MPERS November 20, 2025 Board Meeting Summary

Board Meeting Summary

November 20, 2025

12:00 p.m.

Approval of Board Meeting Minutes

The Board approved the minutes of the September 18, 2025 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.

Approval of 2026 Board Meeting Dates

The following board meeting dates were approved for 2026:

Friday, February 20, 2026
Friday, April 17, 2026 (tentative)
Thursday, June 25, 2026
Thursday, September 17, 2026
Thursday, November 19, 2026

Audit Committee Report

The Audit Committee met on November 4, 2025. Nick Mestres, Kristen Brown, and Darby Christian with Williams-Keepers presented the 2025 Audit Report, which was a clean report. The Committee accepted the report.

Annual Audit Report

Nick Mestres and Kristen Brown presented the 2025 Audit Report for the fiscal year ended June 30, 2025. MPERS received an unmodified (clean) opinion, which is the best possible outcome. Ms. Brown also reported that the Agreed Upon Procedures for the Vital Signs results were affirmed, with all measures green, indicating no concerns. The additional Agreed Upon Procedure for the Service Purchase Audit was performed, and no exceptions were noted.

Investment Performance

Stocks and bonds experienced a somewhat “Goldilocks” 3^rd quarter, as AI-driven stocks and Federal Reserve interest rate cuts sent global equities up 7.6% and bonds up 2%. Overall, MPERS’ portfolio was up 4.7% in the quarter, which pushed the portfolio balance to an all-time high of nearly $4.25 billion.

MPERS’ long-term returns remain strong across all metrics. MPERS’ 5-, 10-, and 20-year returns all rank in the 1^st or 2^nd percentile of the peer universe, outperforming policy benchmarks and actuarial assumptions while maintaining a very low risk profile (as measured by standard deviation of returns).

As global equities continue to set new highs, Fiscal Year 2026 is off to a good start. Overall, the portfolio is up an estimated 5.5% to start the year (July 1^st – November 11^th).

In addition to the staff’s investment performance report, NEPC, the Board’s investment consultant provided a detailed report of MPERS’ investment performance for the last fiscal year.

Director's Comments

Mr. Simon shared with the Board that Jennifer Even, MPERS’ Chief Financial Officer, was honored with a Lifetime Achievement Award at the Public Pension Financial Forum. This award is given to individuals with outstanding leadership records in public pension plans. Additionally, he acknowledged that this is Jennifer’s last board meeting as she will be retiring in early 2026.

MPERS has released its 2025 Annual Financial Reports. Click here to view the Annual Comprehensive Financial Report. Click here to view the Popular Annual Financial Report. Both reports are available on the MPERS website.

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