to all of the provisions of chapter 536,RSMo, and, if applicable, section 536.028, RSMo. This section and chapter536, RSMo, are nonseverable and if any of the powers vested with thegeneral assembly pursuant to chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2009, shall be invalid and void.
4. No investment transaction authorized by the board shall be handledby any company or firm in which a member of the board has an interest, norshall any member of the board profit directly or indirectly from any suchinvestment. All investments shall be made for the account of theretirement system, and any securities or other properties obtained by theboard of trustees may be held by a custodian in the name of the retirementsystem, or in the name of a nominee in order to facilitate the expeditioustransfer of such securities or other property. Such securities or otherproperties which are not available in registered form may be held in bearerform or in book entry form. The retirement system is further authorizedto deposit, or have deposited for its account, eligible securities in acentral depository system or clearing corporation or in a federal reservebank under a book entry system as defined in the Uniform Commercial Code,sections 400.8-102 and 400.8-108, RSMo. When such eligible securities ofthe retirement system are so deposited with a central depository system,the securities may be merged and held in the name of the nominee of suchsecurities depository and title to such securities may be transferred bybookkeeping entry on the books of such securities depository or federalreserve bank without physical delivery of the certificates or documentsrepresenting such securities.
5. With appropriate safeguards against loss by the system in anycontingency, the board may designate a bank or trust company to serve as adepository of system funds and intermediary in the investment of thosefunds and payment of system obligations.
6. All retirement allowances or other periodic payments paid by theboard shall be paid to recipients of such payments by electronic fundstransfer, unless another method has been determined by the board to beappropriate. Each recipient of retirement allowances or other periodicpayments shall designate a financial institution or other authorizedpayment agent and provide the board information necessary for the recipientto receive electronic funds transfer payments through the institution oragent designated. This subsection shall apply to retirement allowances andother periodic payments first paid on or after January 1, 1998, and shallapply to all retirement allowances and other periodic payments on and afterJanuary 1, 1999.
7. The board of trustees may deliberate about, or make tentative orfinal decisions on, investments or other financial matters in a closedmeeting under chapter 610, RSMo, if disclosure of the deliberations ordecisions would jeopardize the ability to implement a decision or toachieve investment objectives. A record of the retirement system thatdiscloses deliberations about, or a tentative or final decision on,investments or other financial matters is not a public record under chapter610, RSMo, to the extent and so long as its disclosure would jeopardize theability to implement a decision or to achieve investment objectives.
