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Schmitt issues statement on MOSERS proposal, urges legislature to allow for advanced benefits reform

Friday, March 31, 2017

Missouri State Treasurer Eric Schmitt, a member of the Missouri State Employee Retire System (MOSERS) Board of Trustees, released the following statement today regarding the board's decision to further seek legislative approval to enact an advanced benefits reform package:

“Missouri’s troubled pension system is the single greatest threat to our perfect AAA credit rating. That’s why last month I called on stakeholders to stop kicking the can down the road and start working together to come up with long-term solutions to fix the problem of our insolvent public retirement system before it’s too late.

“Our call to action did not fall on deaf ears. As a member of the Missouri State Employee Retirement System Board of Trustees, I fully support the board’s decision to further seek legislative approval to enact an important reform that would help put us on the right path.

“This common-sense plan would offer voluntary advances on benefits packages to eligible employees who are no longer working in state government. Once enacted, it could potentially save the state of Missouri $7 million every year and significantly reduce the fiscal burden of our pension system.

“I urge members of both parties in the legislature to come together on this issue and grant approval for this much needed reform. Now is the time to start taking our pension troubles seriously. If we don’t, it will mean less resources for our schools, roads, and health services down the line. I refuse to let that burden be put on the backs of our children and grandchildren.

“I take my responsibility as the state’s Chief Financial Officer very seriously. Whether it’s our pension system, unclaimed property, or state investments, I’m committed to fighting for common-sense reforms that protect hard-earned taxpayer dollars and reduce the cost of state programs.”