105.1012. Commission's duties to establish life insurance plan--with payroll deduction by participating employees--plan to be based on competitive bidding--bid to include cost of administration.

MISSOURI STATUTES AND CODES

105.1012. Commission's duties to establish life insurance plan--with payroll deduction by participating employees--plan to be based on competitive bidding--bid to include cost of administration.

Commission's duties to establish life insurance plan--with payrolldeduction by participating employees--plan to be based on competitivebidding--bid to include cost of administration.

105.1012. 1. Subject to the approval of the Missouri stateemployees voluntary life insurance commission, the office ofadministration shall establish and administer a voluntary lifeinsurance plan for the employees of the state of Missouri.Participation in such plan shall be by a specific writtenagreement between such employees and the state which shallprovide for the payroll deduction of such amount of compensationas requested by the employee. Participating employees shallauthorize that such deferrals be made from their wages for thepurpose of participation in such plan.

2. Funds held for the state by the Missouri state employeesvoluntary life insurance commission pursuant to a written payrolldeduction agreement between the state and participating employeesmay be invested in such life insurance contracts as are approvedby the commission. All such insurance plans or policies to beoffered pursuant to this plan shall have been reviewed andselected by the commission based on a competitive bidding processas established by such specifications and considerations as aredeemed appropriate by the commission. The bid shall include thecosts of administration incurred by the office of administrationin implementing sections 105.1000 to 105.1020, which shall beborne by the successful bidder.