SCS/SB 514 - This act modifies provisions relating to public employee retirement systems. LAGERS: MEMBERSHIP (SECTION 70.630 & 70.690) This act repeals the provision prohibiting membership in Missouri Local Government Employees' Retirement System ("LAGERS") for employees where continuous employment to the time of retirement eligibility will leave the employee with less than the minimum required number of years of credited service. Additionally, this act provides that in the event a member's membership terminates, any accumulated contributions unclaimed by the member within ten years, instead of three years, shall be transferred to the investment income fund of the system. This provision is identical to a provision in the perfected HB 147 (2025), in SCS/HB 352 (2025), in HCS/HB 532 (2025), in HB 559 (2025), in HCS/HB 976 (2025), in HCS/SS/SB 898 (2024) and in SCS/HCS/HB 2431 (2024). LAGERS: COST OF LIVING CPI (SECTION 70.655) This act provides that the cost of living adjustment for LAGERS shall be a measure of the Consumer Price Index as determined by the U.S. Department of Labor and adopted by the Board of LAGERS, instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers. This provision is identical to a provision in the perfected HB 147 (2025), in SCS/HB 352 (2025), in HCS/HB 532 (2025), in HB 559 (2025), in HCS/HB 976 (2025), in HCS/SS/SB 898 (2024) and in SCS/HCS/HB 2431 (2024). LAGERS: REPEAL OF OBSOLETE STATUTORY PROVISION (SECTION 70.680) This act repeals references to obsolete statutory provisions. This provision is identical to a provision in the perfected HB 147 (2025), in HCS/HB 532 (2025), in HB 559 (2025), in HCS/HB 976 (2025), in HCS/SS/SB 898 (2024) and in SCS/HCS/HB 2431 (2024). LAGERS: INVESTMENT DECISIONS (SECTIONS 70.745, 70.746 & 70.747) This act provides that the Board of LAGERS may deliberate or make decisions on investments or other financial matters in a closed meeting if the disclosure of such deliberations or decisions would jeopardize the ability to implement a decision or to achieve investment objectives. Furthermore, this act repeals the provision providing that the investment counselor of the Board be registered as an investment advisor with the U.S. Securities and Exchange Commission. Lastly, this act repeals the limitation that no more than 1/10th of the funds of the system be invested in real estate. These provisions are identical to provisions in the perfected HB 147 (2025), in SCS/HB 352 (2025), in HCS/HB 532 (2025), in HB 559 (2025), and in HCS/HB 976 (2025), and are similar to provisions in HCS/SS/SB 898 (2024) and in SCS/HCS/HB 2431 (2024). LAGERS: INVESTMENT FUNDS (SECTION 70.748) This act provides that the Board may establish and maintain a local government employee retirement systems of Missouri investment fund account in which investments of LAGERS may be placed and be available for investment purposes. The funds may be combined with funds of any retirement plan administered by LAGERS and any retirement plan established for providing benefits to employees of LAGERS, but such funds shall be accounted for separately. This provision is identical to a provision in the perfected HB 147 (2025), in SCS/HB 352 (2025), in HCS/HB 532 (2025), in HB 559 (2025), and in HCS/HB 976 (2025), and is similar to a provision in HCS/SS/SB 898 (2024) and in SCS/HCS/HB 2431 (2024). ALL PUBLIC PLANS: INVESTMENT FIDUCIARY CLOSURE OF RECORDS (SECTION 105.688) This act provides that an investment fiduciary of a public employee retirement system established by the state or any political subdivision of the state shall not be prohibited from closing records related to information in connection with investments in or financial transactions with business entities. This provision is identical to a provision in HB 559 (2025), in HCS/HB 976 (2025), in SS/SB 898 (2024), and in SCS/HCS/HB 2431 (2024). KATIE O'BRIEN