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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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".
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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.