Employers
Retirees
Members
The Public Employees’ Retirement System of Mississippi (PERS) proudly serves the state of Mississippi by providing retirement benefits for individuals working in state government, public schools, universities, community colleges, municipalities, counties, the Legislature, highway patrol, and other such public entities. These retirement benefits not only help recruit and retain a strong public workforce in Mississippi, they help stimulate local economies in every county in the state and help reduce the need for social assistance.
We are aware of the need for a Tier 5, as the Board previously recommended a change in benefits for new employees to lessen future liabilities and better sustain PERS.
However, it is also essential that the System receive adequate funding to meet the long-term needs of the plan. This approach seems to be a short-term plan; eventually the System will need funding consistent with actuarial recommendations, which are already periodically verified by independent actuarial audit. The longer a delay in adequate funding, the more it may cost to taxpayers.
PERS is a complex issue with many moving parts. It is important our data and information be used with the full or proper context and understanding. We are available to work with the Legislature for the limited remainder of this session and during the year for the betterment of PERS. Partnering together in this significant endeavor is imperative.
We will continue to monitor the conclusion of the legislative session and appropriations process. PERS is certainly stable, but we must work together to keep it that way. Thank you.
The following statement is from the PERS Board of Trustees, who asks you to please review, share, forward, post, or distribute. Thank you.
Click here to view a shareable PDF of the following statement.
The PERS Board opposes House Bill 1590, which restructures the PERS Board with political appointees and prohibits the necessary funding for the retirement system.
Why We, as the PERS Board, Object to the New Board Composition HB 1590
Investments under the Oversight of the Current PERS Board
Stability, Continuity, and Resiliency of the Plan under the Oversight of the Current PERS Board
HB 1590 Prevents Necessary Funding
It is critically important that you contact your state senator and senators on the Senate Government Structure Committee right away to relay your thoughts on this crucial and time-sensitive matter.
The linked letter and attachments below were sent January 25, 2024, to Speaker of the House of Representatives Jason White and Lieutenant Governor Delbert Hosemann relaying legislative requests for PERS.
Click here to read the letter and all attachments.
The PERS Board of Trustees voted Tuesday, August 22, 2023, to phase in a previously approved employer contribution rate increase by 2 percent each state fiscal year beginning July 1, 2024, and thereafter until the rate reaches the amount recommended by the actuary and approved by the Board (22.40 percent). This means the current rate of 17.40 percent of payroll will only increase to 19.40 percent for the next state fiscal year.
As fiduciaries, we must act in the best interest of the membership and System. We appreciate the support of all PERS stakeholders and look forward to working with them in the future for the betterment of PERS.