Section 86.407

Title VII CITIES, TOWNS AND VILLAGES

Chapter 86

Effective - 28 Aug 2003, 2 histories, see footnote   (history) 

  86.407.  Board to establish rules and regulations — officers and employees. — 1. Subject to the limitations of sections 86.370 to 86.497 the retirement board shall, from time to time, establish rules and regulations for the administration of its assets, for the transaction of its business and for the conduct of nominations and elections of the elected members of the retirement board. The retirement board shall be deemed to be a state agency within the meaning of chapter 536, RSMo.

  2. The retirement board shall elect from its membership a chairman, a vice chairman and a treasurer and shall, by majority vote of its members, appoint a secretary, who may be, but need not be, one of its members. It may employ such actuarial, legal and other services as may be necessary to transact the business of the retirement system. The compensation of all persons employed by the retirement board and all other expenses of the board necessary for the operation of the retirement system shall be paid in such manner as the retirement board shall determine; provided, that the compensation of such persons as may be employed by the retirement board shall not be greater than the compensation paid for comparable abilities by the governments of the cities in which said retirement board is located.

­­--------

(L. 1945 p. 1367 § 4, A.L. 1991 H.B. 321 & 343, A.L. 2003 H.B. 152 & 180 merged with S.B. 212 & 220)