SPONSOR: Hovis
This bill repeals the provision prohibiting membership in LAGERS for employees where continuous employment to the time of retirement eligibility will leave the employee with less than the minimum required number of years of credited service. (Section 70.630, RSMo) The bill provides that the cost of living adjustment for LAGERS must be a measure of the Consumer Price Index as determined by the U.S. Department of Labor and adopted by the Board of LAGERS, instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers. (Section 70.655) This bill repeals references to obsolete statutory provisions. (Section 70.680) Under this bill, if a member's membership terminates, any accumulated contributions unclaimed by the member within 10 years, instead of three years, must be transferred to the investment income-expense fund. (Section 70.690). The bill provides that the Board of LAGERS can deliberate or make decisions on investments or other financial matters in a closed meeting if the disclosure of such deliberations or decisions would jeopardize the ability to implement a decision or to achieve investment objectives. In addition, this bill repeals the provision providing that the investment counselor of the Board be registered as an investment advisor with the U.S. Securities and Exchange Commission. Further, this bill repeals the limitation that no more than one-tenth of the funds and moneys of the system be invested in real estate. (Sections 70.745, 70.746 & 70.747) The funds can be combined with funds of any retirement plan administered by LAGERS and any retirement plan established for providing benefits to employees of LAGERS, but such funds must be accounted for separately. (Section 70.748)
This bill is similar to SB 514 (2025).
Statutes affected: