SB 476
Authorizes the Board of Trustees of Missouri State Employees' Retirement System to invest certain state funds in order to fund retiree health care benefits and to assist with other state benefit programs as requested
Sponsor:
LR Number:
1681S.01I
Last Action:
5/18/2007 - S Informal Calendar S Bills for Perfection
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2007

Current Bill Summary

SB 476 - This act allows the board of trustees for the Missouri state employees' retirement system to provide services related to medical benefit funds for state employees, retirees, and their dependents who participate in a state medical plan administered by the Missouri consolidated health plan or other medical benefit plans established or maintained by the state for such persons. Services shall be provided under a trust agreement between the board and the state medical plan.

The board shall set up and maintain a separate employee and retiree medical benefit trust for each state medical plan that the system contracts with, in which shall be placed contributions made by the state to fund medical plan benefits, employee contributions and premiums, and other payments or income from any source, to satisfy obligations of the state entity to provide benefits to its employees, retirees, and dependents under such state medical plan. The board may establish trust instruments that set forth applicable terms and conditions for the investment and disbursement of assets of a medical benefit trust, which may be irrevocable. The board may also consolidate retiree assets of one or more medical benefit trusts or commingle assets of trusts with assets of the system for investment purposes, but must maintain separate accounting for the assets of each trust. The board shall make payments from a medical benefit trust to or for the benefit of participants in a state medical plan, or their dependents, as may be specified in directives by the administrator of the medical plan.

The board shall be without liability for any payments made under the direction of the plan administrator, or as provided in a medical benefit trust instrument, and shall have no responsibility or liability for any payment made under such direction.

The board may also authorize the executive director to assist with procedures relating to state payroll, or any other state employee benefits, as requested by the office of administration or other state agency.

ALEXA PEARSON

Amendments