The Pensioner: In the Moment |
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Welcome to the digital MPERS newsletter! The Pensioner: In the Moment contains news, updates, and important information for retirees of the Missouri Department of Transportation, the Missouri State Highway Patrol, and MPERS.
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Voting is Now Open for the 2022 Board Election! |
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Who do the elected trustees represent? The four elected trustees represent the total membership of the System and include one active MoDOT employee, one active MSHP employee, one MoDOT retiree, and one MSHP retiree. The membership of a specific voting group elects the representative for that group. These positions are up for election every four years. |
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What does it mean to be a trustee? In simple terms, the MPERS Board of Trustees has ultimate responsibility for the oversight of the System. Although trustees typically only meet quarterly, they also serve on committees and maintain engagement with MPERS staff through routine and special communications, as necessary. These are unpaid positions that come with a significant time commitment.
In addition to board and committee meetings, trustees are required to complete continuing education. For example, new trustees must complete a minimum six-hour orientation and at least six hours of education each year thereafter. To view what these educational requirements look like, see the Board’s required tracking documents by fiscal year.
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As a trustee, individual board members are fiduciaries and are required to act as a prudent person would act. What is a fiduciary? A fiduciary is a person who has the legal and ethical responsibility to act in the best interest of the members of the plan. Trustees as fiduciaries, must execute the duties of care, trust, and loyalty. Subsequently, once a trustee is elected, the trustee represents all plan members, not just the constituency (voting group) that elected them. |
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The idea that an elected trustee represents all plan members equally is often confusing to members. Although the active and retired MSHP and MoDOT representatives are elected by their active or retired counterparts, once on the Board, the trustee represents all plan members and has a duty to them all, not just the constituency that elected them. Making decisions that are not in the best interest of all members, puts individual trustees at legal risk, which is an important detail monitored throughout a trustee’s service on the Board. |
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Trustee roles and responsibilities include, but are not limited to the following:
- Oversee retirement plan administration as well as the assets used to pay the benefits earned by members.
- Preserve the long-term corpus of the fund while maximizing total investment returns within prudent risk parameters and act in the exclusive interest of plan members.
- Accept and fulfill fiduciary obligations as outlined in the law, set broad policy guidelines for the operations of the System, and adhere to Board-adopted policy.
- Certify the annual contribution rates for covered employers.
- Select an executive director who will employ others to effectively carry out the will of the Board as provided through approved policy.
- Demonstrate strategic leadership, regularly attend and participate in committee and board meetings, and work effectively as part of a team.
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MPERS is a sophisticated financial institution with critical responsibilities directly to its covered members and employers and indirectly to the taxpayers of this state. It is critically important that trustees take their roles seriously, take the time necessary to carry out their important duties, and do so for all the members they represent. |
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Voting ends May 26, so be sure to go online to myMPERS and cast your vote.
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Retirees who do not have a myMPERS account will need to call MPERS at 800-270-1271 to enroll.
If you are already enrolled and need assistance accessing your myMPERS account, you can call 800-270-1271, email mpers@mpers.org, or stop by the office at 1913 William Street, Jefferson City, MO 65109.
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- Voting began on April 29th.
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Voting is 100% electronic through your myMPERS account.
- You can vote for the candidate who represents your group. Actives cannot vote for retiree candidates, retirees cannot vote for active candidates. MoDOT members cannot vote for MSHP candidates, and MSHP members cannot vote for MoDOT candidates.
- If you were retired from MoDOT or MSHP as of March 1, 2022, you may vote for one retired candidate representing your voting group.
- Voting ends at 4:00 p.m. on May 26th.
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The investment portfolio continues to perform relatively well despite a variety of concerns facing the economy. The portfolio is up roughly 5.6% for Fiscal Year 2022 (July 1 – April 13), led by gains in the private equity and real estate markets. For reference, the global equity markets are down 3% over the same period and traditional fixed income is down over 8%.
While staff is happy with the relative performance, we remain cautious about the overall health of the economy and financial markets. Despite nearly two months of fighting, there is no resolution in sight for the war in Ukraine. Supply chain disruptions along with the spike in energy prices have sent year-over-year inflation to 8.5% (the highest level since the early 1980s), and the Federal Reserve will likely raise interest rates by a half percent in May and June to counter those inflationary pressures.
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- 9 - Truman Day observed, office open
- 15 - Deadline to submit direct deposit and/or tax withholding changes. Complete changes here.
- 26 - Board of Trustees election ends at 4:00 p.m. Cast your vote via myMPERS.
- 30 - Memorial Day, office closed
- 31 - Payday for benefit recipients
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We value your feedback!
What would you like to see in The Pensioner: In the Moment?
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