Forum Archive
PERS Announces Vote to Increase the Amount of Employer Contributions
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.
Read MorePERS of Mississippi Has Unattainable Goals
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.
Read MoreA 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.
Read MoreNew Biofuel Refinery Velocys Coming to Mississippi – Another MDA Disaster?
When government officials use tax dollars to pick winners and losers, too often it’s the taxpayers left holding the bag, such as with KiOR.
Read MoreA Bigger Pie View: Mississippi’s Credit Rating
PERS and the state’s budgetary issues are two main reasons for the downgrade.
Read MoreNY appeals court decision details suit alleging kickback scheme involving Jim Hood’s outside counsel
On February 29, an article in Forbes came out with an article detailing a US 2nd District Court opinion that involved Mississippi litigation outsourced by Jim Hood that involved a lawsuit involving an alleged kickback scheme.
Read MoreDespite Cuts, More Pension Woes
“We have to deal with reality,” Mr. Bevin said. “Everything is on the table, absolutely.” Hello, Mississippi.
Read MorePERS Update: Fairy Dust in Investment Return Assumptions?
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%.
Read MoreState pension fund recovery stalled
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.
Read MoreThe Pension Sink Is Gulping Billions in Tax Raises
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…
Read More