86.950. Board to establish policies--officers and employees. - Missouri Statutes

Board to establish policies--officers and employees.

86.950. 1. Subject to the limitations of sections 86.900 to 86.1280,the retirement board shall from time to time establish policies for theadministration of its assets, for the transaction of its business and forthe conduct of nominations and elections of the elected members of theretirement board.

2. The retirement board shall elect from its membership a chairman, avice chairman, and a treasurer, and shall by majority vote of its membersappoint 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.The retirement board may employ such actuarial, legal, and other servicesas may be necessary to transact the business of the retirement system. Thecompensation of all persons employed by the retirement board and all otherexpenses of the board necessary for the operation of the retirement systemshall be paid in such manner as the retirement board shall determine;provided that the compensation of such persons as may be employed by theretirement board shall not be greater than the compensation paid forcomparable abilities by the governments of the cities in which theretirement board is located.

(L. 2005 H.B. 323)