Elizabeth Althoff
With Annual Meeting upon us, you may be wondering what all the ‘Board Election’ fuss is about. As Member and Employer Delegates arrive at the Meeting, they take on the task of learning about and reporting back to their coworkers and employers the status of the LAGERS system. Perhaps of all a delegates’ jobs, however, none is more important than that of participating in the Board elections. But what does it actually mean to be a Trustee on the LAGERS Board? Here are answers to a few Board FAQS:
What Does the LAGERS Board do?
The principal role of the LAGERS Board is to ensure that LAGERS is appropriately governed and managed. Their job is to serve the best interests of LAGERS members and beneficiaries and to protect the assets of the system.
LAGERS Board takes on the broader issues and sets the tone of the system from the top down. Though many issues are handled at an all board level, many are also handled within specialized standing committees: Audit and Finance, Governance, and Legislative. While the Board holds ultimate oversight over both operations and investments of the system, they delegate many of the day to day tasks to LAGERS staff.
What are the Time Commitments for Serving on the Board?
Board members serve four year terms and meet at least quarterly at the LAGERS office in Jefferson City, as well as during LAGERS Annual meeting. There may be issues that require additional meetings or conference calls in between normally scheduled meetings.
Wondering what qualifies an individual to help make global decisions for a $6 billion pension system? LAGERS board members must comply with state law which requires a minimum of six hours of educational training per year for all Trustees. These education requirements are generally fulfilled at the MAPERS (Missouri Association of Public Employee Retirement Systems Conference), through in-house training, or by other educational conferences across the state and nation.
Do Board Members Receive Compensation for their Service?
Serving on the LAGERS Board is a volunteer position, and trustees are not paid for their services. While they do receive reimbursements for out-of-pocket expenses they incur while traveling to and from board meetings, they don’t receive any additional compensation.
Why Would I Want to Serve on the Board?
Want to know the coolest thing about LAGERS Board of Trustees? They are just like you: LAGERS members and employers working hard to provide/ earn retirement benefits that enable employees to retire with a little dignity and security. There is nobody who has greater skin in the game than LAGERS board members. They serve because they believe in the value and importance of your defined benefit. They believe that protecting the integrity of the LAGERS system means ensuring the retirement security of thousand of public servants across the state. LAGERS board members are the voice for these public servants, and these public servants are the backbone of Missouri’s communities.
So whether you choose to run for the Board, participate in the board election process, or simply choose to trust others to make those decisions on your behalf, know that the individuals running your LAGERS retirement system care deeply about ensuring its long term success and stability.
