For the 45th consecutive year, the Missouri Local Government Employees Retirement System (LAGERS) has received the Government Finance Officers Association of the United States and Canada’s (GFOA) Certificate of Achievement for Excellence in Financial Reporting for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2022. The system also received the Popular Annual Financial Reporting Award for the same period.
The reports were judged by an impartial panel, and found to meet the high standards of the GFOA program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate LAGERS’ financial story and motivate potential users to read the report.
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by the LAGERS system and its management. “We are pleased to again receive these prestigious awards, and are proud of LAGERS’ long-standing commitment to transparency for our stakeholders,” says LAGERS’ CFO, Melissa Rackers.
LAGERS has also received the 2023 Public Pension Standards Award for Funding and Administration from the Public Pension Coordinating Council (PPCC) in recognition of the organization attaining high standards in retirement system management, administration, and funding. LAGERS has received the PPCC’s recognition for funding excellence consecutively since 1994.
To receive the PPCC’s recognition in funding, LAGERS must annually certify that it meets specific requirements for funding adequacy. To receive recognition in administration, LAGERS must meet requirements in five areas of assessment, including benefit programs, actuarial, audit, investments, and communication.
Rackers adds, “These awards in totality are a signal that LAGERS is always working to maintain and exceed best practices within the public pension industry to ensure we continue to deliver exceptional results for our members.”