Section 285.1030

Title XVIII LABOR AND INDUSTRIAL RELATIONS

Chapter 285

Effective - 28 Aug 2023   

  285.1030.  No guaranteed interest rate or rate of return — no liability for losses — plan debts and obligations, not state debts and obligations. — 1.  The state of Missouri; the board; each member of the board; any other state official, state board, commission, and agency; any member, officer, and employee thereof; and the plan:

  (1)  Shall not guarantee any interest rate or other rate of return on or investment performance of any contribution or account balance; and

  (2)  Shall not be liable or responsible for any loss, deficiency, failure to realize any gain, or any other adverse consequences including, but not limited to, any adverse tax consequences or loss of favorable tax treatment, public assistance, or other benefits, incurred by any person as a result of participating in the plan.

  2.  The debts, contracts, and obligations of the plan or the board are not the debts, contracts, and obligations of the state, and neither the faith and credit nor the taxing power of the state is pledged directly or indirectly to the payment of the debts, contracts, and obligations of the plan or the board.

  3.  Nothing in sections 285.1000 to 285.1055 shall be construed to guarantee any interest rate or other rate of return on or investment performance of any contribution or account balance.

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