105.915. Board to administer plan--written agreement required--immunity from liability, when.

Board to administer plan--written agreement required--immunity fromliability, when.

105.915. 1. The board of trustees of the Missouri state employees'retirement system shall administer the deferred compensation fund for theemployees of the state of Missouri that was previously administered by thedeferred compensation commission, as established in section 105.910, priorto August 28, 2007. The board shall be vested with the same powers that ithas under chapter 104, RSMo, to enable it and its officers, employees, andagents to administer the fund under sections 105.900 to 105.927. Two ofthe commissioners serving on the deferred compensation commissionimmediately prior to the transfer made to the board under section 105.910shall serve as ex officio members of the board solely to participate in theduties of administering the deferred compensation fund. One suchcommissioner serving as an ex officio board member shall be a member of thehouse of representatives selected by the speaker of the house ofrepresentatives, and such commissioner's service on the board shall ceaseon December 31, 2009. The other commissioner serving as an ex officioboard member shall be the chairman of the deferred compensation commissionimmediately prior to the transfer made to the board under section 105.910,and such commissioner's service on the board shall cease December 31, 2008.

2. Participation in such plan shall be by a specific writtenagreement between state employees and the state, which shall provide forthe deferral of such amounts of compensation as requested by the employeesubject to any limitations imposed under federal law. Participatingemployees must authorize that such deferrals be made from their wages forthe purpose of participation in such program. All assets and income ofsuch fund shall be held in trust by the board for the exclusive benefit ofparticipants and their beneficiaries. Assets of such trust may be pooledsolely for investment management purposes with assets of the trustestablished under section 104.320, RSMo.

3. Notwithstanding any other provision of sections 105.900 to105.927, funds held for the state by the board in accordance with writtendeferred compensation agreements between the state and participatingemployees may be invested in such investments as are deemed appropriate bythe board. All administrative costs of the program described in thissection, including staffing and overhead expenses, may be paid out ofassets of the fund, which may reduce the amount due participants in thefund. Such investments shall not be construed to be a prohibited use ofthe general assets of the state.

4. Investments offered under the deferred compensation fund for theemployees of the state of Missouri shall be made available at thediscretion of the board.

5. The board and employees of the Missouri state employees'retirement system shall be immune from suit and shall not be subject to anyclaim or liability associated with any administrative actions or decisionsmade by the commission with regard to the deferred compensation programprior to the transfer made to the board under section 105.910.

6. The board and employees of the system shall not be liable for theinvestment decisions made or not made by participating employees as long asthe board acts with the same skill, prudence, and diligence in theselection and monitoring of providers of investment products, education,advice, or any default investment option, under the circumstances thenprevailing that a prudent person acting in a similar capacity and familiarwith those matters would use in the conduct of a similar enterprise withsimilar aims.

7. The system shall be immune from suit and shall not be subject toany claim or liability associated with the administration of the deferredcompensation fund by the board and employees of the system.

(L. 1974 H.B. 1112 § 4, A.L. 1977 H.B. 482, A.L. 2007 S.B. 406)