Fund account authorized for investment purposes — rules

1. Notwithstanding the provisions of section 105.662 to the contrary, the board may set up and maintain a local government employee retirement systems of Missouri investment fund account in which investment and reinvestment of all or part of the moneys of the retirement system may be placed and be available for investment purposes. 2. For the purpose of investing the funds of the retirement system, the funds may be combined with the funds of any retirement plan that is administered by the retirement system under section 70.621 and any retirement plan established for the purpose of providing benefits for employees of the system, but the funds of each plan shall be accounted for separately and for all other reporting purposes shall be separate. 3. The board of trustees may promulgate such rules and regulations consistent with the provisions of this section as deemed necessary for its proper administration, pursuant to the provisions of this section and this chapter. 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, 2025, shall be invalid and void.