A briefing on Mississippi’s economy given by the state economist and treasurer to leaders of the legislature on Wednesday reveal a stagnant economy and a growing debt.
“We have to deal with reality,” Mr. Bevin said. “Everything is on the table, absolutely.” Hello, Mississippi.
Mississippi’s defined-benefit pension system — which serves most state, county and municipal employees — has $16 billion in unfunded liabilities and is far below an 80 percent funding level, considered the benchmark for a healthy pension fund.
The good news is that they lowered the investment assumption from 8% to 7.75%. The bad news is that they don’t actually expect the fund’s investments to return anywhere close to 7.75%.
Actuaries reported in October that the PERS funding percentage — the share of future obligations covered by current assets — ticked down to 60.4 percent from 61 percent the year before.
Remember that ‘temporary’ tax hike for California schools? Most is now going to public worker retirements. By STEVE MALANGA | www.wsj.com | January 13, 2015 California Gov. Jerry Brown sold a $6 billion tax increase to voters in 2012 by promising that nearly half of the money would go to bolster public schools. Critics argued that much […]
“This spells trouble for the millions of baby boomers who are quickly approaching retirement age and expect to collect the pensions promised to them by government officials,” IBD Editorials | Posted 11/19/2014 | news.investors.com State Finances: Voters in the midterm elections gave Republicans control of 31 governorships and 23 state legislatures, the most since 1929. A big reason […]
MORTAL DANGER: Mississippi’s unfunded liability with its state pension system ranks high among the states according to a recent study. By Steve Wilson | Mississippi Watchdog | November 12, 2014 Got $18,722 to spare for each resident of the Magnolia State? That’s each Mississippian’s share of the state’s growing unfunded liabilities in its defined-benefit pension system. Good […]
Thanks to some improved returns on its investments, the Public Employees’ Retirement System of Mississippi is in better shape, according to the newest financial report, but the news isn’t all rosy. By Steve Wilson / October 31, 2014 / www.watchdog.org / Mississippi Watchdog Photo : IRON MONEY: One of Mississippi’s pension system’s investments in 2013 […]
The state’s unfunded liability with PERS as a percentage of the state’s gross domestic product was third worst behind New Mexico and Illinois, according to the study by Robert Sarvis. By Steve Wilson | Mississippi Watchdog | July 21, 2014 We’ll take pension reform for a thousand. Make no mistake, Mississippi is playing “Jeopardy” with its […]