Jackson Jambalaya

Sorry King, but "Bottom line: PERS’ $26.5 billion in unfunded pension liabilities must still be funded."

When the money runs out, it runs out. This is referred to as an "unfunded liability" regardless of what the MS Constitution or state statues say. Many worthless elected officials will claim calamity and that "nothing could have be done", and the sheeple will swallow it, and of course keep voting for their idiot local politician.

The higher education system is the primary driving force of the deficit. FEDERALLY funded (Financial Aid) dollars propped up thousands of state jobs in all of the university/community college fiefdoms for DECADES....many were useless admin jobs. They all retired en masse in the last 15 years and it will bankrupt PERS.

The money is in all those endowments and admin salaries today, but no one has the political will to take it, and put it where it belongs.

If

"6) No option for separated participants who get rehired or re-elected to get back into the old system;“ If this is the case, then retired employees can run for office and keep their retirement benefits. If that is true, either this will get changed or there may be some new faces in the legislature next time.

Both 9:13 and Crawford are incorrect. The only way PERS defaults is with a bankruptcy of the state and there is no provision in the code for a state to go bankrupt. Absent bankruptcy, PERS is a binding legal obligation.

The reform passed this year DOES address the shortfall in that it slows down (drastically) the growing future benefit obligations. It will take time but 20 years from now the future obligations under the plan will be shrinking, not growing.

Letting MS politicians run a retirement system is analogous to letting them all be amateur brain surgeons.

PERS' equity holdings have taken a beating from the tariff stupidity.

Chuck Schumer, thanks for checking in and reporting the "chaos."

Until about 5 years ago, WLBT (Raycom Media) was owned by the Alabama equivalent of PERS. Retirement Systems of Alabama also owns the Robert Trent Jones golf courses, hotels, other real estate in AL and NYC. They invest in themselves and not the stock market.

Federal Social Security is a "binding legal obligation" but politicians have been plundering it for years. PERS is a state pension, and can be plundered as well if necessary...and it will be one day - because the younger generation won't sit by while the old timers make over $100 grand a year plus COLA check.

That haircut to the old-timers will happen in time.

PERS, a defined benefit plan, is a dinosaur. It will soon go the way of the dinosaur

Nope 2:35, the old timers vote and they have a lifetime of accumulated resources. The kids don’t vote and have no influence. Old timers will be just fine.

Our fine legislators kicked the can down the road. Current retirees and future retirees under the present system may not get their contracted benefits. If the State defaults on its obligations, the State of Mississippi might as well be like Honduras or Nicaragua.

The haircuts people will just never give up. The 2025 legislative action significantly cuts benefits for future state employees. Just give it time and this big ship will turn.

My opinion of our legislature is that they are clowns. But this PERS reform will go down as one of the best things we have seen from that body in decades. Kudos where kudos are due.

Bill, how can they cut benefits pretty much in half, but not somehow address the funding issue? That’s an asinine statement.

I don't get the "gnashing of teeth" about the retirement plan for next year's new state employes.

It's basically the same plan offered by most private sector jobs the little ones will be offered. The biggest problem with PERS is the State
Personnel Board. Their goofy regulations make it almost impossible to get rid of a inefficient and worthless state employees.

Mant state agencies are too scared to fire the worthless, so the said employees remain employed, finish their requited time and then start nursing from the PER's mammary gland.

Our state legislature has been and continues to be unable to attend to the basic business of government. Shameful.

The PERS unfunded liability is the difference between the value of the system's investments compared to the present value of all future liabilities for current retirees and employees. The calculation DOES NOT consider any future contributions from employees or employers or future investment earnings. It is like comparing your money market and stocks (non retirement) to the present value of all of your debts without considering future earnings.

@9:13 Universities and community colleges account for 16% of PERS active members. Try another rant.

Methinks the Senate has outfoxed the House.

Yes, the "Old timers" vote, but money still runs out when the pressure starts coming from some other direction besides a bunch of old timers getting salty about their gravy train with biscuit wheels.

State pensions are a ticking time bomb across the nation if you had been keeping up. A Blackrock official admitted last week that Covid was specifically designed and implemented to "resolve" the "old timer" pension issue across the states, while "importing" 15 million younger aged males to work.

I've lived in 4 southern states. Not a single one has ever had state employee retirement benefits be continuous issue or an issue at all.
Why not do what they are doing?
Frankly, like much of Mississippi haggling, it always has appeared to be politicians and special interests trying to get every dime they can to feather their own nests.
Since this is state employee retirement funds, they are an easy target as they can't speak up for themselves and have a chance in hell to get their jobs done without unnecessary interference.

Alabama's equivalent to Mississippi's PERS is much more proactive in seeking funding. That system is also underfunded but rather than sitting back and waiting on funding from the stock market and legislature, the Alabama RSA has built several massive buildings in downtown Montgomery and rents the office space to state boards and agencies. They maintain the RTJ golf trail, and have several other streams of income. Do better Mississippi!

The higher education system is the primary 'drainer' of the retirement system. Think about all the presidents and professors making over $200K. Hank Bounds and the IHL folks alone are probably hitting it for $1 million per year. We should have capped the benefits a long time ago at a point where reaching retirement would still be attractive but not drain the system.

One of the dumbest ideas I've ever heard for PERS. With the culture of corruption in this state? What do you think would happen? Let's finance a Harborwalk. Let's build stuff downtown. Oh, can't leave out the Black caucus. Wait til they want their projects funded. Then there are the well-connected developers and consultants. Oh yeah. That would work REAL well here.

They don't have "COLA's" that are 3% automatic raises compounded another 3%.

Just my two cents here. This "reform" will hurt PERS in the long run. I say this because i feel it will make fewer and fewer people want to work in the public sector. Having a shrinking group to pull monies from, the 9% that comes from their paycheck, is only going to further drain the resources PERS has. Im no economist but it seems to me that if you are needing money and have less coming in then its a problem.

@9:24 -- seems to work quite well in AL, and leasing building space is totally different from building a Harborwalk, etc. Leases to state agencies provide a more stable funding stream. You're right the corruption and politics would corrupt it in MS. The Mississippi Legislature can't pour piss out of a boot.

Fire every last government worker today. Do not rehire for 5 years.

The 'haircut guy' at 2:35 who always enjoys listening to himself chirp, is obviously unaware that Social Security cannot simply be 'plundered'. There's a process that includes payback to the system. But, "Haircut" won't bother to research anything.

9:28, it won't hurt PERS, it will hurt towns and counties who will have to increase wages to make up for the diminished benefits under PERS...the same towns and counties who cried bloody murder when the board tried to raise employer contributions. Pay me now or pay me later.

Betcha those payouts are FAR higher than the average. Sixteen percent with payouts and their COLA checks close to six figures, and you've got a huge chunk of PERS. Look it up.

9:28… Are you serious?? The State loses money on each employee it hires now and your solution is to hire more people… that cost the state more money in long-term liabilities?! Are you in the House or Senate?