The LAGERS Board of Trustees has a fiduciary duty to all members of the system to ensure your retirement is administered in a fiscally sound manner. The LAGERS board meets at least quarterly to conduct the business of the system as they continue to deliver on LAGERS’ commitment to excellence.
Below are the highlights from the most recent board meeting.
The LAGERS Board of Trustees convened for their quarterly board meeting on Friday, March 21, 2025, at the LAGERS office in Jefferson City. Board Chair Joan Leary called the meeting to order, after which a motion to approve the consent agenda was unanimously approved. Of note, the following new employers have joined the system since the last board meeting:
- Johnson County Board of Services
- Johnson County Board of Services
- Lemay Fire Protection District
- Gerald Area Ambulance District
- City of Steele
- City of Overland
- St Clair Fire Protection District
- Mapaville Fire Protection District
- Lone Jack Fire Protection District
- Stone County
Next, Chairperson Leary turned the meeting over to the LAGERS staff for their investment and management reports.
Investment Report
LAGERS’ Chief Investment Officer Scott Day presented the system’s quarterly market update and investment performance report, emphasizing that even though there are currently many unknowns in the market, LAGERS does not forecast market events.
“We don’t forecast but rather focus on being objective with our decisions, letting the market trend tell us when and how to move within the portfolio,” Day said.
Next, Day and LAGERS’ investment consultant RVK updated the board on the ongoing implementation of LAGERS’ new investment strategy. They noted the continued work to move LAGERS’ public equity portfolio into passive management, which will allow LAGERS to be more strategic in allocating fees to drive excess return. “The goal of these portfolio changes is to create more consistent performance year over year,” Day said.
LAGERS’ investment performance as of 12/31/2024 is as follows:
One-year: 3.7%
Five-year: 7.1%
Ten-year: 7.5%
Twenty-year: 7.5%
Next, the investment team presented a final contract to establish a retainer with proxy advising firm Egan Jones. The firm will assist LAGERS with any future proxy voting needs using a wealth-focused policy that prioritizes the best financial interest of the LAGERS membership.
The board unanimously approved the contract.
Management Report
Finance Report:
Chief Financial Officer Melissa Rackers updated the board on the status of the Fiscal Year 2025 budget, noting that there are no significant areas of concern and that expenditures are on track for the remainder of the fiscal year. LAGERS fiscal year runs from July 1 – June 30 each year.
Legislative Report:
Director of Legislation Elizabeth Althoff gave an update on the 2025 legislative session, including an update on the progress of LAGERS-sponsored legislation, House Bill 976, and Senate Bill 514. The bills contain eight technical clean-up provisions that will help update and modernize LAGERS’ governing statutes. This year’s legislation does not impact member benefits. Both bills have had good hearings in their respective chambers and continue to make good progress. Next, staff highlighted some of the other impact bills covering issues such as ESG and Chinese divestment.
Visit the Advocacy and Policy page for more information on LAGERS’ legislative initiatives and other issues we are tracking.
Next, the board reviewed a proposed resolution regarding prohibiting the use of system assets for political contributions. Although LAGERS has had a long-standing practice of prohibiting the use of system funds for political purposes, the resolution formalizes this practice in the system’s governance policy.
The board unanimously approved the resolution.
Proposed Administrative Rules:
Next, Chief Counsel Andrew Sartorius reviewed two new proposed administrative rule packages. LAGERS uses administrative rules to provide details on how our enabling statutes should be applied in practice. The rules were proposed for the board’s consideration only. No action was taken at this meeting.
1. Cadet Eligibility as a Police Officer in LAGERS
This proposal amends LAGERS’ administrative rule to clarify that a police cadet is eligible to be enrolled as a “police officer” in LAGERS prior to becoming POST certified. Currently, cadets must be enrolled as “general” employees. Changing this rule will enhance member benefits, simplify the enrollment process, and reduce reporting errors.
2. LAGERS Disability Process Enhancements
The LAGERS team recently completed a review of our disability process and identified several opportunities to streamline the process and eliminate bottlenecks. Changes include gathering more information up front to eliminate delays in the application review, a better process for keeping all parties informed of application status, and process improvement to expedite the decision-making process.
2025 Board Election Rules:
Each year, the LAGERS Board of Trustees adopts rules for conducting trustee elections at the system’s annual meeting. Delegates at the meeting must also approve these rules. The recommended changes to the rules for 2025 include:
- Clarified rules for campaigning
- Elected by acclamation for uncontested candidates
- Pre-recorded videos of candidates to be shown during the annual meeting
- New process for delegates and board members to contest elections
- New recourse for rule violations
The board unanimously approved the 2025 rules.
Next, the board moved into closed session pursuant to § 610.021(1), (3), (5), (13), and/or (14) (2006).
LAGERS Board of Trustees is a seven-member volunteer board comprised of member and employer representatives. This summary is not the official minutes of the meeting. Visit our website to learn more about LAGERS’ Trustees or to view official minutes.
