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PERS is a governmental defined benefit retirement plan for a majority of employees of state agencies, counties, cities, colleges and universities, public school districts, and other such political subdivisions. It was created in 1952 by the Mississippi Legislature with broad support among lawmakers. For more historical information about the ...
When the PERS Board voted to increase taxpayer funding by raising the “employer contribution rate” five percentage points at a cost of $265 million, most attention was given to state-supported entities (think: agencies, K-12 public schools, community colleges, and public universities). Yet the total funding required by this rate hike is ...
A grand bargain might be reached to apply changes to PERS’ COLA, better known statewide as the “13 th check” since most retirees decide to take it in year-end, lump sum form. It is a 3 percent COLA that compounds annually once a retiree reaches age 60. It has become the third rail of Mississippi politics and even discussion of changing it ...
The consequences of this policy mix is to benefit retirees at the expense of many current state workers whose agencies, schools, counties or towns have finite resources. A 17.4% to 19% match to PERS limits their chances of a pay increase. The $1.29 billion question citizens should ask is this — Is the PERS employer contribution a massive ...
The COLA payments increased from $699 million in 2019 to $751 million in 2020, an increase of 7.44 percent. Last year, the COLA represented 25.4 percent of all benefits paid to retirees, but this year, that increased to 26.11 percent. The PERS plan provides a cost of living adjustment that amounts to three percent of the annual retirement ...
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.
MS PERS System – Fiscal Challenges: Mississippi’s retirement plan is not unique in that it faces challenges, such as market downturns, a global pandemic, and changes in accounting standards. These events are impacting pension plans nationwide.
When the PERS Board voted to increase taxpayer funding by raising the “employer contribution rate” five percentage points at a cost of $265 million, most attention was given to state-supported entities (think: agencies, K-12 public schools, community colleges, and public universities). Yet the total funding required by this rate hike is ...
The number of employees paying into the retirement system has decreased at the same time, shrinking by 9.12 percent from 165,644 to 150,537 in 2020. The plan’s expected rate of return has been lowered three times since 1981 — when PERS began investing its money in the stock market — from 9.66 to 8 to the present rate of 7.75 percent.
Mississippi River Charts. MS River – Baton Rouge; MS River – Natchez; MS River – Vicksburg; MS River – Greenville