A Moment with MOSERS June 2022

Jul 6, 2022, 10:51 AM

June 2022 A Moment with MOSERS

The MOSERS Board of Trustees met for their annual Board Educational Conference on June 15, 2022, and regular quarterly meeting on June 16, 2022. 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, June 15, and our regular 2nd quarter Board meeting on Thursday, June 16.

Our Board Education Conference assists in satisfying the requirement that Board members attend at least six hours of continuing education each year, as described in the MOSERS Governance Manual.

This year, our Board Educational Conference included a tour of our beautiful Missouri State Capitol.

June Education Meeting

As part of our educational day, the Board heard presentations, and had discussions, regarding:

  • recent changes to actuarial standards of practice,
  • the upcoming asset allocation study process, and
  • the environmental, social, and governance (ESG) and proxy voting within MOSERS' investment program.

On June 16th, the Board conducted the 2nd Quarter Board meeting.

During the legislative session that ended in May, the General Assembly appropriated $500 million in a one-time extraordinary payment to MOSERS. As a result, our external actuary made a presentation to the Board on the impact of this extra funding on the employer contribution rate.

Next, our Board Investment Consultant and internal staff provided reports on investment performance. As is true for institutional investors around the world, our investment returns are down. For the quarter ended 3/31/2022, we were at -4.2%. While this isn't great news, it is good to know that our well-diversified portfolio is working as it should to protect the System from more significant losses.

At a time like this, it is important to remember that your benefit amount is not affected by the ups and downs of the financial market. Investing trust fund dollars, over the long-term, provides for your ongoing benefit security.

Following the investment reports, our Board heard updates from the Board Investment, Strategic Planning & Governance, and Audit Committees.

We wrapped up the board meeting with a legislative report: The 2022 legislative session ended on May 13. Proposed legislationthat would have directly affected MOSERS' statutes did not pass. However, the General Assembly did authorize the appropriation of $610 million to MOSERS for Fiscal Year 2023. This appropriation fully funds the Board-certified employer contribution rate.

Additionally, the General Assembly authorized the $500 million appropriation in a one-time extraordinary payment to MOSERS, as I previously mentioned, as well as a $34 million appropriation to fund a deferred compensation employer match for active employees of up to $75 per month (with a minimum contribution of $25 per month). Of course, all FY23 appropriation bills passed by the General Assembly must also be signed by the Governor.

Last, but not least, after the June Board meeting, I announced my intention to retire in 2023. Calendar year 2022 marks my 30th year in public service. I have been honored to serve as MOSERS' executive director since 2018 and appreciate the steadfast support from our Board of Trustees, staff, and from you, our membership. The Board will soon begin the process of conducting a search for MOSERS' next executive director and we will ensure a smooth transition.

Thank you for watching this edition of A Moment with MOSERS. In this life, we only have so many moments, thank you for spending THIS MOMENT with us. Have a great day and enjoy a safe and happy summer!

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