Michael Moorefield

Key discussions during the meeting included the announcement that PSRS/PEERS was named one of Pension & Investments' Best Places to Work in Money Management for the third consecutive year. The Board reviewed investment performance data for the period ended September 30, 2025, ongoing investment activities, Global Investment Performance Standards (GIPS®), and approved recommended changes to the Investment Beliefs. The Public Equity portfolio performance (five-year annualized returns) was presented, as was an overview of the real estate portfolio, which yielded an annualized return of 6.3% for the five-year period ending June 30, 2025. The Board accepted the independent auditors' report for fiscal 2025 and delegated authority to PSRS/PEERS staff to organize the audit committee composition. The Board also voted to change the June 8, 2026, board meeting date to June 15, 2026. A legislative update was provided regarding the upcoming 2026 session, and key accomplishments were reviewed, including the migration of the CMS to Microsoft Azure Cloud, migration of HR files to Oracle Fusion, renewal of banking contracts, and receiving recognition for meeting PPCC standards. Finally, the Consumer Price Index for Urban Consumers (CPI-U) update was reviewed, and the meeting concluded with a closed session to consider legal matters.

The Board of Trustees meeting agenda is scheduled to cover system operations, including setting the order of business. The investment report segment will address the December 2025 Performance Report, ongoing investment activities, and policy reviews such as the Anti-Terrorism and Economic Sanction Policy and Affirmative Action Policy. Management will present updates on legislative matters, a year in review, CPI updates, and propose changes to the August 31, 2026 board meeting date, alongside setting future meeting dates for 2027. A request for proposals (RFP) for the Board Election is also scheduled for approval. A closed session is planned to discuss legal reports and internal audit updates.

This three-year strategic plan outlines the future direction for the Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS), focusing on proactive preparation and ensuring financial security for the state's public education community. The plan is built upon four main focus areas: Culture of Excellence, Engagement, Innovation, and System and Financial Stability. Its objectives include providing retirement security, aiding in educator attraction and retention, and managing the systems with prudence and cost-efficiency.

The strategic plan for the Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS) focuses on providing financial security and peace of mind for Missouri's public education community. Key areas include maintaining a culture of excellence by providing high-quality customer service and a positive work culture, fostering engagement through positive relationships with members and educational associations, promoting innovation by pursuing process improvements and new technology, and ensuring system and financial stability by maintaining pre-funded status and advocating for the value of a defined benefit plan.

The board meeting included presentations and discussions on the system's benefits, funding, and financial principles, as well as an actuarial perspective on the history of PSRS/PEERS. The results of the 2025 Employee Opinion Survey were presented. The emergence of AI in the workplace, policy development, current AI use cases, and the future of AI at PSRS/PEERS were discussed. The potential impact of mandatory Social Security participation on public pensions was analyzed. The investment performance for the period ended March 31, 2025, was reviewed, and ongoing investment activities were discussed. A custodial review led to a motion to negotiate new contract terms with JP Morgan. The Systems' Real Estate portfolio was reviewed. The board approved dates for calendar year 2026 board meetings. The board approved retaining Central Trust Bank for operating bank services. Amendments to the Missouri State Code of Regulations were approved. A legislative update was presented, and the calculation of the Consumer Price Index (CPI) was discussed.