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MOSERS Receives Award from Public Pension Coordinating Council

[Posted on 11/07/2017 at 4:28 PM]

MOSERS received the Public Pension Standards Award for Funding and Administration from the Public Pension Coordinating Council (PPCC) in 2017, in recognition of meeting professional standards for plan design and administration as set forth in the Public Pension Standards.

This is the 15th consecutive year that MOSERS has received this award since the award’s inception in 2003.

To receive the Recognition Award for Administration, the retirement system must certify that it meets the requirements in five areas of assessment. Those areas are:

1. Comprehensive Benefit Program - The system must provide a comprehensive benefit program including service retirement benefits, in-service death benefits, disability benefits, vesting, and provisions for granting a cost-of-living adjustment.

2. Actuarial - An actuarial valuation must be completed at least every two years using generally recognized and accepted actuarial principles and practices.

3. Audit - The system must obtain an unqualified opinion from an independent audit conducted in accordance with government auditing standards generally accepted in the United States.

4. Investments - The system must follow written investment policies and written fiduciary standards and the system must obtain an annual investment performance evaluation from an outside investment review entity.

5. Communications - Members must be provided a handbook or summary plan description, regular updates to the documents, and an annual benefit statement. Meetings of the governing board of the system are conducted at least quarterly with adequate public notice.

To receive the Recognition Award for Funding, the retirement system must certify that it meets the requirements for funding adequacy, as defined as meeting one or more of the following criteria:

a. A funded ratio of 100 percent.

b. Contribution rates equal to or greater than 100 percent of the Annual Required Contribution (see p 54 of the MOSERS FY16 Annual Report); or

c. A plan has been approved by the governing body to achieve one or both of these criteria within five years.

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Missouri State Employees' Retirement System
Address: 907 Wildwood Dr., Jefferson City, MO 65102 Phone: 800.827.1063 URL: Email: Founded On: September 1, 1957