This is a "CALL TO ACTION" and your involvement is needed immediately! HCS SCS SB 672 was voted out of a House Committee last week with an amendment requiring all Missouri pension systems to invest 2% to 5% of their members' money in Missouri based venture capital companies. THIS AMOUNTS TO A GOVERNMENT MANDATED TAKEOVER OF PSRS/PEERS FUNDS. This also affects the St. Louis and Kansas City Educator Retirement Systems. CLICK HERE for a PSRS/PEERS association summary and CLICK HERE for a letter of opposition from State Treasurer Clint Zweifel.
Here is suggested verbiage to write to your State Representative; or your personal note is always better. (Feel free to copy and paste the verbiage below.)
Dear Representative XXXXX:
As a voter, taxpayer, and MRTA member I am asking you to oppose the language in HCS SCS SB 672 regarding a mandate that all Missouri Pension systems invest 2% to 5% of their funds in a Missouri based venture capital company. This does not guarantee money being invested in our Missouri economy. This amounts to a government mandated takeover of employee pension funds.
It was proven in the 1980's this type of mandate hurts the funding status of the retirement systems and invites corruption. SB 20 enacted in 1987 put such a mandate into law and was repealed by the bill originator in 1992 because of the huge problems it created. This language must be removed from HCS SCS SB 672. I look forward to your response. Thank you for your time and consideration.
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