105.910. Fund established--commission established, selection of members, qualifications, meetings, when held--transfer of administration of fund.
Fund established--commission established, selection of members,qualifications, meetings, when held--transfer of administrationof fund.
105.910. 1. Sections 105.900 to 105.927 shall provide for theestablishment of the "Missouri State Public Employees Deferred CompensationFund". This fund shall be administered by the Missouri state publicemployees deferred compensation commission. The commission shall approveany deferred compensation agreement entered into by the state undersections 105.900 to 105.927 and shall oversee the orderly administration ofthe fund in compliance with the subsequent provisions of sections 105.900to 105.927.
2. Such commission shall have five commissioners, including onemember of the Missouri state house of representatives to be selected by thespeaker of the house, one member of the Missouri state senate to beselected by the president pro tempore of the senate, and three other suchcommissioners to be appointed by the governor of the state of Missouri byand with the advice and consent of the senate. The legislators appointedas commissioners shall serve during their terms of office in the generalassembly. The commissioners appointed by the governor shall serve a termof three years; except that, of the commissioners first appointed, oneshall be appointed for a term of one year, one shall be appointed for aterm of two years, and one shall be appointed for a term of three years.The commission shall annually elect a chairman and shall be required tomeet not less than quarterly or at any other such time as called by thechairman or a majority of the commission.
3. On August 28, 2007, the commission shall transfer administrationof the fund to the board of trustees of the Missouri state employees'retirement system. Following such transfer:
(1) The board shall assume sole control over and shall be authorizedto administer the fund beginning on the first day of the month followingthe month that the commission transfers administration to the board;
(2) The commission shall provide for the orderly transfer of allrecords pertaining to the fund, and shall take any other action necessaryfor the board to assume its duties under section 105.915; and
(3) The commission shall be dissolved upon such transfer.
(L. 1974 H.B. 1112 § 3, A.L. 2007 S.B. 406)