Monday, February 22, 2010

SLRP: Supplemental Legislative Retirement Plan or Pigs SLRPing at a trough?

Update: Request for opinion has been sent to the Ethics Commission. Stay tuned.

Layoffs, mergers, shutting down much needed programs, setting criminals free. Such is the state of our state right now as our government tries to survive the current budget implosion. Despite these problems and the busted budgets, $50 million beef plants, squandered trust funds, and other bills given to us by the Mississippi Legislature over the years, the Legislature unfortunately still enjoys a little-known benefit called SLRP: the Supplemental Legislative Retirement Plan.

SLRP is a special retirement program created in 1989 just for legislators giving them extra retirement pay in addition to the regular retirement they receive as members of PERS. Section 25-11-301 of the Mississippi Code states:
"There is hereby established and placed under the management of the Board of Trustees of the Public Employees' Retirement System of Mississippi a supplemental legislative retirement plan for the purpose of providing supplemental retirement allowances and other benefits under the provisions of this article for elected members of the State Legislature and the President of the Senate and their beneficiaries. The retirement plan provided by this article shall go into operation on July 1, 1989, when contributions by members shall begin and benefits shall become payable. This retirement plan is designed to supplement and is in addition to the provisions of Section 25-11-1 et seq. Under the terms of this article, the members of the State Legislature and the President of the Senate shall retain all social security benefits under Article 1 and additional state retirement and disability benefits under Article 3 of the Public Employees' Retirement Law of 1952, as amended. This article is a supplement to those sections, and is designed to provide more benefits for members of the State Legislature and the President of the Senate by reason of their service to the state." Section 25-11-301

Section 305 states SLRP shall include all members of the Legislature unless they choose to opt out of the program. Section 309 states "(1) The retirement allowance from the Supplemental Legislative Retirement Plan shall consist of fifty percent (50%) of an amount equal to the retirement allowance determined by creditable service"." In other words, SLRP gives legislators time and a half retirement pay in comparison to teachers, police officers, prosecutors, and other state employees. How will Cecil Brown explain this golden parachute away the next time he argues the state should raise taxes? By the way Cecil, how loudly did you protest when your boss signed the bill into law? Interesting question but back to SLRP.

PERS administers SLRP. (There is a SLRP section on its website.) The contribution rate for Legislators is 3% and 6.65% for the state. The retirement pay is based on an average of the four highest-paid years of legislative service. Meanwhile, state employees are required to contribute 7.25% of their pay to their retirement plan while the state contributes 11.85%.

How much money is in the SLRP fund? The 2009 annual report states SLRP fund contains $9,832,000 in net assets held for pension benefits (page 15). The value of said assets declined nearly $3 million in 2009. The report also stated employer contributions were $458,000 and employee contributions were $207,000 in that year.

A public records request was filed with PERS for the amount currently in the SLRP fund, as well as the portion designated employee and employer contributions. PERS denied the request by claiming what was sought was data and not an actual record: "Due to the fact that your request does not identify specific record being sought, your request for information or records pursuant to the State of Mississippi's Public Records Act is denied" - this in a letter dated January 26, 2010 and signed by Greg Gregory, Deputy Administrator. Needless to say, JJ strongly disagrees with this interpretation as it is clear Mr. Gregory is engaging in word games. JJ is appealing to the Ethics Commission.

If Barbour is looking for programs to cut, maybe he should look at this program. There is simply no justification WHATSOEVER for these REMF's to sit back and collect time-and-a-half in pay in their retirement plans. A system that rewards part-timers who wheel and deal at Ticos every night more than guards at Parchman or game wardens who risk their lives on a daily basis is a perfect example of how dysfunctional our Legislature really is.

While the Legislature lives in an alternate universe, thousands of state employees and their families are wondering if they will even have a job in a few months. Mississippians have seen their private retirement accounts pummeled by the financial markets over the last few years. Local businesses worry about making payrolls. Our cities try to protect us and educate our kids as sales tax revenue declines. While many suffer, the pain is not spread equally as the Legislature is immune to the problems afflicting Mississippi. If the Legislature wants to cut everyone else's pay, perhaps it should lead by example and cut its own. The SLRP trough needs to go.

35 comments:

Anonymous said...

JJ is appealing to the Ethics Commission.

Greg Gregory must not understand who he is dealing with. Hopefully he'll achieve an attitude adjustment before his name and face gets flashed on the 6 PM TV News.

Anonymous said...

This is outrageous. In a time when all Mississipians read and hear is "slash the state budget! We are out of money!", and they are going to overlook this unjustified expense?!

What a false sense of entitlement and pure, outright greed.

Barbour needs to scrutinize this SLRP fund long and hard, if he's serious about budget cuts. Of course, along the way he'll piss off alot of the good ole boys if he actually takes an axe to it. Do it anyway, Haley!

Anonymous said...

It is the entitlement mentality that permeates all corners of our society.

The problem and root of our coming anarchy is this ... the pyramid has inverted. There are not enough working Americans to pay all of the bills. Increasing taxes at any level only brings diminishing returns.

The epic disconnect is underway. ObaMao's taking of middle class wealth is the tipping point. Make sure you have plenty of weapons and ammunition. The shit will shortly be hitting the fan.

Anonymous said...

Really 8:19? Only in MS.

Anonymous said...

Haven't ex legislators always had lifetime benefits? Fed. and state level?

Kingfish said...

I'm not talking about that. They get a supplement of 50% in addition to what they get as state employees.

Anonymous said...

agree, probably needs to stop, however, I believe that the slrp withholdings are in addition to the regular withholdings(i.e. 7.50 plus 3.75 for total of ll.00 withheld and the same applying to the states portion.)therefore they pay something additional for the 1/2 increase. Don't pay 1/2 of what state employees do and get l l/2 benefit.

Arm Yourself ASAP said...

Tennessee gun permits up 23% last year

It is the same in nearly every state.

Anonymous said...

Perhaps guest commentator Yancey would address this issue.

Anonymous said...

THAT IS A GREAT IDEA. Care to go on record Mr. Yancey? The true measure of your words or lack of, will be taken into account against future postings.

Kingfish said...

Not a peep out of any other media or blogs about this one. Wonderful. I guess its easier for Hampton to say we should raise taxes than take on the Legislature's golden parachute.

Anonymous said...

Hampton is a re-distributionist. When Gannett one day conducts that post-mortem for the C-L he'll easily be one of the Top 3 causes of death.

Kingfish said...

The problems there are much bigger than Hampton. Grace Simmons is one who needs to go and by that I mean yesterday. Everyone in leadership there has been there forever.

Anonymous said...

If you aren't ready to hold Hampton accountable then don't expect staffers to be held accountable.

The length of time in the job is irrelevant. Time in the job is not an automatic disqualifier.

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Kingfish said...

All right, I did a bunch of zappin'. A thread about SLRP turned into a food fight about a legislator who is nice enough to post here and share information with us. I suggest you email him directly at his legislature email address or on FB where he has an account. I'll probably ask him about this next time I talk or chat with him.

I'm a little more perturbed at none of the media running with this one. Hell, you'd think Gallo or Lange would pick this up but no dice. This should bother you guys.

Anonymous said...

I sent it to Channel 3 through a back channel.

KaptKangaroo said...

Thank you KF. I agree that Mr. Yancey has taken a great step forward to engage in discourse on JJ and for that matter the internet. The food fight was interesting...on the one hand folks asked for dialogue with a representative in a public forum...on the other hand folks want to excuse participation under the assumption the internet is not a proper forum.

Mr. Yancey aside, the issue is the mentality of open public discourse regarding your "sunshine" post of SLRP. The very heart of the post shined a light on an issue that very few are willing to discuss openly; especially with our representatives/media/general readership, yet, it was lost on the readership to some degree.

Anonymous said...

Honestly, I think that the amount of math required to properly cover a story, and the chances it would actually BE covered, are inversely proportional.

This one has percentages and fractions and such. Very mathy.

Anonymous said...

So what did you do today to further the "sunshine"?

Anonymous said...

Beginning to look like the JFP 'round these parts. Your hope and prayer is that Lange picks up the story? Boy Howdy!

Kingfish said...

Filed request with Ethics Commission for opinion. PERS has responded. Next month we probably go at it at their monthly meeting.


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