105.666. Board member education program required, curriculum--annual pension benefit statement required.
Board member education program required, curriculum--annual pensionbenefit statement required.
105.666. 1. Each plan shall, in conjunction with its staff andadvisors, establish a board member education program, which shall be ineffect on or after January 1, 2008. The curriculum shall include, at aminimum, education in the areas of duties and responsibilities of boardmembers as trustees, ethics, governance process and procedures, pensionplan design and administration of benefits, investments including but notlimited to the fiduciary duties as defined under section 105.688, legalliability and risks associated with the administration of a plan, sunshinelaw requirements under chapter 610, RSMo, actuarial principles and methodsrelated to plan administration, and the role of staff and consultants inplan administration. Board members appointed or elected on a board on orafter January 1, 2008, shall complete a board member education programdesignated to orient new board members in the areas described in thissection within ninety days of becoming a new board member. Board memberswho have served one or more years shall attend at least two continuingeducation programs each year in the areas described in this section.
2. Each plan shall, upon the request of any individual participant,provide an annual pension benefit statement which shall be written in amanner calculated to be understood by the average plan participant and maybe delivered in written, electronic, or other appropriate form to theextent such form is reasonably accessible to each participant orbeneficiary. Such pension benefit statement shall include, but not belimited to, accrued participant contributions to the plan, total benefitsaccrued, date first eligible for a normal retirement benefit, and projectedbenefit at normal retirement. Any plan failing to do so shall submit inwriting to the joint committee on public employee retirement as to why theinformation may not be provided as requested.
(L. 2007 S.B. 406)