Nixon Taps David Steelman To Help Reform MOSERS

BURYING THE HATCHET
Governor Jay Nixon taps former GOP rival David Steelman to help reform the state government's retirement system.

The announcement comes just days after The St. Louis Post-Dispatch reported that the Missouri State Employees Retirement System’s investment staff received $300,000 (MOSERS) and operations staff received $160,000 in bonuses for 2008. The assets decreased by $1.8 billion dollars over that same period.

Steelman, the husband of former State Treasurer Sarah Steelman, currently practices law in Rolla. Steelman and Nixon ran against each other for Attorney General in 1992 in a remarkably memorable and nasty contest. Nixon defeated Steelman 50% to 46%.

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In Jefferson City, Nixon appointed Steelman and businessman Travis Morrison to join the 11-member MOSERS board immediately. Nixon said both men are known for their "independence and sound judgement."

NIXON'S STATEMENT:

"The fact that MOSERS employees were awarded bonuses for a year in which the state employee retirement fund lost nearly a quarter of its value is a sure sign that drastic reforms are needed. Today I’m appointing two trustees to the MOSERS board who are committed to seeing that the compensation system is given a full review and that the practice of awarding large bonuses in difficult economic times is given the harsh scrutiny it deserves. I have the utmost confidence that Mr. Steelman and Mr. Morrison will work quickly and diligently to bring common sense reforms to the way MOSERS does business. We’ve got to make changes to that system now," said Gov. Nixon.

Appointments to the MOSERS Board are not subject to Senate confirmation.

DEVELOPING . . .