169.280. Retirement system created--system, how managed. - Missouri Statutes

Retirement system created--system, how managed.

169.280. 1. In each school district of this state (i) that now hasor may hereafter have a population of not more than seven hundred thousandand (ii) not less than seventy percent of whose population resides in acity other than a city not within a county which now has or may hereafterhave a population of four hundred thousand or more, according to the latestUnited States decennial census, there is hereby created and established aretirement system for the purpose of providing retirement allowances andrelated benefits for employees of the employer. Each such system shall beunder the management of a board of trustees herein described, and shall beknown as "The Public School Retirement System of (name of schooldistrict)", and by such name all of its business shall be transacted, allof its funds invested, and all of its cash and securities and otherproperty held. When a school district first satisfies the foregoingpopulation conditions, the board of education shall adopt a resolutioncertifying the same and take all actions necessary to cause the retirementsystem to begin operation on the thirtieth day of September following suchcertification.

2. In the event that (i) the population of a school district having aretirement system created hereunder should increase to a number greaterthan seven hundred thousand, or (ii) the population of the city in whichnot less than seventy percent of the population of the school districtresides should decrease to a number less than four hundred thousand, or(iii) less than seventy percent of the population of the school districtshould reside in a city having a population of at least four hundredthousand, or (iv) the corporate organization of the school district shalllapse in accordance with subsections 1 and 4 of section 162.081, RSMo, theretirement system of such school district shall continue to be governed byand subject to sections 169.270 to 169.400 and all other statutes, rules,and regulations applicable to retirement systems in school districts havinga population of not more than seven hundred thousand and not less thanseventy percent of whose population resides in a city, other than a citynot within a county, of four hundred thousand or more, as if the populationof such school district and city continued to be within such numericallimits.

(L. 1943 p. 787 § 2, A.L. 1957 p. 396, A.L. 1961 p. 369, A.L. 1977 S.B. 160, A.L. 1982 H.B. 1522, A.L. 1990 H.B. 1347, et al., A.L. 2001 H.B. 660)