MPERS June 25, 2026 Board Meeting Summary

Board Meeting Summary

June 25, 2026

12:00 p.m.

Approval of Board Meeting Minutes

The Board approved the minutes of the February 20, 2026 meeting. These minutes, as well as those from prior meetings, can be found on MPERS’ website. Minutes from the current meeting will be posted after they are adopted at the Board’s next regular meeting.

Trustee Election Results

The terms of the four elected trustee positions expired on June 30, 2026. An election was planned; however, all four positions were filled by uncontested nominees. The elected trustees are incumbents Sue Cox, MoDOT retiree representative; Todd Tyler, MoDOT active representative; Lt. Col. Wallace Ahrens, MSHP active representative; and J. Bret Johnson, who was the only nominee for the MSHP retiree representative position and, therefore, the successful candidate.

We are pleased to welcome J. Bret Johnson back to the Board. Mr. Johnson previously served on the MPERS Board as both the elected MSHP active representative (July 2010 to April 2015) and as an ex officio member when he was appointed Superintendent (May 2015 to February 2017).

We also thank outgoing MSHP retiree representative Mr. Bill Seibert for his service. Mr. Seibert has served as the MSHP retiree representative on the Board since 2014. He served as both vice-chair and chair during his tenure. We wish Bill the best and thank him for his many years of service to our members.

Audit Committee Report

The Audit Committee met before the board meeting on June 25, 2026. This meeting was the annual audit kickoff meeting for the 2026 audit. Nick Mestres and Kristen Brown from Williams-Keepers were present to remind the Committee of the audit requirements and the timing. The audit will begin in July. The Committee also discussed several options for this year's additional in-depth audit area and recommended to the Board that Williams-Keepers review MPERS’ procurement/purchasing policy. The Board accepted the recommendation for the additional audit area.

Budget Committee Update

The Budget Committee met on June 3, 2026, and reviewed the proposed budget for Fiscal Year 2027. The budget reflects a 2.65% increase. The Committee recommended the proposed budget to the Board, which the Board accepted.

Legislative Update

The legislative session ended on May 15, 2026, with two pension-related bills being passed. SB 1572 passed and has been sent to the Governor for signature. This bill clarifies the language governing the correction-of-errors provisions for benefit overpayments, allows the MPERS Board of Trustees to reinstate a lump-sum payout to vested-former members, includes an automatic payment of former employees' account balances for those with balances of $1,000 or less, and finally prohibits public plans from using system funds to support or oppose ballot measures or candidates. HB 907 passed and has been sent to the Governor for signature. This bill provides protection for entities such as MPERS from frivolous lawsuits over web content accessibility guidelines.

Investment Performance

MPERS’ long-term returns continue to look strong across all metrics. MPERS’ 5-, 10-, and 20-year returns all rank in the top 2% of the peer universe, outperforming policy benchmarks and actuarial assumptions while maintaining a very low risk profile (as measured by the standard deviation of returns).

Global equities continue to set new all-time highs, bringing MPERS’ portfolio to all-time highs as well. With only a few days remaining in Fiscal Year 2026, the fund balance now exceeds $4.5 billion, representing an estimated return of 14.5% (July 1^st – June 15^th).

Director's Comments

Mr. Simon expressed his thanks to outgoing Trustee Bill Seibert.

Board of Trustees

Todd Tyler

Board Chair

MoDOT Active Representative

W. Dustin Boatwright

Highways & Transportation Commissioner

Ed Hassinger

Director of MoDOT

Ex-Officio Member

Lt. Col. Wallace Ahrens

Board Vice Chair

MSHP Active Representative

Sue Cox

MoDOT Retiree Representative

Daniel Hegeman

Highways & Transportation

Commissioner

Col. Michael Turner

Superintendent of MSHP

Ex-Officio Member

Senator Mike Bernskoetter

Appointed by the President

Pro Tem of the Senate

Warren K. Erdman

Highways & Transportation Commissioner

Representative Barry Hovis

Appointed by the

Speaker of the House

Bill Seibert

MSHP Retiree Representative

MoDOT & Patrol Employees' Retirement System www.mpers.org