87.260. Board of trustees shall have exclusive authority to invest and reinvest funds in property.
Board of trustees shall have exclusive authority to invest andreinvest funds in property.
87.260. The board of trustees of the firefighters' retirement systemshall have the exclusive authority and discretion to invest and reinvestthe funds in property of any kind, real or personal. The board of trusteesshall invest and manage the fund as a prudent investor would, byconsidering the purposes, terms, distribution requirements, and othercircumstances of the firefighters' retirement system. In satisfying thisstandard, the board of trustees shall exercise reasonable care, skill, andcaution. No trustee shall have any interest as a trustee in the gains orprofits made on any investment, except benefits from interest ininvestments common to all members of the plan, if entitled thereto.
(L. 1943 p. 708 § 7, A.L. 1959 S.B. 314 § 86.560, A.L. 1979 S.B. 280, A.L. 2006 H.B. 1344)Effective 6-12-06
CROSS REFERENCE:
Multinational banks, securities and obligations of, investment in, when, RSMo 409.950