A Moment with MOSERS May 2024

Jul 2, 2024, 09:33 AM

May 2024  A Moment with MOSERS

The MOSERS Board of Trustees met for their regular quarterly meeting on May 30, 2024. Since the official minutes of that meeting won't be available until after they are approved at the next quarterly 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.

Welcome to this edition of A Moment with MOSERS!

We held our annual Board Educational Conference on Wednesday, May 29, and our 2nd quarter Board meeting on Thursday, May 30.

Our Board Educational Conference assists in satisfying the requirements that Board members attend at least six hours of continuing education each year.

The morning program included a presentation about our deferred compensation program, which has now been available to state employees for 50 years. MOSERS took over the administration of this program in 2007. Since 2007, assets have more than doubled, plan participation has increased from 70% to 84%, the average monthly contribution has increased from $125 to $200, and costs have decreased from 98 basis points to 24 basis points.

We are extremely proud of this program.

Next, the Board received a presentation from our external actuary on the MOSERS funding policy and key risk factors that could affect contribution rates in the future.

The afternoon education session included an overview of our information technology department and the controls we have in place to protect our IT systems and member data.

Next, we turned to investments. If you recall, the Board selected a new policy asset allocation at the February Board meeting. As part of the education, we reviewed the role of the different asset classes within the total portfolio, reviewed new performance benchmarks, and provided insight on how we intend to implement the new asset allocation. We will begin this transition on July 1, and expect for it to be complete in two years.

On May 30, the Board conducted the 2nd quarter Board meeting.

The Board heard updates from the Board Audit, Strategic Planning & Governance, and Investment Committees. We reported investment performance for the 12 months ending March 31, 2024, of 6.8% net of fees.

We wrapped up the Board meeting with a legislative report. The 2024 legislative session ended on May 17. No new legislation was passed this session that directly impacts MOSERS.

In regards to funding, the General Assembly authorized an appropriation to the Office of Administration to fully fund the state's portion of the annual employer contributions to MOSERS. This appropriation funds the MSEP retirement plans, the Judicial Plan, life insurance premiums, and long-term disability premiums for the upcoming fiscal year.

The General Assembly also appropriated money to fund the deferred compensation employer match of up to $75 per month.

This meeting marked the final Board meeting for Senator John Rizzo, who will be leaving the Missouri Senate. Senator Rizzo has served on the MOSERS Board since January 2021. We thank Senator Rizzo for his service to the state of Missouri and to MOSERS, and wish him well in his new endeavors!

Thank you for watching this edition of A Moment with MOSERS. Have a happy and safe summer!


Back to News

News Archive