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MOSERS board-certified contribution increase prompts questions from House committee as system seeks to accelerate funding
Summary
Missouri State Employees' Retirement System officials told the House Budget Committee the plan is 55% funded and that the system's board certified a higher contribution rate (state share moving toward 30.25%) under a policy intended to accelerate funding and raise the funded ratio over 20 years.
Missouri State Employees' Retirement System (MOSERS) officials told the House Budget Committee the pension system is currently about 55% funded and that the MOSERS board has adopted an employer contribution policy that raises the state's contribution stepwise to accelerate progress toward full funding.
Abby Spieler, MOSERS executive director, briefed the committee on funding mechanics and the reasons behind a board decision to increase the minimum contribution rate. "The system is 55% funded," Spieler said. She said the board has adopted a…
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