SB 1050 - This act creates the Missouri Public Trust Company. This company is authorized to manage the investment of the trust assets of the Missouri State Employees Retirement System (MOSERS) and the Missouri Department of Transportation and Highway Patrol Employees Retirement System (MPERS). Other Missouri public pension systems, except for the Public School Retirement System (PSRS), the Public Education Employee Retirement (PEERS), and the Missouri Local Government Employees Retirement System (LAGERS), may contract with the company to act as trustee of their system's assets or to provide investment management or investment advisory services. The Missouri Public Trust Company is organized as a trust company, with the company's initial capital provided by MOSERS and MPERS in equal portions and MOSERS and MPERS as equal shareholders in the company. The company has the powers granted to a trust company, but the company's business is limited to providing trust services, investment management services and investment advisory services. The company is required to establish fees to provide for staffing, operating costs, and maintaining the funds required by law for a trust company. MOSERS and MPERS may transfer any of their executives or employees to the company, except for their executive directors. The board of directors of the company has seven members, the executive director of MOSERS, the executive director of MPERS, and five outside directors, who are initially appointed by the governor and later elected by the board of directors from names submitted by the executive directors of MOSERS and MPERS. The board of directors of the company is required to oversee the company's business, hire a chief executive officer for the company, and establish certain corporate governance policies. The company may restate its articles of agreement, but may not increase the number of directors before January 2016. The assets of these retirement systems may be held by the company in a collective trust fund for investment as a single pool. The company is not liable for any payment they make as directed by a person authorized in the trust management agreement. If the company is liquidated or dissolves, the funds remaining after transferring trust assets to MOSERS, MPERS, and any other public pension system will be distributed to MOSERS and MPERS. EMILY KALMER