Monday, March 18, 2024

PERS Bill Tries to Change Board, Rescind Employer Rate Hike

 The Board of Trustees for the Mississippi Public Employees Retirement System issued the following statement. 

The PERS Board opposes House Bill 1590, which restructures the PERS Board with political appointees and prohibits the necessary funding for the retirement system.

 

Why We, as the PERS Board, Object to the New Board Composition HB 1590

·        Most of the new trustees would be appointed by politicians rather than elected by the membership.

·        Any change in leadership for a plan serving roughly 10 percent of the state’s population should be done openly and transparently, free from insinuation that the fund has been mismanaged.

·        This change has the appearance of an attempt to politicize the PERS Board.

·        This change would indirectly shift more power to politicians, in effect turning control over to the Governor and Lieutenant Governor, especially since all appointments would be with advice and consent of the Senate.

·        Currently, eight of 10 PERS trustees are elected by the membership. Under HB 1590, this would be reduced to only two of 11, which significantly disenfranchises more than 300,000 members who are directly impacted by the Board’s management.

·        Removing most of the current Board members results in the loss of institutional knowledge and continuity.

Investments under the Oversight of the Current PERS Board

·        There are currently more than $30 billion in assets.

·        As of June 30, 2023, the 5-, 10-, and 15-year returns exceeded most other public pension plans.

·        Ending December 31, 2023, the 15-year return for PERS outperformed 98 percent of other plans in our peer group.

·        Last fiscal year, the investment manager fees were only $.31 for every $100 under management; this is less than 75 percent of our peer group.

Stability, Continuity, and Resiliency of the Plan under the Oversight of the Current PERS Board

·        The current board structure has been in place for many years and the System has proven resilient, continuing to pay benefits through the adversity of the Dot Com Bubble, Great Recession, and the COVID-19 Pandemic.

·        The PERS board members are fiduciaries for the trust fund with a sworn duty and loyalty to the membership.

·        The current Board has acted with integrity and dedication in carrying out its statutory/fiduciary duties; in administering the benefits as prescribed in law while following the recommendations of multiple actuaries and other expert advisors; in making recommendations to help the situation; and in providing numerous scenarios at the Legislature’s request.

·        These actuaries and other advisors are also fiduciaries to the System.




HB 1590 Prevents Necessary Funding

·        HB 1590 prevents the essential funding as recommended by the actuary. 

·        As fiduciaries, we believe this is unacceptable.

·        The Board’s funding recommendation was for a 5 percent employer contribution rate increase spread over three years and consideration of a cash infusion or additional funding by the Legislature.

·        By rejecting the Board’s proposed rate increase, this approach not only would jeopardize the membership, it would also hurt all taxpayers. The longer the plan goes without proper funding, the more it costs and the harder it gets, leaving future citizens with the liability. (See actuarial valuations,www.pers.ms.gov/financial-overview.)

It is critically important that you contact your state senator and senators on theSenate Government Structure Committee right away to relay your thoughts on this crucial and time-sensitive matter.


Kingfish note: The House  passed HB #1590.  State Representative Hank Zuber authored the bill. 


The Trustees are elected by the retirees although the Governor and State Treasurer have seats on the Board as well.  


The bill changes the composition of the Board.  The proposed Board will have 11 trustees comprised of: 

  •  Commissioner of Revenue
  • State Treasurer
  • 4 members appointed by Governor
  • 3 members appointed by Lieutenant Governor 
  • A Retiree elected by the retirees
  • A member of the system with at least 10 years of credible service elected by members
Tne new appointments would be made by May 31, 2024.  The new trustees assume their positions on July 1, 2024.  The Senate must confirm all nominees of Governor and Lieutenant Governor. Um, why? 

The Governor's and Lieutenant Governor's appointees must "knowledge and understanding of the investment of financial assets and of the principles of a retirement plan, as either a participant or an employer."

While the proposed changes to the board drew most of the press release's attention, there is a major change tucked away in the back of the bill. 

The PERS Board of Trustees approved an increase of the employer contribution rate from 17.4$ to 22.4% in December 2022. After considerable backlash from local governments, the Board voted to phase in the rate hike over a three-year period.  However, the bill has other ideas about the rate hike. 

HB #1590 states: 

 the increase in the employer's contribution rate that is scheduled to take effect on July 1, 2024, is rescinded and shall not take effect, and the board shall not provide for any increase in the employer's contribution rate through June 30, 2024
.There is just one problem.  IF there is no rate hike, the funding level will fall.  



So what will the legislature do if there is no rate hike? What changes should be made to PERS to delay actuarial doomsday? 
 


81 comments:

Anonymous said...

Contribution rates can't be changed without the blessing of the legislature. Changing the board is smoke and mirrors and doesn't actually fix anything. The shortfall in funding has nothing to do with anything the current board has done. The shortfall is 100% due to the fact that the legislature granted an increase in benefits in an election year a long time ago, and never provided a way to pay for the increased benefits.

So the question is, what is the legislature's answer to fixing PERS? NOTHING in this bill addresses that question.

Anonymous said...

I suppose that next, somebody will introduce a bill requiring that the plan's actuary be named Bubba. Because they sure seem hell bent on ignoring the advice of the current actuarial firm.

The Barber of Jackson said...

... free from insinuation that the fund has been mismanaged.

Wouldn't be an issue if the fund was actually being managed prudently.

Anonymous said...

It is pretty clear that every representative that voted for this is ready to kill PERS off. They aren't even disguising it now. Not a single thing in that bill preserves PERS, it only coddles to the towns and counties screaming the loudest.

Anonymous said...

When the mayors and the MML raised hell about this increase, I'm pretty sure they were asking the state to step in and ease their burden, not step in a break the system.

Anonymous said...

Re: Barber of Jackson, There is no investment manangement problem, there is a benefit formula problem.

Kingfish said...

PERS investments have been beating the assumed rate of return. Haven't done 2023 yet but as of 2022:

Five-year average: 8.3%
Ten-year average: 9.45%

Anonymous said...

I saw my Rep's post on Facebook last week. Fred turned the comments off. One of my biggest gripes about PERs is why the hell do city and municipality elected officials get to join PERs? You have freaking aldermen and supervisors making next to nothing milking that system. To me, that's "one of" the issues with PERs. People working a high 4 and then riding out the rest with a couple of low paying municipal elected positions. I think that is where a good portion of the downfall of PERs is.

Anonymous said...

>which restructures the PERS Board with political appointees
Holy shit that's a big red flag. And I'm anti-PERS. I mean aren't the PERS board already political appointees in effect?

Anonymous said...

The state has always attracted competent people by offering an attractive retirement plan instead of an attractive pay scale. If PERS goes away most white collar positions in state government are going to start having to pay 30-50% more just to retain the current level of competence. If you don't want to fund PERS or want to decrease the payout expect to see six figure state employee salaries if you want to retain competent professionals in the legal and accounting fields among others.

Anonymous said...

Note to all state employees, current and retired: You are watching the political hacks screw up one of the best state retirement funds in the country. Are you ready to see it fail and your retirement plan go down the toilet? Because, putting it in the hands of the legislature is how it will go down the toilet. Remember back in the 70's when the union bosses (a.k.a mob) stole the pension funds. That's where you're headed. Except, this time, it will be "legal" because the legislature said so.

I'm just hoping that the politicians don't find a way to grab my 401k.

The Barber of Jackson said...

PERS participants are closer to a haircut than they ever have been.

PERS, Medicaid expansion, public schools. You can't fund them all. LMAO

Kingfish said...

Yes they did. The legislature increased the benefits in 99 without changing the funding mechanism. The good times would roll on forever in the markets.

None of you retirees said boo to those benefits nor complained even as Pat Robertson warned the lack of additional funding did not match the additional benefits. Now here you are. You wanted to reap the benefits of 99 for years without paying for it.

Now here you are. 5 point rate hike or the system goes down into the 40's. What do you do?

Anonymous said...

"Best state retirement funds in the country"? According to what measure? God forbid the political hacks make the truly massive underfunding worse.

Anonymous said...

Bravo Kingfish @ 10:19, Bravo!

Anonymous said...

How much money is placed into the counties by PERS Retirees? I mean these are Mississippians and people living in our communities. Has anyone looked or thought to ask about this number?

Anonymous said...

So, Brice is calling himself 'The Barber' now?

Kingfish...How the hell do you know who didn't say boo? You don't.

@ 10:00 a.m. Thanks for showing your ignorance with this comment: "I mean aren't the PERS board already political appointees in effect?" It's OK that you don't know jack-shit about the matter being discussed, but please...just sit quietly in the bleachers.

Anonymous said...

Do we really want the offices of the Governor and Lt. Governor having this much control over a state retirement. There has to be a retirement plan for teachers, fireman, state and municipal employees. So, when I ask this question, it is not necessarily directed at our current governor or lt. governor.

But who ever comes after them.....

Is this representation of the people without input from people. Just have these same offices appoint your representative or senator. No need for you to have any say in who represents you.

Anonymous said...

This bill is really not conceptually different from the idea of "packing the court." This idea provides political cover to politicians whose appointees won't be empowered to "rock the boat."

The current PERS board has made a tough decision, and the politicians have caught flak from non-government employees over the idea of dumping money into the PERS. Instead of using our budget surplus on a one-time dump into PERS (and then truly reinventing the system), we're going to kick this can down the road to when we're actually facing a budget crisis.

Anonymous said...



The PERS board members are pissed-
Are they Pers recipients?

Anonymous said...

My wife works for the state. We are in our mid 30's and I don't factor in PERS or Soc Security when projecting our retirement. We have the same degrees and certifications and she makes less than half of what I make. Yes the hours are less but not that much less. The perk of state job is a guaranteed retirement amount, do away with that and like others have said good luck attracting competent professional staff at the current pay rates.

Anonymous said...

Filed by Zuber "by request". What does that mean??? Passed 85-34! What are we missing KF???

Anonymous said...

31 basis points for $30 billion in assets? Yeah, there's some fat to be trimmed. Start there. And it doesn't matter how much other funds are paying their asset managers, what matters is what the participants are getting charged from their accounts. The expense ratios should already be on the low end from the funds since these are institutional investors. I mean, how hard is it to manage some low cost Vanguard funds?

Anonymous said...

No surprise from this group of legislators! Just look at the bills they have passed so far-only money grabbing bills and power grabbing bills that’s all! Oh I forgot - you can wear pink instead of hunter orange!! Great job guys great job!, all this group is worried about is sponsorships for their food and beverages. I bet they won’t do anything to SLURP- they will tell you its hard work being a legislator and they earned theirs- YEAH RIGHT!

Saltwaterpappy said...

It's my understanding that PERS programs throughout the country are experiencing similar problems. If possible, I suggest that PERS convert to a 401k plan like is done by many companies in the private sector. Wouldn't that cure the funding issues?

Anonymous said...

The rainy day fund is not there to bail out PERS.

Anonymous said...

How much do people deserve to receive if their ambition in life is to be a career long employee of the state?

Anonymous said...

To the Mouthbreather at 11:11 AM:

Some KF posters have working relationships with a number of state legislators and have personal knowledge of just how laboriously some legislators work in behalf of their constituency. You paint with a broad brush unfairly and ignorantly as to some legislators. Are there a few goose eggs taking up valuable space? Yes. But many of these guys and ladies are genuine public servants.

Anonymous said...

Over the past 30 years (as of June 30, 2023) the S&P 500 (the stock market) returned 10.04% per year annualized. It did this with a standard deviation of 16.7%. This level of risk lead to returns like -22.10% in 2002, -38.49% in 2008, -18.11% in 2022. This is a level of risk that would not be prudent for a pension to assume. The PERS portfolio over that same period returned 7.8% with a standard deviation of 11.7%. The PERS portfolio produced a return within 2.25% of the stock market with over 5% less risk.
The Net Asset Value of PERS in 2001 was $17.2 Billion and as of 2023 the Net Asset Value was $32 Billion. The excess benefits paid vs. contributions received, between 2001 and 2023, increased from $138 Million to $1.4 Billion per year. That is a compounded annual growth rate of 11.66%. The total amount the PERS investment portfolio had to cover during that period was approximately $16 Billion. Even with this headwind PERS grew the portfolio $14.8 Billion an 82% increase between 2001 and 2023. That is stellar performance!

All this is to say that this FUNDING ISSUE from the very start has been and will continue to be a funding issue (created by the Legislature in 1999), not a lack of performance from PERS.

Anonymous said...

Get rid of PERS, refund everyone, let them open their own 401k's

Anonymous said...

I am a current retiree who depends on PEERS. I was discusing issues related to PEERS with a prominent member of the House of Representatives. While acknowledging PEERS has problems and neither of us had a perfect resolution, one thing he did say is " one thing you dont want is the legislature involved, they will really mess it up".

Anonymous said...

Most of the anti PERS posts here are pretty ignorant of reality. Like the old commercial, you can pay me now or you can pay me later. Mayors should have gotten behind this because the cost of waiting is going to be much higher. And they are on the hook.

Anonymous said...

$3.2 Billion paid out to retirees annually with approximately $3.0 Billion staying in Mississippi. Pretty Dang Good!

Retirees in my old home county - Covington County receive $20,161,988.00 annually. That is a lot of money to put back into a local area. Using an economic impact multiplier of say 2-4 times, which is conservative. Then that money $20,161,988.00 roles over to $40,323,976.00 with (2 multiplier) or $80,647,952.00 (4 multiplier).

I know my neighboring county, Forrest County, was concerned about the employer increase, can someone here tell me what they pay in employer share?

Retirees in that county bring in $110,613,905.00 with the same multipliers as above, that would equate to: $221,227,810.00 (2 multiplier) or $442,455,620.00 (4 multiplier).

The multipliers can be added to any job or money brought into any community.

I am not exactly sure what these counties/municipalities employer share (employer rate/share) is but if anyone knows, please add to this discussion.

If I missed something, please feel free to make corrections or let me know.
Thanks

Anonymous said...

SLRP has not faced any finding issues. The legislature has generously funded SLRP so that the legislators will not have to worry about their additional retirement fund. They just want to go after teachers, firemen, police officers and medical workers at UMMC. These don’t care about those people. This is just a power grab to reduce benefits for those in retirement.

The legislature dug this hole, they need to fix it.

Anonymous said...

And now watch those campaign contributions flow in to the Governor, LT Governor and legislators from financial firms wanting to manage the money. Management fees will go up.

Anonymous said...

Attn 12:01 PM. The state can’t do that because that is too logical. The employees feel that they have been sitting on their axxes for years doing essentially nothing and feel they should be compensated eternally for never having accomplished any viable work.

Anonymous said...

Hey 11:51 what district do you represent?.

Anonymous said...

“How did you go bankrupt? Two ways, gradually and then suddenly.”

Ernest Hemingway
The Sun Also Rises


Anonymous said...

Since many of the people here believe that ALL state employees do nothing all day for 30 years waiting on retirement, the answer is simple, fire everyone, take the money saved on salaries to bolster PEERS until the last beneficiary is dead, then no retirees to worry about. Then we can sell all of the state owned buildings for even more revenue.
Magically,somehow all of the many services the state provides will somehow continue to be provided. IDIOTS!!

Anonymous said...

"And now watch those campaign contributions flow in to the Governor, LT Governor and legislators from financial firms wanting to manage the money. Management fees will go up."

You are spot on. PERS Management Fees are already some of the lowest among all Pension Systems in the Country. This is a POWER/CASH grab by the Governor and Lieutenant Governor. Rest assured if you have a pension with PERS be very concerned because they have big plans for that money and it isn't for your benefit.

Anonymous said...

It’s a money grab. Bait and switch. In 7 years, number of
State retirees that will be dropping off the rolls will increase
to the point the reserves will be adequate. Maybe even
sooner considering the lifespan of Mississippians, on average,
is lower than the national average. On the bright side, there
will be more money for corporate welfare.

Anonymous said...

1:45, incorrect, some state employees only had to do nothing for 25 years waiting on retirement.

Anonymous said...

It’s PERS, not PEERS

ffs

Anonymous said...

Bankrupt, as in the state. Not the system.

Anonymous said...

11:32 bingo! The pers members on here and social media forget that 2/3 rds of pers is funded by the taxpayers not in pers !
I like my old retired high school coach but I don’t want him handling my retirement!

Anonymous said...

This current board is doing great let’s just keep it like it is and run this SOB straight into the ground ! Yeah I don’t believe the hype going around social media or “ I heard from a friend “ just doesn’t tell me that the board knows what the hell they are doing! Counties/cities are screaming what the board wants would cause layoff’s and the best they can come up with is for the state to give them $260 million of taxpayers money for 25 years ?? Sounds like winners to me !

Anonymous said...

You show your ignorance right off the bat, 1:45. There is no such thing as PEERS.

Anonymous said...

That's right...Fix the PERS Board of Directors so Tate Reeves, with his four appointees can direct investment contracts in a manner that will benefit himself and his comrades. That sounds like a logical fix.

Delbert is already running for governor. He's salivating and at the same time knows he's driving nails in his coffin.

And Lynn is on the phone with Haley asking for advice.

Meanwhile...leave it alone - not a damned thing wrong with the program as is. Even Ellis Bodron could see that.

Anonymous said...

Same old stuff, do away with the 13th check which was investment money and go to a cost of living increase which would have been, what 4%. 13th check takes 80% of the interest buildup in the fund which was NEVER accounted for. The fund should grow with investment returns to help pay the participants. I know of several people that receive an extra 13th month payment that are worth 2 or 3 months worth of their monthly payments. If the fund returns 8% all of the money should stay in the fund to accumulate.

Anonymous said...

People, the acronym is PERS, not PEERS. PEERS is a committee formed by the legislature to investigate crap - has nothing to do with the retirement system.
Now, what @11:59 said is essentially correct, however, saying that the portfolio 'grew' $14 billion from 2001 to 2023 implies that this was due to investment - not exactly true. How much of that 14 billion was just contributions made by employer and employee? Probably a lot. But I agree with most of what he said. However, my understanding is the investment fees amount to something like 90 million a year. How about just invest the entire portfolio in a S&P500 index and save that 90 mil a year? Your return would be as good or better than what it's been making.
One of the legislators said that they were for HB1590 because some financial wizards would be appointed to the PERS board instead of just common folk like what we've elected. Thanks, I'll stick with what we've had up to now - they've done fine so far. They ain't what messed this up in the first place. Wanna guess who that was?

Anonymous said...

Third world state; third world retirement system management.

Anonymous said...

It's kind of a shame. I have worked for the state for 23 years. After 10 years I figured I would stay and retire. After 7 you are vested then it's like what do i do now. If I leave I have to start over. I know some people think state employees are just flunkies who can't make it in the private sector. I would say we work more for far less pay, but I digress. Now I am sitting here thinking the money is gonna run out before I can get to retire, or be cut. I have other investment accounts but the bulk is PEERS. Politicians on the board will make it worse. If that's the way they want to go it will turn into a slush fund.

Anonymous said...

I'm not for the legislature taking control of the PERS board. But much like COJ residents, retirees get the leadership they vote for. Even without legislators that board has been "political" for decades. I remember when the USM connected board member and several county clerks put pressure on the board members in the early 90's to hire a Superintendent of Education as director so he could get him some of that high 4. I don't think Mrs. Robertson was concerned back then. He was an "expert" as he came from more than 50 miles away. Also, when the board chooses not to listen to the actuaries about the formulas, bad things can happen.

Anonymous said...

The lack of money is the root of all evil.

Mark Twain

Anonymous said...

"How about just invest the entire portfolio in a S&P500 index and save that 90 mil a year? Your return would be as good or better than what it's been making."

A well-established idea with proven results in many other plans.

In other words, these political hacks will never try it - no opportunity for palm-greasing or other graft.

Anonymous said...

Just let it burn 🔥, why do anything to help !

Anonymous said...

No one seems to mention the taxpayers who actually fund the bulk of this thing ! I mean the ones who don’t benefit from pers. These retirees sound like the teachers, always whining! Hell nothing has even happened yet!

Anonymous said...

Where/when did the board not listen to the actuaries?
What did the PERS board do or not do in the last 20 years that caused a problem?

Anonymous said...

@3:34

It is current employees like who are getting screwed, but politicians on the board won't make it worse.

This has been a slow moving train wreck and at any time, the directors could have been responsible and raised hell about the state not having an actuarily based funding mechanism. The reason they didn't is because they were self interested. They (probably correctly) figured they would get theirs before the sh!t hit the fan, and it would be somebody else's problem. Basically the same reason the legislature didn't require actuarily based funding to begin with (except they had the extra incentive of not wanting state agencies or counties to see the cost of their pension if they hired them to give them a high 4).

Pat Robertson and every board member should have been screaming from the rooftop for the past two decades that there was a problem that needed to be fixed. They should have been rallying PERS members to support a change to the benefits formula in exchange for the legislature committing more general funds to prop up PERS. But everybody with influence apparently thought they would get theirs before it became a problem. Now the only people left to legally get screwed are current employees and taxpayers.

Anonymous said...

Attn 11:59 PM. Your response was entertaining to say the least. But that is the biggest pile of BS that I have heard in a while!

Anonymous said...

5:38
Nailed it !

Anonymous said...

5:38
The Board wants the power but not the responsibility when times get tough. They want to pass the blame with their association propaganda machine.

Anonymous said...

2:20 I’ve been a state employe for 24 years and everyone pronounces it PEERS.

Anonymous said...

So, you put the people that caused the problem in charge of correcting the problem. Yeah, that will work out well. Combined all three PERS plan into a single plan. The Legislature, MHP and the rest of the state employees should all be treated the same.

Anonymous said...

11:59 AM
Is "funding issue" code for too many beneficiaries and not enough contributors?

Anonymous said...

Shoot some of that lottery into it

Anonymous said...

Worst case scenario is current PERS employees and retirees have to return to work til they die and start paying state income taxes again like the rest of us. Welcome to the club!

Anonymous said...

3:34 Just a sign of the times. Social Security is facing a -23% cut in the not too distant future... real $$ paid in by real workers.. who are outside of the MS PERS system. Get used to the thought that you'll also face a cut in the not too distant future.

Anonymous said...

Given how little authority the current board has to change anything, I don’t see what changing boards will do. The board didn’t create the 13th check. The legislature did. This is all about steering funds to preferred money managers ie political contributors.

Anonymous said...

Cutting all the current PERS recipients and any new recipients benefits by 50% would fix the problem. Bunch of leeches..

Anonymous said...

6:19 - I've been a state employee for 35 years and everyone with a brain calls it PERS.

Anonymous said...

Bringing up a vote to change the board during Spring Break with no advance notice showed their hands. Yes, things need to change. Having a board of appointees beholden to who appointed them is not the answer. Change the high four to the highest ten, or even a true average. Don't allow more than a quarter be allowed to count towards retirement. Keep retirement at thirty years of service but don't allow benefits to begin until sixty. Acknowledge that the state has a responsibility to shore the system up since the state has slashed the number of state workers paying in. Get rid of SLRP. I know it doesn't change much moneywise but the optics stink. Get ready to pay more when this is fixed because we already have positions open for months because when people hear the salary they decline the job and that is with the current system.

Anonymous said...

7:19. Thanks for doing your part for our 13th checks last year, it’s supposed to be even better this year!!
You the man!!

Anonymous said...

Responding to “Funding Issues” above
Somebody running for re-election proudly claimed in one of their commercials that they were able to remove over 2000 state employees from the system.

Now, if you remove that many contributors from paying into any system, without adding some type of revenue stream back into the system, of course there will be funding issues. This is just one example.

Also, as mentioned above, to assist in shoring up the system, put some of that lottery or sports betting money into it. Since those are not tax dollars, what could be the opposition to doing something along those lines!

Anonymous said...

People also forget PERs is a contract. If you make some of the changes that 10:04 is talking about, the state faces lawsuits. I talked to a former board member one time and he alluded to the fact that any changes will have to be made as contracts are signed at the time of employment. I think people forget about this. People that are already in the PERs system and those already vested, I don't think the state can change the terms.

Get Your Coffin Nails Here! said...

Delbert Hoseman ran his campaign on slogans, silly commercials and claims that "I cut state employment!"

I don't know how he did that, but assuming he did, that's one of the problems. Haley Barbour was the master at getting the legislature to allow 'employee trimming at will'.

When you cut the number of contributors, and then brag about it, you're a large part of the problem.

If you wonder why Fitch, other statewide elected officials and the previous speaker have avoided this issue, they don't want to be seen anywhere near this bill that's before the Senate.

Anonymous said...

5:38

The Legislature is well aware of the problems with PERS. They receive annual updates from PERS and from PEER about the system. The legislators don't do anything because they don't want to face the wrath from PERS members or from the general public, so they do nothing. The longer the delay, the more painful the remedy. Each time the PERS board tries to take action to improve financial stability by increasing employer contributions (their only lever to pull), the legislature pushes back.

Yet, we give hundreds of millions of dollars to companies worth trillions and allow those companies not to pay income taxes. As far those arguing that such arrangements bring in other money, keep in mind that PERS retirees pump about $3 billion annually into Mississippi and no it's not just taxpayer money recycling. Over half of that money comes from investment returns.
https://www.pers.ms.gov/Content/Supplemental/persfacts_figures.pdf

Anonymous said...

"No one seems to mention the taxpayers who actually fund the bulk of this thing ! I mean the ones who don’t benefit from pers. These retirees sound like the teachers, always whining! Hell nothing has even happened yet!"

March 18, 2024 at 5:32 PM

Actually the bulk 53.15% of the funding comes from investment income. Not employer contributions. Now, employer contributions make up the next largest portion of 31% but the "bulk" is not the taxpayer.

Talking about the private sector not benefiting or those who are not in PERS, well that is just not true.

I mentioned above about my old home county "Covington County" brings in $20+ million dollars annually from retirees. I asked the question "What does the county pay in employer contributions?"
From my research and math skills, the best I could find is that they pay approximately $4.5 million (+ or -) in employer contributions and bring in as mentioned $20 plus million. This money is spent in local restaurants, grocery stores, banks, hardware stores, gas stations, it pays property taxes, school taxes, etc....

So, the notion that this is just money thrown away into some dark hole is not true. Think about it...........

So, again, put $4.5 million into the system and return $20+ million. I would take that deal all day everyday and twice on Sunday.

If you would like to know about your county, I will be glad to assist. It may take some time, but if you are wondering.

Anonymous said...

When PERS goes broke, all of their employees and retirees could now work those high paying private sector jobs they didn’t take so they could draw PERS. Just a thought.

Anonymous said...

A little sleep, a little slumber, a little folding of the hands to rest, and poverty will come upon you like a robber, and want like an armed man.

Proverbs 24:33-34

Anonymous said...

1:34 You should've given credits.


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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

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.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

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
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