Collection of all posts on PERS
PERS Executive Director Pat Robertson told the Joint Legislative Budget Committee Tuesday the PERS Board of Directors will recommend raising the employer contribution rate to 15.75%. for the retirement system.
She said the board was reaching a consensus of adopting an employer contribution rate of 15.75% to yield a funding ration in excess of 80% in thirty years (9:00). Representative Flaggs asked her how much money the additional employer contribution would require. She said it is estimated it will require an additional $44 million from the general fund (15:30). The current employer contribution is 14.26% (See p.30 of document posted below). She said creating a long-term rate of 15.75% was more stable than increase the rate to over 16 or 17 percent and then lowering the contribution rate as the funding level stabilized.
Ms. Robertson said there will be an increase to the employer contribution to PERS. She said there were 900 employers contributing to PERS. They included "mainly public schools." 40% of active members of PERS are public school employees while 30% of the employers are state agencies and 28% are municipalities. She said the average payment is over $19,000 per year.
Ms. Robertson said PERS' funding level of "62% was not ideal" but that PERS "is financially stable." She said "changes have been made to ensure the sustainability of the plan" such as eligibility, contributions, and other measures. She repeatedly said the legislature increased benefits in 1999 without putting a funding mechanism in place to pay for the increase. She said the increase was made retroactive and "cost 10% of payroll." She said "those benefits were not paid for and its catching up with us now." She said only the legislature can change benefits.
Ms. Robertson said PERS earned a rate of return of only .6% last year. PERS earned 25% and 14% the two prior years. There were no Democrats jumping up and down bragging about the rate of return as Steve Holland did last year. The ten year rate of return is 5.4%. Speaker Pro-Tem Greg Snowden asked if the 8% assumed rate of return was a reasonable estimate. Ms. Robertson said the board is examining the assumption and determining whether it should be changed. She said a report will be made to the board by a auditing firm in February.
Representative Flaggs asked Ms. Robertson if the board would change the COLA adjustment known as the 13th check. Ms. Robertson said only the legislature could change the COLA as its considered to be a benefit.
Ms. Robertson distributed a booklet containing facts about PERS. Here are some of the highlights from the booklet:
161,895 active members
86,821 retirees and beneficiaries
40% of active members are public school employees
30% of employers are state agencies. 28% are municipalities.
Actuarial funding level is 62%
Asset allocation: 65% stocks, 25% bonds, 7% real estate,
Revenue sources: 51% investment earnings, 29% employer contributions, 20% employee contributions
Benefits paid for FY 2012: $1.86 billion
Investment income: $60 million
Net assets: $19.8 billion
Rate of return for FY 2012: .6%
10 year average: 5.4% rate of return
30 year rate of return: 9.6%
Assumed rate of return: 8%
Not one time was SLRP mentioned.
Friday, September 21, 2012
Collection of all posts on PERS
Hancock Law Firm
ATTN: Jackson Jambalaya
855 S. Pear Orchard Rd., Building 100
Ridgeland, MS 39157
Apr 21, 2014
Apr 21, 2014
The Rez News
The Market Ticker
And The Valley Shook
Ms. Business Journal
Soldier of Fortune
Ace of Spades
Most popular posts last week.
- Election night thread. It's Mayor Tony Yarber
- Nothing like some Precious Branding
- Just a coincidence.
- Stokes tries to understand flood control
- 60 months!
- Need a good burger? Head East.
- Company was not a good Samarion
- JPD arrests teens accused of carjacking, sexual assualt
- Samarion execs indicted in two states
- ► 2013 (1080)
- Tomorrow the last day for NY fashion in Jackson
- Your local media in action
- Now THIS is a campaign ad.
- Nice change coming to Medicare Monday.
- Dr. Smith indicted
- Critters in Madison: The Sequel
- About damn time.
- Support the Mississippi Animal Rescue League tonig...
- Are you suuuuuuure it was a terrorist attack?
- DWF Says: Happy Birthday Kingfish!
- Who do you trust?
- Mike on Bill Clinton
- States cut pension costs but it's not enough
- Parkway East has no record of bond fees
- Breaking: MSSC kicks Westbrooks off ballot
- Rankin grand jury indicts Mike Brown
- Mississippi Democrats endorse Earle Banks
- More on the Parkway bond payments
- CNBC: Mississippi one of the worst states for busi...
- Presidential campaigns: Everyone's an expert.
- Puppy the Boa has been found. (Updated)
- PERS looking at raising Employer contribution rate...
- Boa Babe in Reunion Update
- WJNT yesterday morning
- JPS: New ratings? What new ratings?
- Farewell Jim
- Hinds Board keeps Airwave contract, Hargrove makes...
- Fitch defends MPACT suspension to legislature
- MPACT Board suspends MPACT registrations
- Tweeting from Leg
- Boa Babe in Reunion (Updated w/ Alert)
- Libya: We warned them.
- "I realize we all look alike to you"
- Show me some money!!!
- JPS report cards: 82% of middle & high schools rat...
- How bad was Ole Miss last night?
- Nakoula was banned from using computers
- The Dekes of LSU
- Should they stay or should they go?
- Justice Dept. approves Senate redistricting plan
- Did Madison County make $632,349 in illegal paymen...
- Independent claims government was warned.
- Mike's back.
- Hinds Supes restore Sheriff's budget
- Yesterday on WJNT
- My response is......
- Raymond Ethan Thomas was a special forces marine r...
- Elvis is BACK!!!!
- Remember Heather
- PERS hit and run piece makes the rounds
- Tax increase passes (Updated)
- Editorial: No Madison County tax increase
- Mr. Blabbermouth
- Gator hunt
- Jobs? What jobs?
- The preachers speak out tomorrow
- Sheriff attacks proposed budget cuts
- Live from the Florabama
- California mandates retirement plans for private e...
- Reunion meeting tonight
- JJ unable to get court date in Motorola case
- Estate planning for blended families
- Coffee with Haley
- Won't back down
- Madison Supes award another no-bid contract
- Update on Middendorf's
- Only at Mississippi State
- Go ahead
- Madison homeowners oppose tax increase (Updated)
- Jim Hood gets what he wants... and loses
- ▼ September (76)
- ► 2011 (1056)
- ► 2010 (949)
- ► 2009 (976)
- ► 2008 (932)
- ► 2007 (398)
The Kingfish's Favorite Posts
- Majority black public school districts spend more, waste more, fail more
- Jackson's water bond failure: The REST of the story.
- Time to return fire on Banks
- Supervisor votes on projects next to land he owns
- Throwdown at the Levee Board
- Door shuts on another life
- Truth begins to come out in Irby case
- Judge orders interview of Irby
- Steadivest: Snakes or snake-bitten?
- Post-election thoughts
- Rest of the story about Crisler's shooting
- Jackson paying $4 million in fees
- Will Jackson end up like Birmingham
- Record-breaking fraud?
- FBI contacted MVT about Evans
- Heather Spencer police reports
- An open letter to John McCain
- Are your 401k's safe from Democrats?
- Democrats' Plans for Controlling the Media
- Who is Teresa Ghilarducci?
- Kingfish wins at Ethics Commission
- Tribe of Obama
- Berry V. Aetna (rankin County Cesspool)
- Incest in Dixie: Mississippi Legal Profession
- Jim Hood: Liar
- JFP Tax Problems? (See comments)
- The SafeCity Bill
- Isn't this called secession?
- A Black Governor in Mississippi?
- Time to grade Miles' exam
- Domestic Violence & Divorce in Mississippi
- Truthwatch, eh?
- What is Jackson Jambalaya?
- Election Night Thoughts
- Counter-Insurgency for Beginners
- Jazz for Beginngers
- Mayor Melton's Soljah
- A Leopard Can't Change His Spots, Can Jere Nash?
- Harborwalk Hoax?
- A Pox on All Your Houses
Local Media & Blogs
- Clarion Ledger (Jackson, MS Gannett Newspaper)
- Jackson NOW!
- The Rez News
- Y'all Politics
- Mississippi Wiki
- Mississippi Litigation Review
- Jackson Free Press (Jackson, MS Alternative Weekly)
- The Magnolia Report
- Majority in Mississippi
- The Perception of Life
- The Northside Sun
- Mississippi Magazine
- The Mississippi Link
- Other Cain Report
- Tom Head's Civil Liberties Website
- Blog on Mississippi Sovereignty Commission
- Harborwalk Thread (Jackson's Latest Boondoggle)
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.