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MISSOURI LOCAL GOVERNMENT EMPLOYEES RETIREMENT SYSTEM THREE YEARS ENDED JUNE 30, 2000 - page 13 / 16

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Georgia; Nicholas-Applegate Capital Management, of San Diego, California; Pacific Investment Management Company, of Newport Beach, California; Rockwood Capital Advisors, of St. Louis, Missouri; Wachovia Bank of Georgia Timberland Investment Management, of Atlanta, Georgia; AEW Real Estate Advisors, of Boston, Massachusetts; and Westmark Realty Advisors, of Los Angeles, California. Northern Trust Company, of Chicago, Illinois serves as the system’s master custodian. Summit Strategies Group, of St. Louis, Missouri serves as the system’s investment consultant. Armstrong Teasdale, LLP, of Jefferson City, Missouri serves as the system’s legal counsel.

As of June 30, 2000, there were 449 participating political subdivisions in the system which included 28,491 active members, 249 inactive members, and 8,789 retirees and beneficiaries.

Membership, required contributions, and benefits provided under LAGERS are generally as follows:

Eligibility

Any political subdivision (unit of local government such as a city, county, or special district) of

Missouri is eligible to join LAGERS. Once a political subdivision LAGERS, all current and future eligible employees are legally required

the system. Participation member subdivision.

in

LAGERS

is

considered

to

be

a

condition

elects membership in to become members of of employment with a

Employee Contributions

Political subdivisions may participate in LAGERS under either a contributory or non- contributory plan. If the subdivision participates under the contributory plan, each member contributes four percent of gross salary after completion of six months of service with the subdivision. If a member terminates LAGERS covered employment before any benefits are payable, the employee’s own contributions, plus interest, are fully refundable upon request. If a member is reemployed in a position covered by the system within four years from the time membership last terminated, the member has the option to repay to the system the amount refunded, plus any regular interest, and reinstate the service previously forfeited.

Employer Contributions

The political subdivisions served by LAGERS are required to contribute the remaining amount above that contributed by their members to finance the benefits that the political subdivision has promised their employees through their participation in LAGERS. These employer contributions are determined annually by the system’s retained actuary and are based upon level-percent-of- payroll funding principles so that the contribution rates do not have to increase over decades of time.

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