86.1360. Administration of assets and transaction of business, board to set policies--rulemaking authority--officers to be elected, employment of staff.

MISSOURI STATUTES AND CODES

86.1360. Administration of assets and transaction of business, board to set policies--rulemaking authority--officers to be elected, employment of staff.

Administration of assets and transaction of business, boardto set policies--rulemaking authority--officers to be elected,employment of staff.

86.1360. 1. Subject to the limitations of sections 86.1310 to86.1640, the retirement board shall, from time to time, establish policiesfor the administration of its assets, for the transaction of its businessand for the conduct of nominations and elections of the elected members ofthe retirement board. The retirement board shall be deemed to be a stateagency within the meaning of chapter 536, RSMo. 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, 2005, shall be invalid and void.

2. The retirement board shall elect from its membership a chairman, avice chairman, and a treasurer and shall, by majority vote of its members,appoint a secretary, who may be, but need not be, one of its members. Theoffices of secretary and of treasurer shall not be held by the same person.It may employ such actuarial, legal, and other services as may be necessaryto transact the business of the retirement system. The compensation of allpersons employed by the retirement board and all other expenses of theboard necessary for the operation of the retirement system shall be paid insuch manner as the retirement board shall determine; provided, that thecompensation of such persons as may be employed by the retirement boardshall not be greater than the compensation paid for comparable abilities bythe governments of the cities in which the retirement board is located.