MO HB494

Political subdivisions that are employers in the Missouri Local Government Employees' Retirement System (LAGERS) may request that LAGERS assume operational duties for their existing separate retirement plans

Requires a simple majority vote of active employees in the prior plan and a concurring resolution from the prior plan's board of trustees before the agreement can take effect

Upon entering an agreement, the employer irrevocably delegates all operational duties to LAGERS, which becomes the governing board of the prior plan administered as a "frozen prior plan"

Employers retain sole responsibility for full funding of their prior plans, including all related expenses; failure to make payments triggers enforcement provisions under section 70.735

LAGERS is authorized to formulate and adopt rules and regulations for administering these consolidated plan arrangements