104.1205. Duties of board. - Missouri Statutes

Duties of board.

104.1205. The board of trustees of the Missouri state employees'retirement system shall:

(1) Establish a defined contribution plan for outside employeeswhich, among other things, provides for immediate vesting;

(2) Select a third-party administrator to provide such services asthe board determines to be necessary for the proper administration of thedefined contribution plan;

(3) Select the investment products which shall be made available tothe participants in the defined contribution plan;

(4) Annually establish the contribution rate used for purposes ofsubsection 3 of section 104.1066 for employees of institutions who areother than outside employees, which shall be done by considering all suchemployees to be part of the general employee population within the Missouristate employees' retirement system;

(5) Establish the contribution rate for outside employees which shallbe equal to one percent of payroll less than the normal cost contributionrate established pursuant to subdivision (4) of this section; and

(6) Establish such rules and regulations as may be necessary to carryout the purposes of this section.

(L. 2001 S.B. 371)