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
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This is definitely a Beaver production.
Note: Security provided by INS.
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This is definitely a Beaver production.
Note: Security provided by INS.