Mississippi Business Journal » public employees

Rating agencies keeping a close eye on state’s pensions

Ted Carter — Fri, 30 Nov 2012 22:13:47 +0000

Mississippi state government ended fiscal 2012 with the same solid credit ratings with which it started the year. Whether the Magnolia State maintains its strong credit in the years to come could hinge on the effectiveness of measures to fund the Public Employees’ Retirement System of Mississippi, or PERS. The pension funding picture is expected [...]

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PERS: Employer contribution rate for defined benefits will climb

Ted Carter — Fri, 30 Nov 2012 19:02:54 +0000

The board of trustees of the $20-billion Public Employees’ Retirement System of Mississippi (PERS) trust fund has agreed to up the state’s contribution to the plan in 2014 in hopes of reversing a slide in the funded portion of the trust’s liabilities. The move follows a composite loss of $1.87 billion for fiscal 2012 and [...]

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Covered payroll rate stays same for the first time since 2005

Ted Carter — Fri, 30 Nov 2012 06:01:41 +0000

The governing board of the Public Employees’ Retirement System of Mississippi (PERS) has settled on 15.75 percent as an employer contribution rate that will return the $20 billion retirement fund to safer ground. If the 15.75 percent of covered payroll rate holds beyond 2013, it will mark the first year since 2005 without a hike [...]

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PERS Study Commission cannot hit report deadline

MBJ Staff — Mon, 14 Nov 2011 14:22:16 +0000

JACKSON — The wait for the report from the Public Employees’ Retirement System (PERS) Study Commission will be longer than expected. The Governor’s Office announced the Nov. 15 deadline would be missed. The statement from the governor reads: “Due to the complicated nature of the review of the state Public Employees’ Retirement System, the PERS [...]

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Lawmaker considering subpoena of Schloegel

Associated Press — Mon, 10 Oct 2011 13:03:41 +0000

JACKSON — A top Mississippi lawmaker says budget writers deserve to hear directly from the leader of a governor’s commission that’s studying the Public Employees Retirement System. House Banking Committee Chairman George Flaggs, D-Vicksburg, says he’s considering issuing a subpoena for Gulfport Mayor George Schloegel, the man appointed by Republican Gov. Haley Barbour to study [...]

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Hood renders opinion on possible PERS changes

MBJ Staff — Thu, 22 Sep 2011 13:32:54 +0000

JACKSON — Attorney General Jim Hood has sent a letter to Pat Robertson, executive director of the Public Employees Retirement System (PERS), giving his opinion on possible changes and/or recommendations from the PERS Study Commission. Hood wrote that whatever changes might be considered or recommended, the “law requires the state to honor the commitment it [...]

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Day of reckoning ahead for PERS

Ted Carter — Sun, 21 Aug 2011 06:00:58 +0000

Upgrades in retirement benefits granted to Mississippi’s public sector workers a decade ago could get rolled back as the state, its cities, counties and school districts struggle to stay financially afloat. Citing an “unsustainable” burden on Mississippi taxpayers inching toward $1 billion annually, Gov. Haley Barbour wants a close look taken at altering the retirement [...]

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