Section 86.720

Title VII CITIES, TOWNS AND VILLAGES

Chapter 86

Effective - 28 Aug 2003, 3 histories, see footnote   (history) 

  86.720.  Board to make rules — officers — employees. — The general administration and the responsibility for the proper operation of the retirement system and for making effective the provisions of sections 86.600 to 86.790 are hereby vested in the retirement board. The retirement board shall, from time to time, establish rules and regulations for the administration of its assets and for the transaction of its business. The retirement board shall be deemed to be a state agency within the meaning of chapter 536, RSMo. 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. The retirement board may employ any 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 the manner as the retirement board shall determine; except that the compensation of the persons as may be employed by the retirement board shall not be greater than the compensation paid for comparable abilities by the government of the city in which the retirement board is located.

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(L. 1965 p. 205 § 86.498, subsec. 13, A.L. 2003 H.B. 152 & 180 merged with S.B. 212 & 220)