104.440. Benefit fund, how held--board's powers--deposit--bond of executive director, investment of fund. - Missouri Statutes

Benefit fund, how held--board's powers--deposit--bond of executivedirector, investment of fund.

104.440. 1. The board shall set up and maintain a Missouristate employees' retirement and benefit fund account in whichshall be placed all payroll deductions, deferred compensation,payments, and income from all sources. All property, money,funds, investments, and rights which shall belong to, or beavailable for expenditure or use by, the system shall bededicated to and held in trust for the members and for thepurposes herein set out and no other. The board shall havepower, in the name and on behalf of the system, to purchase,acquire, hold, invest, lend, lease, sell, assign, transfer, anddispose of all property, rights, and securities, and enter intowritten contracts, all as may be necessary or proper to carryout the purposes of sections 104.010 and 104.320 to 104.800.

2. All moneys received by or belonging to the system shallbe paid to the executive director and deposited by the executivedirector to the credit of the system in one or more banks ortrust companies. No such money shall be deposited in or beretained by any bank or trust company which does not have ondeposit with and for the board at the time the kind and value ofcollateral required by sections 30.240 and 30.270, RSMo, fordepositaries of the state treasurer. The executive directorshall be responsible for all funds, securities, and propertybelonging to the system, and shall give such corporate suretybond for the faithful handling of the same as the board shallrequire.

3. The board may invest the funds of the system aspermitted by sections 105.686 to 105.690, RSMo.

(L. 1957 p. 706 § 14, A.L. 1981 H.B. 835, et al., A.L. 1984 H.B. 1370, A.L. 1988 H.B. 1643 & 1399)

CROSS REFERENCES:

Investment of funds, regulations and limitations, public employee retirement systems, RSMo 105.687 to 105.690

Multinational banks, securities and obligations of, investment in, when, RSMo 409.950