169.480. Board to be trustees of funds--investment--income credited--payments, how made--current funds kept--duties of trustees.
Board to be trustees of funds--investment--income credited--payments,how made--current funds kept--duties of trustees.
169.480. 1. The board of trustees shall be the trustees of all thefunds of the system and shall have full power to invest and reinvest suchfunds, and such trustees shall have full power to hold, purchase, sell,assign, transfer or dispose of any of the securities and investments inwhich such funds shall have been invested, as well as of the proceeds ofsuch investments and any moneys belonging to such funds.
2. The board of trustees shall annually credit each member'sindividual account with interest on the largest balance remaining in eachaccount for the entire year and at the rate determined by the board.
3. The board of trustees may employ a bank having fiduciary powersfor the provision of such custodial or clerical services as the board maydeem appropriate. Disbursement of funds of the retirement system shall beunder the general supervision of the board of trustees and shall be inaccordance with procedures established or approved by the board of trusteeswith the concurrence of the system's auditors.
4. For the purpose of meeting disbursements for pensions and otherpayments, there may be kept available cash on deposit in one or more banksor trust companies in the school district, organized under the laws of thestate of Missouri, or of the United States; provided, that the amount ondeposit in any one bank or trust company shall not exceed twenty-fivepercent of the paid-up capital and surplus of such bank or trust company,and for all deposits the board of trustees shall require of the banks ortrust companies as security for the safekeeping and payment of the depositssecurities of a like kind and character as may be required by law for thesafekeeping and payment of deposits made by the state treasurer.
5. Except as herein provided, no trustee, member of the board ofeducation or employee of either the board of trustees or the board ofeducation shall have any direct interest in the gains or profits of anyinvestment made by the board of trustees. Nor shall any of them directlyor indirectly for himself or as an agent in any manner use the assets ofthe retirement system except to make such current and necessary payments asare authorized by the board of trustees, nor shall any of said personsbecome an endorser or surety or become in any manner an obligor for moneysloaned by or borrowed from the board of trustees.
6. No member of the board of education shall be interested in anycontract with or claim against the public school retirement system in hisschool district. If at any time after the election of any member of theboard he becomes interested in any contract or claim against saidretirement system, either directly or indirectly, or as agent or employeeof any individual, firm or corporation, which is so interested, he shallthereupon be disqualified to continue as a member of the board.
(L. 1943 p. 805 § 8, A.L. 1953 p. 438, A.L. 1961 p. 384, A.L. 1981 H.B. 33, et al., A.L. 1987 H.B. 558, et al., A.L. 2001 H.B. 660)CROSS REFERENCE:
Multinational banks, securities and obligations of, investment in, when, RSMo 409.950