Missouri Revised Statutes
Chapter 103 - Health Plan for State Employees
Section 103.032 - Investment counselors may be employed for investment advice, qualifications, duties.

Effective - 28 Aug 1992
103.032. Investment counselors may be employed for investment advice, qualifications, duties. — The board may employ or contract with an investment counselor or counselors to be the investment advisor to the board. The board may delegate to such investment counselor authority to act in place of the board in the investment and reinvestment of all or part of the moneys of the plan, and may also delegate to such counselor the authority to act in place of the board in the holding, purchasing, selling, assigning, transferring or disposing of any or all securities and investments in which such moneys have been invested, as well as the proceeds of such investments. Such investment counselor or counselors shall be registered as an investment advisor with the United States Securities and Exchange Commission. In exercising or delegating its investment powers and authority, members of the board shall exercise ordinary business care prudence under the facts and circumstances prevailing at the time of the action or decision. In so doing, the board shall consider long- and short-term needs of the plan in carrying out its purposes, the plan's present and anticipated financial requirements, the expected total return on the plan's investment, general economic conditions, income, growth, long-term net appreciation, and probable safety of funds. No member of the board shall be liable for any action taken or omitted with respect to the exercise of or delegation of these powers and authority if such member shall have discharged the duties of his or her position in good faith and with that degree of diligence, care, and skill which prudent men and women would ordinarily exercise under similar circumstances in a like position.
­­--------
(L. 1992 H.B. 1574 § 1 subsec. 15)

<< Previous
Next >>

Structure Missouri Revised Statutes

Missouri Revised Statutes

Title VIII - Public Officers and Employees, Bonds and Records

Chapter 103 - Health Plan for State Employees

Section 103.003 - Definitions.

Section 103.005 - Missouri consolidated health care plan established, purpose — powers to carry out plan.

Section 103.008 - Administration to be by board of trustees — members, qualifications, appointment, terms — vacancies.

Section 103.010 - MOSERS medical staff will serve jointly on both boards — rates and services, decisions prior to January 1, 1994, to be made by MOSERS board.

Section 103.012 - Board chairman and vice chairman elected annually by secret ballot — powers and duties.

Section 103.014 - Executive director appointed by board, not to be board member — powers and duties.

Section 103.016 - Executive director and staff to be state employees — board members not to be employed by plan for four years after leaving board, exception.

Section 103.019 - Staff salaries to be set by board.

Section 103.020 - Summons and writs to be served on executive director.

Section 103.023 - Actuary or actuarial firm to give technical advice.

Section 103.025 - Annual audit of records and accounts by CPA.

Section 103.027 - Records to be open to public — annual report on financial condition of plan, content.

Section 103.029 - Attorney at law may be employed for legal advice and representation.

Section 103.032 - Investment counselors may be employed for investment advice, qualifications, duties.

Section 103.036 - Benefit trust fund account to be established by board, purpose — powers of board to carry out duties.

Section 103.039 - Deposit of funds — commingling of funds prohibited — executive director to be responsible, bond required.

Section 103.042 - Board to serve without compensation — expenses authorized — board members performing duties not to suffer loss of their regular compensation.

Section 103.045 - Meetings of board, held where and how set — notice to board members.

Section 103.047 - Board members to have one vote — six members to be quorum — majority vote of trustees present for official actions — meeting not required, procedure to determine will of board.

Section 103.050 - Principal office for plan to be in Jefferson City, seal — courts to take judicial notice.

Section 103.055 - Errors in members or providers receiving more or less than entitled to — board's power to correct or recover overpayments.

Section 103.057 - False statement or falsifying record of plan, penalty.

Section 103.059 - Rules authorized, duties of board.

Section 103.061 - Inspection by board of accounts and records of participants in plan or requesting participants.

Section 103.064 - Subpoena of witnesses or production of records, powers of board.

Section 103.067 - Trustees and employees not to profit from plan transactions — acceptance of gratuity or compensation to influence investment, penalties.

Section 103.070 - Tax exemptions for plan's assets.

Section 103.075 - Plan to become effective on January 1, 1994 — prior to effective date employees' retirement medical care plan to remain in effect.

Section 103.078 - Foster parents permitted to purchase, when.

Section 103.079 - Health care programs sponsored by other state agencies may become part of consolidated plan, procedure — departments may review plan and withdraw, when — higher education entities may become part of consolidated plan, procedure.

Section 103.080 - High deductible plans and health savings accounts to be offered — definitions — premiums — consumer-driven health care plans — rulemaking authority.

Section 103.083 - Medical benefit coverage, board's authority to contract for — comparable benefits for employees relying on spiritual healing.

Section 103.084 - Recommendation to change to an October first plan year for health care provider contracts.

Section 103.085 - Termination of coverage, when, exceptions, certain persons may choose to continue coverage, requirements.

Section 103.089 - Medicare benefits participants, effect.

Section 103.095 - General assembly members, elected officials and employees who cease to hold office may continue coverage — time limitation to elect coverage.

Section 103.098 - Thirty-day enrollment period for state employees, retirees and dependents — preexisting condition not covered for twelve months.

Section 103.100 - Cost of medical benefit program, estimated amount, how computed — notification of authorized medical benefit options — recommendation of portion to be paid by employees — appropriations requested.

Section 103.105 - Participating member agencies to pay executive director monthly — payment deposited in health fund.

Section 103.110 - Certification of costs of providing recommended options — premium amounts, payment — deposit in fund.

Section 103.115 - Consultants, former employees from certain state agencies, judges or teachers to be compensated for advice which will be paid toward medical benefits, amount.

Section 103.130 - Agencies joining plan to be by majority vote of governing body, procedure — coverage to be effective, when — must be offered to all eligible employees, retirees and dependents of agency.

Section 103.133 - Withdrawal from plan — participating agencies and political subdivisions, procedure — termination of plan effective, when.

Section 103.136 - Agencies and political subdivisions, coverage by plan after termination, two-year period, exception, board action.

Section 103.138 - Plan not responsible for liabilities prior to effective date — for participating agencies and political subdivisions.

Section 103.141 - Participating agencies and political subdivisions, persons eligible for plan.

Section 103.145 - Enrollment period of thirty days for employees, retirees and dependents of participating member agency.

Section 103.150 - Coverage to terminate when person no longer employee of participating member agency — exceptions.

Section 103.155 - Reimbursement by participating member agency of start-up costs incurred solely for member agency.

Section 103.158 - Premiums to be paid by participating agencies — deposit into fund.

Section 103.163 - Delinquent participating member agency, effect — first lien on member agency's fund — writ of mandamus for payment.

Section 103.165 - Termination of agency's participation in plan for failure to pay — no payment of claims during period of nonpayment.

Section 103.170 - Deficiency in year participating member agencies withdraw to be prorated by the actuary.

Section 103.175 - Feasibility of agencies and school district retirees not having joined plan to join — board to study and report.

Section 103.178 - Alternative system of benefits for treatment of chemical dependency, pilot project — design of project, report.