105.925. Participation in plans requires written agreement--funding--other plans not precluded.
Participation in plans requires written agreement--funding--otherplans not precluded.
105.925. 1. As provided in sections 105.900 to 105.925, anycity, county, institution of the state of Missouri, or otherpolitical subdivision may establish for its employees a deferredcompensation program. Participation shall be by writtenagreement between such employees and the legislative authority ofthe city, county, institution, or other political subdivisionproviding for the deferral of such compensation and thesubsequent investment and administration of such funds.
2. For purposes of funding such agreements between the city,county, institution, or other such political subdivision and theparticipating employees, the agency or department as designatedby the legislative authority to establish and administer suchplans may invest such funds, with the consent of theparticipating employee, in such investments deemed appropriate bysaid agency or department, including, but not limited to, lifeinsurance or annuity contracts. Such payments shall not beconstrued to be a prohibited use of the general assets of thepolitical subdivision.
3. Notwithstanding any provision of sections 105.900 to105.925 of the Missouri revised statutes to the contrary, thissection does not limit the power or authority of any city,county, municipal corporation, political subdivision, or anyinstitution supported in whole or in part by public funds toestablish and administer any other such deferred compensationplans as might be deemed appropriate by the officials of suchsubdivisions or institutions. Providing, however, that in nocase may any insurance or investment as authorized under such aplan be offered by other than a duly licensed resident agentrepresenting a company duly licensed and authorized by the stateof Missouri and other applicable federal regulatory agencies tooffer such insurance or investment programs in compliance withall provisions of this code.
(L. 1974 H.B. 1112 § 6)