Bill Text: MO HB1044 | 2014 | Regular Session | Engrossed
Bill Title: Changes the laws regarding local government retirement systems
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2014-05-07 - Placed on Informal Calendar [HB1044 Detail]
Download: Missouri-2014-HB1044-Engrossed.html
SECOND REGULAR SESSION
[PERFECTED]
HOUSE COMMITTEE SUBSTITUTE FOR
97TH GENERAL ASSEMBLY
4121H.02P D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 70, RSMo, by adding thereto one new section relating to the Missouri local government retirement system.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 70, RSMo, is amended by adding thereto one new section, to be known as section 70.621, to read as follows:
70.621. 1. In the event a political subdivision has in effect for all or part of its employees, a plan similar in purpose to the Missouri local government employees’ retirement system, and in the further event such a political subdivision is an employer in the system, at the request of the political subdivision, the board of the system may at its sole discretion enter into an agreement with such an employer whereby the system assumes all duties and responsibilities of operating the employer's prior plan.
2. Notwithstanding any language to the contrary in any other statute, city ordinance, or city charter regarding the composition or duties of any governing board of a plan of any employer that is similar in purpose to the system, such employer may enter into an agreement with the board of the system to operate the employer's prior plan so long as an election has been made to cover new employees under section 70.630. Upon entering into such agreement, the employer shall irrevocably delegate and cede all operational duties and responsibilities to the system. Upon entering into such an agreement, the board of the system shall become the governing board of the employer's prior plan. The employer's prior plan shall be administered as a frozen prior plan by the system and shall continue to operate under its existing governing documents in all other respects.
3. Where an agreement authorized by this section is entered into by an employer and the system, the employer shall continue to have sole responsibility for the full funding of its prior plan including all related expenses. If any employer fails to make any payment due under the prior plan, the provisions in section 70.735, RSMo, shall apply.
4. The system shall formulate and adopt rules and regulations for the government of its own proceedings relating to this section and for the administration of this section, as the board may deem necessary.
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