The Board approved the minutes of the June 25, 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. 

Representatives from MPERS’ actuary, GRS, presented the annual actuarial valuation. The annual actuarial valuation measures the retirement system's overall financial condition. During Fiscal Year 2027, MPERS’ funded status increased from 75.7% to 81.7%. This is the highest funded status in MPERS’ history. Funded status represents the level of assets available to pay the benefits our members have earned.

The annual valuation also provides the basis for determining employer contribution rates for the next fiscal year, which the Board must certify to the employers (MoDOT and MSHP) by October 1. As approved by the Board for Fiscal Year 2028, the contribution rate will be 27.966% of payroll for the non-uniformed group (MoDOT and the non-uniformed members of the Highway Patrol) and 51.893% for the uniformed group. The contribution rate includes the factors noted below.

Mr. Simon reported to the Board that all the System’s vital signs are “green” or without concern. This report is an interactive dashboard that shows where the System is relative to each vital sign metric. The dashboard also includes each vital sign's history. The dashboard is available on the MPERS website, and this year’s audited results will be updated no later than the auditor’s final report in November.

The Investment Committee met before the board meeting on September 17, 2026. Investment staff presented the current liquidity analysis (i.e., where the fund has adequate liquid assets to pay expenses and benefits), the private markets pacing plan (which ties to liquidity and projected commitments to private market asset classes in the coming years), the semi-annual internal fixed income review, and a management fee analysis (fees are appropriate based on the approved asset allocation). Policy requires the Investment Committee to report on all topics annually or semi-annually.

Staff also discussed the National Security and Financial Sanctions Policy, which requires staff to research publicly available information and determine whether MPERS has any direct investment in companies identified as supporting terrorism. Staff reported no concerns or divestments.

Mr. Simon welcomed Ret. Col. J. Bret Johnson to his first board meeting as the MSHP retiree representative. Mr. Johnson previously served on the board as an MSHP active representative and as an ex officio member while he was Superintendent of the Highway Patrol.