Friday, October 4, 2019

PERS Results Delayed

PERS watchers will have to wait a few extra months to learn how well the retirement system performed last year.  PERS will release the annual valuation reports in December.  The reports are traditionally released in October.  However, such will not be the case this year.   The reports provide valuable information on PERS such as funding levels, rate of return, and the retiree population. 


It is not known what the PERS rate of return was last year.  However, the S&P 500 had an approximate rate of return of 9.2% form July 2018 to June 2019.  Thus the markets were probably kind to PERS. 

20 comments:

Anonymous said...

Abolish PERS and contract state government jobs out to the lowest bidder.

Anonymous said...

What a productive and realistic first comment.

Anonymous said...

Probably delayed due to politics. The Rs don’t want it to become a campaign issue. Tater wants to cut benefits.

Anonymous said...

Cooking the books, no doubt.

Anonymous said...

This should be investigated. How hard is it to do math?

This was delayed to help R party because they are responsible for the way it’s been managed.

Someone should do a Trump and just tell everyone the thing is losing money and Rs broke it and took the money.

Anonymous said...

4:37, I put up with a lot of shit off people for a long time to get that check.

Anonymous said...

@7:58
Boo Hoo. In the private sector we put up with the same shit, with fewer paid holidays, and all we have is what we saved for ourself. The Mississippi taxpayer doesn't owe you shit. You can have back whatever you contributed if PERS still has it in their coffers.

Anonymous said...

The PERS underfunding keeps growing and one of the reasons is a bill passed in 1999 (HB 472), changing the percentages on both monthly benefits and the annual cost of living adjustment. Retirees who had been receiving PERS payments for years had their income recalculated and most got an upward adjustment. In addition, the COLA which was set at 3% annual had the compound feature added for persons above 55 years of age. PERS employees at that time told the legislature and the analyst(s) that this would be unfunded and make the funding gap larger but what did they know. This one bill is not the only reason, but it does need to be revisited and those adjustments made reviewed. But because individuals are already receiving retirement and because the ones under the dome want to stay there it ‘ain’t gonna happen’.

Anonymous said...

Kingfish,
Where did you see this? I can't find anything on their website.

Anonymous said...

Kingfish, where did you find this out? I can't find anything on PERS website?

Anonymous said...

10:23 the major reason its in the shape its in is because of the “downsizing government”.

Anonymous said...

07:58 We(PERS Members) signed a contract with the State, many of us years and years ago, 1984 for me, I was paid 50% or so the going rate for comparable private sector position and reminded year after year after year, that one day I would have a good pension. Yes, the Mississippi taxpayer does owe us, they don't owe U shit, but the State Reps in the Legislature
offered the employees of Community Colleges, DOT, School Teachers, etc. the PERS employment contract.
Now if they change it for NEW employees starting 1 January 2020, and go to a 401K or similar system, cool. That will be what they agreed to at start of employment. We want and will get what we were promised under contract. Save up.

Anonymous said...

All the goobers on here automatically smelling conspiracy, CONSPIRACY! On this blogsite, if it ain't claims of racism, it's chants of conspiracy.

Anonymous said...

So 9:38, your saying we should have private sector Highway Patrol, Sheriffs Deputies, Teachers, Legislature, Senate, Governor etc.?

Anonymous said...

@7:19
I've got some bad news for you. The elected officials from 1984 are gone. And in 2020 they can be replaced with people who will do current tax payers a favor shut it all down. And good riddance to bad rubbish.

On another note. Not all State employees are making less than private sector workers these days. If your supervisors aren't following the MSPB guidelines and you're not getting your 6% every year, then you must not be very productive. They get raises and promotions for the workers they can't afford to lose. Not so much for dead weight that they can't fire.

Anonymous said...

@ 08:35

I've got some bad news for you too. The loan officer at TRUSTMARK that approved my 30yr mortgage 20 years ago is gone also, I still owe the bank the principle and interest I contracted to pay them till I pay it off.
Start a new plan for new hires today, we fulfilled our end of the contract under the plan we were offered.

Anonymous said...

@9:46

A building mortgage is a tangible asset that is transferable and has value for as long as the building remains habitable. Your labor from the past is no such tangible asset.

Anonymous said...

The biggest problem with PERS is that it is run by a bunch of country fried rubes who have no clue when they are being bamboozled by city slickers. I wonder how many times the PERS board bought the Brooklyn Bridge before they caught on to that old con?

Anonymous said...

The belief amongst PERS retirees that they can not be forced to take a haircut is pure folly.

I SPY IGNORANCE said...

The only thing more abundant on here than anger/dislike for police, firemen, mayors, councilmen, water department employees, highway workers, teachers and other members of PERS is ignorance.

Take, for example, the utter stupidity of this comment from a post above, "If your supervisors aren't following the MSPB guidelines and you're not getting your 6% every year, then you must not be very productive."

There is no such thing as an MSPB guideline of 6% every year. Pay=grade tables have NEVER been funded and NEVER will be. Many/most positions go years without any increase and when an across the board is granted, eventually, it might amount to 2 or 3%. Where do people get this crap about SPB auto-raises or even periodic increases? They either make it up or hear it at church.

And if your retirement is based on 'what you manage to save up' you made that choice on your own and might have changed jobs thirty years ago that offered a savings plan.

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