MOSERS recently received the Public Pension Standards Award from the Public Pension Coordinating Council (PPCC) for 2024 in recognition of meeting professional standards for plan design and administration as set forth in the Public Pension Standards. MOSERS has received this award annually since 2003.

“We are honored to continue to receive this award year after year,” shared MOSERS Executive Director Abby Spieler. “It reflects the Board and staff’s ongoing commitment to our members and the long-term security and sustainability of the System.”

This award is presented by the PPCC, a confederation of the National Association of State Retirement Administrators (NASRA), the National Conference on Public Employee Retirement Systems (NCPERS), and the National Council on Teacher Retirement (NCTR).

Recognition Award for Administration

To receive the Recognition Award for Administration, the retirement system must certify that it meets the requirements in five areas of assessment. Those areas are:

1. Comprehensive Benefit Program. The system must provide a comprehensive benefit program including service retirement benefits, in-service death benefits, disability benefits, vesting, and provisions for granting a cost-of-living adjustment.
2. Actuarial. An Actuarial Valuation must be completed at least every two years using generally recognized and accepted actuarial principles and practices.
3. Audit. The system must obtain an unqualified opinion from an independent audit conducted following government auditing standards generally accepted in the United States.
4. Investments. The system must follow written investment policies and written fiduciary standards, and the system must obtain an annual investment performance evaluation from an outside investment review entity.
5. Communications. Members must be provided a handbook or summary plan description, regular updates to the documents, and an annual benefit statement. Meetings of the governing board of the system are conducted at least quarterly with adequate public notice.

Recognition Award for Funding

To receive the Recognition Award for Funding, the retirement system must certify that it meets the requirements for funding adequacy, as defined as meeting one or more of the following criteria:

• A funded ratio of 100 percent;
• Contribution rates equal to or greater than 100 percent of the Annual Required Contribution; or
• A plan has been approved by the governing body to achieve one or both of these criteria within five years.

The Public Pension Standards set a national benchmark for the management, administration, and funding of public retirement systems, encouraging all public pension systems to strive for these high standards.