MO SB1050

Creates the "Missouri Pension Trust Company" as a Missouri trust company organized under chapter 362 to manage investment assets for MOSERS (Missouri State Employees Retirement System) and MPERS (Missouri Department of Transportation and Highway Patrol Employees Retirement System)

MOSERS and MPERS provide equal initial capital and are equal shareholders; the company's business is limited to providing trust services, investment management, and investment advisory services to the two systems and other participating public pension systems

Company governance includes a seven-member board consisting of the executive directors of MOSERS and MPERS plus five outside directors appointed by the governor, with outside directors requiring at least five years of experience in investment, banking, or finance

Company establishes fee schedules to recover staffing and operating costs, maintains written investment policies reviewed at least annually, establishes conflict-of-interest procedures and a code of conduct for board and employees, and creates an audit committee of outside directors

Director of the Division of Finance has jurisdiction over the company and conducts regular examinations; upon dissolution, remaining capital and surplus are distributed to the systems proportionally with no distribution permitted to private parties