1. 1. The board, subject to the authority granted under sections 285.1000 to 285.1055, shall design, develop, and implement the plan and, to that end, may conduct market, legal, and feasibility analyses.

2. 2. The members of the board shall be fiduciaries of the plan under ERISA, and the board shall have the following powers, authorities, and duties:

   1. (1) To establish, implement, and maintain the plan, in each case acting on behalf of the state of Missouri, including, in its discretion, more than one plan;

   2. (2) To cause the plan, trust, and arrangements and accounts established under the plan to be designed, established, and operated:

      1. (a) In accordance with best practices for retirement savings vehicles;
      2. (b) To encourage participation, saving, sound investment practices, and appropriate selection of default investments;
      3. (c) To maximize simplicity and ease of administration for eligible employers;
      4. (d) To minimize costs, including by collective investment and economies of scale; and
      5. (e) To promote portability of benefits;
   3. (3) To arrange for collective, common, and pooled investment of assets of the plan and trust, including investments in conjunction with other funds with which assets are permitted to be collectively invested, to save costs through efficiencies and economies of scale;
   4. (4) To develop and disseminate educational information designed to educate participants and citizens about the benefits of planning and saving for retirement and to help participants and citizens decide the level of participation and savings strategies that may be appropriate, including information in furtherance of financial capability and financial literacy;
   5. (5) To adopt rules and regulations necessary or advisable for the implementation of sections 285.1000 to 285.1055 and the administration and operation of the plan consistent with the Internal Revenue Code and regulations thereunder, including to ensure that the plan satisfies all criteria for favorable federal tax-qualified treatment, and complies, to the extent necessary, with ERISA and any other applicable federal or Missouri law. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2023, shall be invalid and void;
   6. (6) To arrange for and facilitate compliance with the plan or arrangements established thereunder with all applicable requirements for the plan under the Internal Revenue Code, ERISA, and any other applicable federal or Missouri law and accounting requirements, and to provide or arrange for assistance to eligible employers, eligible employees, and self-employed individuals in complying with applicable law and tax-related requirements in a cost-effective manner. The board may establish any processes deemed reasonably necessary or advisable to verify whether a person or entity is an eligible employer, including reference to online data and possible use of questions in employer tax filings;
   7. (7) To employ or retain a plan administrator; executive director; staff; trustee; record-keeper; investment managers; investment advisors; and other administrative, professional, and expert advisors and service providers, none of whom shall be members of the board and all of whom shall serve at the pleasure of the board, which shall determine their duties and compensation. The board may authorize the executive director and other officials to oversee requests for proposals or other public competitions and enter into contracts on behalf of the board or conduct any business necessary for the efficient operation of the plan or the board;
   8. (8) To establish procedures for the timely and fair resolution of participant and other disputes related to accounts or program operation and, if necessary, determine the eligibility of an employer, employee, or other individual to participate in the plan;
   9. (9) To develop and implement an investment policy that defines the plan's investment objectives, consistent with the objectives of the plan, and that provides for policies and procedures consistent with those investment objectives;

   10. (10)

       1. (a) To designate appropriate default investments that include a mix of asset classes, such as target date and balanced funds;
       2. (b) To seek to minimize participant fees and expenses of investment and administration;
       3. (c) To strive to design and implement investment options available to holders of accounts established as part of the plan and other plan features that are intended to achieve maximum possible income replacement balanced with an appropriate level of risk, consistent with the investment objectives under the investment policy. The investment options may encompass a range of risk and return opportunities and allow for a rate of return commensurate with an appropriate level of risk in view of the investment objectives under the policy. The menu of investment options shall be determined taking into account the nature and objectives of the plan, the desirability of limiting investment choices under the plan to a reasonable number, based on behavioral research findings, and the extensive investment choices available to participants in the event that funds roll over to an individual retirement account (IRA) outside the program; and
       4. (d) In accordance with subdivision (7) of this subsection, the board, to the extent it deems necessary or advisable, in carrying out its responsibilities and exercising its powers under sections 285.1000 to 285.1055, shall employ or retain appropriate entities or personnel to assist or advise it or to whom to delegate the carrying out of such responsibilities and exercising of such powers;

   11. (11) To discharge its duties and see that the members of the board discharge their duties with respect to the plan solely in the interests of the participants as follows:

       1. (a) For the exclusive purpose of providing benefits to participants and defraying reasonable expenses of administering the plan; and
       2. (b) With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims;
   12. (12) To cause expenses incurred to initiate, implement, maintain, and administer the plan to be paid from contributions to, or investment returns or assets of the plan or other moneys collected by or for the plan or pursuant to arrangements established under the plan to the extent permitted under federal and Missouri law;
   13. (13) To collect application, account, or administrative fees and to accept any grants, gifts, legislative appropriations, loans, and other moneys from the state of Missouri; any unit of federal, state, or local government; or any other person, firm, or entity to defray the costs of administering and operating the plan;

   14. (14) To make and enter into competitively procured contracts, agreements, or arrangements with; to collaborate and cooperate with; and to retain, employ, and contract with or for any of the following to the extent necessary or desirable for the effective and efficient design, implementation, and administration of the plan consistent with the purposes set forth in sections 285.1000 to 285.1055 and to maximize outreach to eligible employers and eligible employees:

       1. (a) Services of private and public financial institutions, depositories, consultants, actuaries, counsel, auditors, investment advisors, investment administrators, investment management firms, other investment firms, third-party administrators, other professionals and service providers, and state public retirement systems;
       2. (b) Research, technical, financial, administrative, and other services; and
       3. (c) Services of other state agencies to assist the board in the exercise of its powers and duties;
   15. (15) To develop and implement an outreach plan to gain input and disseminate information regarding the plan and retirement savings in general;
   16. (16) To cause moneys to be held and invested and reinvested under the plan;

   17. (17) To ensure that all contributions under the plan shall be used only to:

       1. (a) Pay benefits to participants under the plan;
       2. (b) Pay the costs of administering the plan; and
       3. (c) Make investments for the benefit of the plan, and ensure that no assets of the plan or trust are transferred to the general revenue fund or to any other fund of the state or are otherwise encumbered or used for any purpose other than those specified in this paragraph or section 285.1045;
   18. (18) To make provisions for the payment of costs of administration and operation of the program and trust;
   19. (19) To evaluate the need for, and procure as needed, insurance against any and all loss in connection with the property, assets, or activities of the program, including fiduciary liability coverage;
   20. (20) To evaluate the need for, and procure as needed, pooled private insurance;
   21. (21) To indemnify, including procurement of insurance as needed for this purpose, each member of the board from personal loss or liability resulting from a member's action or inaction as a member of the board and as a fiduciary;
   22. (22) To collaborate with, and evaluate the role of, financial advisors or other financial professionals, including in assisting and providing guidance for covered employees; and
   23. (23) To carry out the powers and duties of the program under sections 285.1000 to 285.1055 and exercise any and all other powers as are appropriate to effect the purposes, objectives, and provisions of such sections pertaining to the program.

3. 3. A board member, program administrator, or other staff of the board shall not:

   1. (1) Directly or indirectly, have any interest in the making of any investment under the program or in any gains or profits accruing from any such investment;
   2. (2) Borrow any program-related funds or deposits, or use any such funds or deposits in any manner, for himself or herself or as an agent or partner of others; or
   3. (3) Become an endorser, surety, or obligor on investments made under the program.
4. 4. Each board member shall be subject to the provisions of sections 105.452 and 105.454.

(L. 2023 S.B. 20 merged with S.B. 75)