|Intro:||Missouri's state retirement system is changing it's policy for awarding it's employee bonuses.|
Wrap: In a 6-4 vote, the Missouri State Employees Retirement System, or MOSERS, decided to stop paying out employee bonuses when it's pension fund loses money.
This became an issue once MOSERS gave out bonuses totaling nearly half a million dollars, despite losing $1.8 billion when the stock market crashed.
Rather than making a definite decision on whether to sue for those loses, the board instead addressed changing it's litigation policy.
Board member David Steelman, said external council is needed to handle investments, and communicate with the board when there are investment problems.
From Jefferson City, Abby Grimmett, Newsradio 1120 KMOX.
|Intro:||Investors in Missouri's retirement system may stop getting bonuses in certain times.|
Wrap: The board of the The Missouri State Employees Retirement System, or MOSERS, voted Thursday to stop paying out employee bonuses in years when it loses money from it's pension fund.
The vote comes after controversy surrounding MOSERS bonus payouts totaling nearly half a million dollars, despite the fact it lost 1.8 billion dollars in investments.
Those who opposed the change said it wasn't MOSERS' fault the stock market crashed, and the current policy is "perfect."
The board did not address whether it would take steps in filing lawsuits to recover some of those loses, as more than half the state's retirement agencies have.
However, it did discuss hiring outside legal council to communicate investment issues with the board.
From the State Capitol, I'm Abby Grimmett, Newsradio 1120 KMOX.