2014 Missouri Revised Statutes
TITLE XI EDUCATION AND LIBRARIES (160-186)
Chapter 166 Permanent Funds and Trusts
Section 166.212 (Repealed L. 2011 H.B. 464 § A)

166.212. 1. The fund shall be administered in a manner reasonably designed to be actuarially sound such that the assets of the trust shall be sufficient to defray the obligations of the trust.

2. In the accounting of the fund made pursuant to section 166.209, the board shall annually evaluate or cause to be evaluated by a nationally recognized actuary the actuarial soundness of the fund and determine the additional assets needed, if any, to defray the obligations of the trust. If there are not sufficient funds to ensure the actuarial soundness of the fund, the trust shall adjust payments of subsequent purchases to ensure its actuarial soundness.

3. If there are insufficient numbers of new purchasers to ensure the actuarial soundness of a plan of the trust, the available assets of the fund attributable to the plan shall be immediately prorated among the then existing contracts, and these shares shall be applied, at the option of the person to whom the refund is payable or would be payable under the contract upon termination of the contract, either towards the purposes of the contract for a qualified beneficiary or disbursed to the person to whom the refund is payable or would be payable under the contract upon termination of the contract.