MO SB675

Allows the Missouri Local Government Employees' Retirement System board to enter into agreements with political subdivisions to assume operational duties of their existing retirement plans similar in purpose to the system.

Requires an election to cover new employees under section 70.630 before a political subdivision can transfer operational control of its prior plan to the system board, which becomes the governing board of the transferred plan.

Provides that transferred plans operate as frozen prior plans under the system's existing governing documents while the employer retains sole responsibility for full funding of the plan and all related expenses.

Applies section 70.735 provisions if an employer fails to make required payments on its prior plan.

Authorizes the system board to formulate and adopt rules and regulations necessary to govern proceedings and administer agreements under this section.