The LAGERS Board of Trustees has a fiduciary duty to its membership to ensure the system is administered in a fiscally sound manner. The board meets at least quarterly to make sure LAGERS continues to deliver on its commitments of strength and security.
The board gathered on June 14, 2024 for their quarterly meeting. Below is a summary of the meeting. For more information on LAGERS Board of Trustees or official meeting minutes, please visit our Board of Trustees page.
System Operations Report
The LAGERS Board of Trustees convened for their quarterly board meeting on Friday, September 22, 2023, at the LAGERS Office Building in Jefferson City. The meeting opened with the approval of the consent agenda. Of note, the following new employers have joined the LAGERS system:
- Pulaski County Swcd, April 2024
- Warren County Ambulance District, May 2024
Investment Report
LAGERS board investment consultant Marcia Beard with RVK Advisors presented the quarterly investment report. LAGERS’ investment performance is as follows:
Portfolio Performance as of 03/31/2024
- One Year: 7.0%
- Five Year: 8.5%
- Ten Year: 7.7%
- Twenty Years: 7.9%
Next, RVK reviewed proposed changes to the system’s investment policies, which included updates to asset class benchmarks, as approved at the March Board Meeting, as well as general cleanup throughout the policy. The LAGERS’ Board of Trustees is required to periodically review and update this policy. Following the presentation, the Board of Trustees unanimously approved the policy update.
Click here for more information regarding LAGERS investments.
Actuary Report
LAGERS actuaries Mita Drazilov and Judy Kermans of Gabriel, Roeder, Smith & Co (GRS) joined via teleconference to present the preliminary report for LAGERS’ annual valuations. All employer valuations will be finalized by June 30, 2023.
Management Report
Strategic Plan Presentation
LAGERS’ executive director, Bill Betts, next presented LAGERS’ proposed strategic plan: Vision 2030: Our Drive to be More. Betts discussed the importance of strategic planning to help define organizational vision and drive action to ensure LAGERS’ continues to grow in the areas of:
- Exceptional Customer Experience
- Plan Sustainability
- Emerging Technology
- Organizational Excellence and Growth
Following the presentation, the Board of Trustees unanimously approved the plan. For more information on LAGERS Vision 2030, click here.
Financial Report
LAGERS’ CFO Melissa Rackers notified the board that LAGERS has again received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting Award for the system’s annual financial report for the 46th consecutive year. Rackers also reported
that the system received the award for its popular (summary) financial report. Rackers noted that both awards are a testament to the system’s ongoing commitment to transparency and excellence in financial reporting.
Next, Rackers presented LAGERS’ FY 2025 Budget. Discussion was specifically held on the key impacts, which include the addition of seven new positions as part of LAGERS’ new strategic plan (see more below). The addition of the positions focuses on the growth and excellence of the LAGERS’ organization with a specific focus on enhancing customer experience. The board unanimously approved the budget.
Following approval of the budget, the board also unanimously approved the FY 2024 Interest Resolution, setting the interest credit for Member Deposit accounts at 2% for the year. The credit was 2% in 2023. Interest credit is the amount of interest paid to member accounts for those who work for a contributory employer. These credits are annually approved by the LAGERS’ Board.
Legislative Update
LAGERS Director of Legislation, Elizabeth Althoff, provided a final recap of the 2024 Legislative session, stating that the session had a challenging conclusion resulting in LAGERS’ legislative package (which included updates to LAGERS’ Board Composition and election procedures) falling just short of the finish line. Althoff reported that staff plans to reengage with stakeholders over the summer to help revamp the effort for next session. No bills with a negative impact to the system were passed during the 2024 session.
Chairperson’s Report
LAGERS’ chairperson Joan Jadali next notified the board that trustee Arby Todd of Lee’s Summit had submitted a letter of resignation.
She next asked for a discussion regarding filling the vacancy. The Board unanimously voted to fill the vacant seat with Mark Perkins of Creve Coeur. Perkins will serve until the next regularly scheduled board election in October.
LAGERS Board of Trustees is a seven-member volunteer board comprised of member and employer representatives. This summary is not the official minutes of the meeting. Visit our website to learn more about LAGERS’ Trustees or to view official minutes.
