While you were sleeping the governor and Legislature gave PERS authority to make higher-risk investments with retirement funds.
House Bill 990, introduced by the vice chairman of the House Appropriations Committee, Mac Huddleston of Pontotoc, and co-sponsored by committee chairman Herb Frierson of Poplarville, passed the House 82 to 3 and the Senate 52 to 0 and was signed into law by Gov. Phil Bryant on March 21.
The PERS Board requested this bill “to reflect the current investment environment.”
What this means is that the lay board will rely more heavily on its “professional investment advisers” to manage risk as they chase higher investment returns.