SB 161 Removes certain limitations on investments made by boards of trustees of police and firemen's retirement systems
Sponsor: Crowell
LR Number: 0728S.01T Fiscal Note: 0728-01
Committee: Veterans' Affairs, Pensions and Urban Affairs
Last Action: 6/26/2009 - Signed by Governor Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2009
House Handler: Viebrock

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Current Bill Summary

SB 161 - This act removes language requiring that boards of trustees of municipal police and firemen's pension systems invest and reinvest the pension systems' money subject to the terms, conditions, limitations or restrictions imposed by law on life insurance or casualty companies. The act also provides that the boards invest the funds of the systems as permitted by Sections 105.687 to 105.690, RSMo, which contains the "prudent investor" standard, as well as other duties for investment fiduciaries.

This act is similar to HB 593 (2009) and SB 997 (2008).