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November 2018 Board Meeting Update

[Posted on 11/28/2018 at 10:33 AM]

 

The MOSERS Board of Trustees met on November 15, 2018. Since the official minutes of that meeting won’t be available until after they are approved at the next board meeting, we are providing this summary in order to get information to you more quickly. Please watch the video above and read the information below to learn more.

Comprehensive Annual Financial Report

At the November meeting, staff presented our FY18 Comprehensive Annual Financial Report, which is available on the MOSERS website. We also send the summary annual report to all members in our winter newsletter. Look for it as an email or in hardcopy in your mailbox – however you receive your materials from MOSERS.

Some of the highlights of our annual report are:

  • Our investments staff earned 7.4% net of fees this year.
  • Our FY18 investment return translates into nearly $590 million in assets added to the MOSERS Trust Fund.
  • As they consistently have in the past, the state of Missouri as the employer, contributed 100% of the amount that our external actuaries determined was needed this year in order for MOSERS to meet current and future needs.
  • Newer employees (those in MSEP 2011 and the Judicial Plan 2011) contributed $29 million toward their future retirement benefits in FY18.
  • In total, MOSERS paid more than $853 million in pension benefits to retired state employees or their beneficiaries in FY18. This has a significant, positive economic impact on our state and local communities since nearly 90% of retirees remain in Missouri spending these benefit dollars on goods and services here at home.

Staff from Williams Keepers, LLC, who serve as MOSERS external, independent auditors, presented their findings to the Board regarding MOSERS’ financial statements. They issued an unmodified (clean) or “best opinion”. This means that the MOSERS financial statements fairly present, in all material respects, the financial position of the pension trust funds in accordance with generally accepted accounting principles.

Board Action

MOSERS Board members took the following actions at the November 15 meeting:

  1. Approved the updated investment governance policies and the portfolio transition plan
  2. Approved MOSERS' Fiscal Year 2020 operating budget
  3. Established a permanent audit committee of the Board (as well as the audit committee charter)
  4. Set the 2019 calendar year board meeting schedule (posted on MOSERS website homepage)
  5. Rescinded the board rules related to the MOSERS Buyout Program since legislative authority to offer it has expired

Executive Director's Comments

In reflecting on the year that was FY18 and all its activities here at MOSERS, we continue to be reminded that it is the long-term security of the benefits we administer that is most important. Those things that are of the highest quality and of the most value require a commitment of time, skill, hard work, sacrifice, and dedication to produce. Built well and properly maintained, they endure for generations. We know our members rely on their benefits now and far into the future. The decisions and initiatives completed by the board and our staff this year all work together to foster the long-term sustainability of the system. As we move into the new year, we, the staff of MOSERS, will continue to "roll up our sleeves" and work hard for our members, the board, and all our stakeholders. It is an honor to work for this great state and its citizens.

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