Mo. Code Regs. Ann. tit. 16, § 10-3.020
Management of Funds
Effective Feb 28, 1998section 169.020, RSMo Supp. 1997.* Original rule filed Dec. 19, 1975, effective Jan. 1, 1976. Amended: Filed Jan. 17, 1986, effective June 12, 1986. Emergency amendment filed June 20, 1990, effective July 1, 1990, expired Oct. 28, 1990. Amended: Filed June 20, 1990, effective Nov. 30, 1990. Amended: Filed July 31, 1995, effective Feb. 25, 1996. Amended: Filed Aug. 29, 1997, effective Feb. 28, 1998. *Original authority: 169.020, RSMo 1945, amended 1951, 1953, 1967, 1973, 1983, 1990, 1995, 1996The Public School Retirement System of Missouri
PURPOSE: This rule provides for the orderly management of deposits, all funds and their investment in accordance with the provisions of sections 169.020, 169.040 and 169.045, RSMo.
- (1) The system shall name a depository financial institutions(s) in which all moneys received by the retirement office must be deposited and from which all disbursements of system funds must be made.
- (2) All system funds held by this financial institutions(s) must be fully insured by the Federal Deposit Insurance Corporation (FDIC) or secured by collateral held by a third party in the name of the system as provided by section 169.045, RSMo which shall be available to the system in the event of default by the financial institutions(s).
- (3) The executive director or his/her designated employee(s) shall determine and maintain an appropriate balance of funds to be held in the financial institution(s) to satisfy the current obligations of the system.
- (4) The portion of the balance held in the financial institution(s) but not needed for immediate settlement of system payments may be invested in collateralized investments.
- (5) The system shall name a custodial bank to facilitate the investment of funds and safekeeping of securities.
- (6) Funds held by the depository financial institution(s) in excess of the appropriate balance shall be transferred to the system’s custodial bank and shall be distributed to the system’s investment managers to be invested in accordance with the asset allocation policy of the board of trustees.
- (7) The board of trustees shall determine annually, on or before June 30, the rate of interest which shall be credited to members’ accounts at the end of the fiscal year.
AUTHORITY: section 169.020, RSMo Supp. 1997.* Original rule filed Dec. 19, 1975, effective Jan. 1, 1976. Amended: Filed Jan. 17, 1986, effective June 12, 1986. Emergency amendment filed June 20, 1990, effective July 1, 1990, expired Oct. 28, 1990. Amended: Filed June 20, 1990, effective Nov. 30, 1990. Amended: Filed July 31, 1995, effective Feb. 25, 1996. Amended: Filed Aug. 29, 1997, effective Feb. 28, 1998. *Original authority: 169.020, RSMo 1945, amended 1951, 1953, 1967, 1973, 1983, 1990, 1995, 1996.