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McNary: State retirement fund expectations 'unrealistic'

McNary: State retirement fund expectations 'unrealistic'

September 26th, 2012 in News

Missouri's retirement funds generally expect to earn interest at rates that "are completely unrealistic," according to state Rep. Cole McNary.

And if Missouri voters elect him as state treasurer in November, the Chesterfield Republican said Tuesday he will "serve as the watchdog over state pensions" and work with lawmakers to "ensure that we have all the facts needed to make wise fiscal decisions for the future."

When the Missouri State Employees Retirement System (MOSERS) board voted last week to reduce the earnings expectations and to increase state taxpayers' share of the retirement plan's funding, McNary noted, incumbent Treasurer Clint Zweifel "was the lone no vote on this initiative to shrinking the gap between assets and liabilities."

The treasurer is one of 11 board members of the board that also includes four lawmakers, other state officials and representatives of state government's retirees.