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.
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. This means the current rate of 17.40 percent of payroll will only increase to 19.40 percent for the next state fiscal year.
Also, following the recommendation of the actuary and others, the Board voted to lower the assumed rate of return from 7.55 percent to 7 percent, effective with the valuation ending June 30, 2023. Based on recent actuarial projections and using 7 percent as the assumed rate of return, the ultimate employer contribution rate after full implementation is currently estimated to be 27.40 percent. This potential future employer contribution rate will be updated in subsequent actuarial reports (typically presented each December) beginning with the next one for the state fiscal year ending June 30, 2023.
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.