CL – PERS system adds cost to taxpayer
The good news for the 373,640 participants in Mississippi’s Public Employees’ Retirement System (PERS) is that the system is actuarially sound at this time.
But as Gov. Haley Barbour pointed out in his Executive Budget Recommendation, the cost of maintaining that soundness is increasing for Mississippi taxpayers at a time when those taxpayers can least afford additional burdens.
Those increased costs are traced to three sources: investment losses, growth in the number of state retirees (and retirees living longer), and retirement benefit enhancements approved by the Legislature but not funded by lawmakers.
Based on the benefit enhancements passed by the Legislature compounded with investment losses, The PERS Board voted to raise the state (taxpayer) contribution from 12 percent to 13.56 percent.
Clarion-Ledger
2/11/10
Magnolia Tribune
