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MISSOURI LOCAL GOVERNMENT EMPLOYEES RETIREMENT SYSTEM THREE YEARS ENDED JUNE 30, 2000 - page 2 / 16

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Office Of The State Auditor Of Missouri Claire McCaskill

April 2001

www.auditor.state.mo.us

The following report is our review of the Missouri Local Government Employees Retirement System. --------------------------------------------------------------------------------------------------------- The State Auditor is required by state law to review the audits of the Missouri Local Government Employees Retirement System. The system’s Board of Trustees has contracted with a certified public accounting firm to perform annual financial audits of the system. The scope of this review included, but was not necessarily limited to, the period of July 1, 1997 to June 30, 2000.

During our review, we noted that the system’s Board of Trustees has not formally solicited proposals for the auditing service, actuarial consulting service, investment consulting service, or medical consulting service contracts in recent years. The Board spends approximately $24,000, $300,000, $135,000, and $19,000, respectively, for these services annually. The Board has not solicited proposals for some of these services for over twenty years. Without requesting proposals for such services periodically, the Board of Trustees has not ensured it will receive these services at a fair price.

We recommended that the Missouri Local Government Employees Retirement System Board of Trustees periodically solicit proposals for all professional services.

The Missouri Local Government Employees Retirement System was created under an act of the 74th General Assembly, commenced actual operations on April 1, 1968, and is governed by state law. The Missouri Local Government Employees Retirement System is an agent multiple-employer, statewide public employee retirement plan for units of local government. The system is a defined benefit plan providing retirement, death, and disability benefits to its members.

Any political subdivision (unit of local government such as a city, county, or special district) of Missouri is eligible to join the system. Once a political subdivision elects membership in Missouri Local Government Employees Retirement System, all current and future eligible employees are legally required to become members of the system. A summary of the retirement, death, and disability benefits provided to members is included in our report.

Copies of this audit are available upon request.

YELLOW SHEET

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