Posts Tagged ‘MS PERS’

Report of Recommended Changes to Economic Assumptions for PERS

MS PERS

Every two years, the actuaries for Mississippi’s defined benefit pension system release a report that examines the economic and demographic outlooks that underpin the financial planning. The newest one was released last month and the actuaries make some interesting recommendations for the Public Employees’ Retirement System (PERS).

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PERS Regulation Change on AG’s Opinion

PERS AG Opinion

Imagine being able to vote yourself better retirement benefits while you’re a beneficiary of a retirement plan. That’s the scenario in Mississippi if the Public Employees’ Retirement System of Mississippi follows an opinion from the office of Attorney General Jim Hood and changes its present regulation. This would allow legislators and other statewide officials who are also PERS retirees to keep collecting their benefits while in office.

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PERS COLA WAR

PERS COLA

When people normally think of a COLA, they think of a refreshing, bubbly and sweet beverage that goes great with a hamburger and fries. But in the world of public pensions, COLA is only sweet for the retiree.  The overly generous and unsustainable COLA (cost of living adjustment) is one of the key factors on why the Public Employees’ Retirement System or PERS continues to struggle financially.

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Report by the National Conference on Public Employee Retirement Systems

NCPERS

For the 2017 fiscal year, employer and member contributions were $1.6 billion, a decrease of $4.7 million. The decrease is attributed to a decline in active members. For the 2017 fiscal year, benefit payments amounted to $2.5 billion, an increase of $110.2 million (4.7 percent) over the 2016 fiscal year. The increase in benefit payments was due to an increase in the number of benefit recipients.

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MS PERS – Deep in the Red

MS PERS - Deep in the Red

The Public Employees’ Retirement System of Mississippi, better known as PERS, is the state’s ailing defined benefit pension program. Right now, the fund has a $16.6 billion unfunded liability, meaning the contributions of state and municipal employees and income from the plan’s investments aren’t enough to cover present and future benefits for retirees. 

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PERS Announces Vote to Increase the Amount of Employer Contributions

PERS

It was a move that everyone who has followed the problems of the Public Employees’ Retirement System (PERS) of Mississippi has known was coming for years. PERS recently announced its board of trustees voted to increase the amount of employer contributions from worker salaries for the pension fund to 17.4 percent, starting July 1, 2019.

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PERS of Mississippi Has Unattainable Goals

PEER Committe of Mississippi

A recently released report by the Performance Evaluation and Expenditure Review (PEER) Committee of the Mississippi Legislature attempts to address the fiscal issues with Mississippi’s pension system for state, municipal and county employees, but doesn’t go far enough to offer solutions to fix the ailing fund. The report mentions that the Public Employees’ Retirement System of Mississippi’s fiscal goal of reaching the 80 percent funding ratio by 2042 is not attainable.

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A BPF View – PERS Fiscal Time Bomb

A BPF View - PERS Fiscal Time Bomb

According to data from the Public Employees’ Retirement System of Mississippi, the annual cost of living adjustment (COLA) given to retirees, often in a year-ending lump sum known as the “13th check,” is threatening to hollow out the pension fund’s finances. 

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