The MOSERS Board of Trustees met for their quarterly meeting on November 18^th. 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! At the November board meeting, we welcomed our newest Board member, Acting Commissioner of Administration, Ken Zellers.

As part of the Audit Committee report, we overviewed the MOSERS Annual Comprehensive Financial Report for the year ended June 30, 2021. The annual report, available on our website, provides an overview of MOSERS including:

• MOSERS' employers, including the state of Missouri, contributed 100% of the amount that our external actuaries determined was needed to meet current and future obligations.
• The MOSERS investment portfolio generated a time-weighted return of 26.4%, net of fees, for fiscal year 2021, which generated $2.1 billion in income for the trust fund.
• Newer employees (those hired since 2011) contributed $39 million toward their future retirement benefits, and
• MOSERS paid more than $953 million in pension benefits to retired state employees or their survivors. These benefits have a significant and 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 right here at home.

As part of the Audit Committee report, the Board also approved the MOSERS Fiscal Year 2023 operating budget.

The Investment Committee recommended and the Board approved the Investment Policy Statement as amended by the Committee to include a benchmark philosophy component to the policy.

The Strategic Planning and Governance Committee recommended and the Board voted to support draft legislative proposals for the 2022 legislative session, which begins on January 5. On a related note, I provided Board members with a report on our legislative communications plan for the upcoming session. You can visit our Legislation page throughout the session to view updates and track progress.

Finally, staff reported on progress on the development of our new pension administration system. This is a multi-year project to replace MOSERS' current administration system. We are on budget with this project and anticipate going live with it in early 2023.

As we look ahead to next year, we are currently in the process of finalizing our 2022 education schedule and anticipate having registration open by mid-December. The schedule includes both in-person seminars and online webinars. Please visit the Education page on our website for details.

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. During this holiday season, please know we are thankful for YOU, our members, for your past and current service to the citizens of this great state. Please take time during the holidays to share some special MOMENTS with the people closest to you. Have a wonderful holiday season and much happiness as we move into 2022.