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MOSERS Board Certifies Contribution Rate for Fiscal Year 2020

[Posted on 09/14/2018 at 3:25 PM]

The MOSERS Board of Trustees has accepted the recommendation of its independent external actuary and certified the employer contribution rate for retirement benefits provided by the MSEP at 21.77% of covered payroll for the fiscal year beginning July 1, 2019.

The state of Missouri, as the employer, has consistently paid contributions on time and in full as certified by the MOSERS Board of Trustees. For more information, see our Key Facts regarding funding of MOSERS.

Recent Board Actions Affecting the Employer Contribution Rate

  • After considerable deliberation, the MOSERS Board approved the reduction of their assumed rate of return (ARR) on investments from 7.50% to 7.25%, effective June 30, 2018. This change includes the intention to further reduce the ARR to 7.10%, effective June 30, 2019, and then to 6.95%, effective June 30, 2020. 
  • The MOSERS Board also approved utilizing a 5-year closed asset smoothing method with a 7-year transition period for previous losses.

The above actions cause the employer contribution rate to increase in the short term but will work to ensure MOSERS’ sustainability over the long term.

  • In 2017, the Missouri General Assembly approved and the MOSERS Board implemented a buyout program for vested former state employees, which resulted in a net reduction in system liabilities of $41 million.


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MOSERS
Missouri State Employees' Retirement System
Address: 907 Wildwood Dr., Jefferson City, MO 65102
https://www.mosers.org/images/mosers-logo-bg-375-280.jpg Phone: 800.827.1063 URL: Email: mosers@mosers.org Founded On: September 1, 1957