The MOSERS Board of Trustees met for their regular quarterly meeting on November 21, 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!

On November 21, the MOSERS Board of Trustees met for their fourth quarter meeting. As always, the main objective of Board meetings is to ensure the long-term sustainability of promised benefits.

At the meeting, the Board reviewed and approved the Fiscal Year 2026 MOSERS Operating Budget.

We also notified Board members that the MOSERS Annual Comprehensive Financial Report for the fiscal year ended June 30, 2024, is now available. MOSERS received a clean audit report on our financial statements from the system's external auditor.

The auditor also noted the financial statements present fairly the net position of the pension fund and the respective changes that occurred during the fiscal year in accordance with U.S. generally accepted accounting principles.

A few highlights from the financial statements include that MOSERS-covered employers contributed 100% of the requested contributions needed to meet current and future benefit obligations.

Also in the fiscal year, MOSERS paid more than $1 billion in pension benefits to retired members. These benefits have a significant and positive economic impact on our state and local communities since nearly 90% of MOSERS retirees remain in Missouri.

Turning to investments, for the quarter ending September 30, 2024, the portfolio returned 6.1%, and for the 12-month rolling period, the portfolio returned 18.6% net of fees.

Speaking of assets in the trust, the Board also adopted a governance policy provision presented by staff banning the donation of trust assets to political campaigns or political action committees. While MOSERS has never done this, this provision makes it clear that we do not believe such donations are a proper or prudent use of trust assets.

Thank you for watching this edition of A Moment with MOSERS. Please have a safe and wonderful holiday season with your loved ones. I wish you much happiness as we move into 2025. We'll see you then.