MO HB1192

Repeals and reenacts section 166.415 of Missouri law regarding the Missouri Higher Education Savings Program board composition and powers.

Requires board members studying investment plans to contract with or negotiate benefit options the same as or similar to other states' qualified plans for new contracts entered after August 28, 2012.

Establishes board composition including the Missouri state treasurer as chairman, commissioners from higher education and office of administration, director of economic development, and three appointed members with finance, investment, or banking expertise.

Authorizes the board to develop savings programs, enter agreements with financial institutions, invest funds for long-term returns, make distributions to beneficiaries, and procure insurance protections.

Requires board members to act as prudent investors, prohibits conflicts of interest and personal profit from transactions, and establishes quarterly meeting requirements with a four-member quorum.