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February 2019 Board Meeting Update

[Posted on 03/20/2019 at 8:02 AM]

 

The MOSERS Board of Trustees met on February 21, 2019. 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.

Board Officers Elected At the February meeting, Chairwoman Crystal Wessing and Vice Chairman Gary Metzger retained their Board officer positions for 2019. Congratulations to Crystal and Gary. We appreciate your ongoing leadership.

New Board Members Welcomed We also welcomed Representative Rusty Black to his first meeting after being appointed to the Board by House Speaker Elijah Haahr. Additionally, we welcomed former longtime MOSERS executive director, Gary Findlay, to the Board. He was elected by MOSERS retirees during the 2018 board election cycle.

This was the first meeting for Scott Fitzpatrick in his new role as State Treasurer. Formerly serving as the House-appointed member of the Board, Treasurer Fitzpatrick is now an ex-officio member of the MOSERS Board. We look forward to 2019 and continuing the solid engagement of our Board and staff.

Investments Performance & Implementation of New Asset Allocation MOSERS investment professionals reported on calendar year 2018 investment performance. As most investors are aware, the financial markets experienced a drawdown in the 4th quarter of 2018, which negatively impacted our year-end returns. MOSERS' investment return for calendar year 2018 was -6.8%. However, the markets have rebounded since the year end and we have recouped some of that loss.

Additionally, in 2019, MOSERS investment staff began implementing the new asset allocation policy, which the Board recently adopted. Staff will implement the new asset allocation over a 36-month period.

Board members engaged in a discussion about how best to communicate MOSERS' investment approach to members and other stakeholders. To address that question, staff created the Understanding MOSERS' Investment Approach infographic, which illustrates how MOSERS strives to balance investment risk.

We understand the subject of pensions can be complex. Taxpayers have entrusted significant resources to us, which we are committed to using wisely and prudently. We strive to provide information to all stakeholders to increase transparency and overall understanding.

Defined Contribution Plans - Update on Outreach Cindy Rehmeier, our manager of defined contribution plans, provided her annual overview of the MO Deferred Comp Plan and the College & University Retirement Plan (CURP). MO Deferred Comp is a low-cost, simplified savings program that is administered by the Board and is intended to supplement your MOSERS pension and Social Security retirement benefits. Staff have implemented a robust financial education and marketing outreach effort to promote participation in this valuable program.

The CURP is a mandatory retirement savings plan for faculty members at MOSERS-covered universities. After being in CURP for at least six years, an active employee may elect to transfer into the defined benefit pension plan administered by MOSERS.

Revised Governance Manual Adopted In other business, the Board approved the final version of the revised Governance Manual as recommended by the members of the Strategic Planning & Governance Committee.

Executive Director's Comments As MOSERS' mission statement conveys, we strive to advance the financial security of our members. Our Board and staff continue to work hard for your benefit.

Thank you for watching this edition of A Moment with MOSERS. In this life, we only have so many moments, please know that we appreciate you spending THIS moment with us. Have a great day. 

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