HB 494 - This act provides that a political subdivision that provides a retirement plan to some or all of its employees and that is an employer in the Missouri Local Government Employees' Retirement System (LAGERS) may enter into an agreement with LAGERS assigning all duties and responsibilities of operating the retirement plan to LAGERS.
After making the necessary changes to the plan's governing documents, and receiving a concurring resolution from the prior plan's board of trustees, the political subdivision employer may enter into an agreement with the Board of LAGERS who will become the governing board of the political subdivision's prior plan. The prior plan shall be administered as a frozen prior system and will continue to operate under its existing governing documents. The political subdivision shall retain responsibility for the funding of its prior plan.
This act is identical to provisions in HCS/SB 283 (2015) and similar to SB 675 (2014) and HB 1044 (2014).