MO SB413

Repeals and reenacts section 169.020, RSMo, governing the Public School Retirement System of Missouri.

Establishes a seven-member board of trustees consisting of four elected members from the public school and public education employee retirement systems and three members appointed by the governor with senate consent.

Trustees serve four-year terms without compensation but receive reimbursement for necessary expenses and must take an oath of office filed with the secretary of state.

Modifies state auditor authority from mandatory review of certified public accountant audits to discretionary authority to audit the system at least once every three years and report results to the board and governor.

Board responsibilities include employing an actuary, conducting annual valuations and five-year actuarial investigations, maintaining individual member accounts, arranging annual audits by certified public accountants, and establishing rules for system administration.