104.1012. Plans to be managed by appropriate boards.
Plans to be managed by appropriate boards.
104.1012. 1. Any new state employee who would have become a memberof the closed plan administered by the transportation department andhighway patrol retirement system except for the creation of the year 2000plan and persons covered by the closed plan administered by the highway andtransportation employees' and highway patrol retirement system who electyear 2000 plan coverage as provided in section 104.1015 shall have theiryear 2000 plan coverage managed by that board.
2. Any new state employee who would have become a member of theclosed plan administered by the Missouri state employees' retirement systemexcept for the creation of the year 2000 plan or persons covered by theclosed plan administered by the Missouri state employees' retirement systemwho elect year 2000 plan coverage as provided in section 104.1015 shallhave their year 2000 plan coverage managed by that board.
3. In the event either board of trustees elects to provide employees,members, or vested former members under either the closed plan or the year2000 plan with education or advice pertaining to any aspect of retirementplanning, the board will not be liable for the retirement or investmentdecisions made or not made by employees, members, or vested former membersso long as the board acts with the same care, skills, prudence, anddiligence in the selection and monitoring of providers of education andadvice under the circumstances then prevailing that a prudent person actingin a similar capacity and familiar with those matters would use in theconduct of a similar enterprise with similar aims.
(L. 1999 S.B. 308 & 314, A.L. 2007 S.B. 406)