http://msbusiness.com/blog/2011/12/25/the-pers-standoff/?utm_source=rss&utm_medium=rss&utm_campaign=the-pers-standoff Mississippi Business Journal Fri, 24 May 2013 18:29:36 +0000 hourly 1 http://wordpress.org/?v=3.5.1 http://msbusiness.com/blog/2011/12/25/the-pers-standoff/#comment-128078 Ed Clynch Tue, 27 Dec 2011 15:35:35 +0000 http://msbusiness.com/?p=50039#comment-128078 The changes adopted already will solve much of the problem in the long run. Changes include increasing the employee contribution from 7.25% to 9.0%, requiring 30 years of service before persons under 60 can retire and receive benefits, and increasing the years of employment required for vesting from four years to eight years. These changes will influence the payouts. Partial benefits for early retirees is one idea worth considering. Social Security uses this system. The cost of living increase for retirees helps this group cover additional medical costs. In addition to medicine not covered by Medicare part D retirees must pay additional premiums on the Medicare wrap around plan sponsored by the state of Mississippi. The stock market is coming back and economy is growing. The PERS shortfall will decline as the market increases and measures already put in place take effect.

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