This report examines the status of PERS’s Board of Trustees as a governmental agency and concludes that the board is a state agency subject to fiscal controls imposed by state law. The report concludes that PERS’ staff expended funds for investment managers’ fees without legal authority and failed to disclose the expenditures formally to the Legislature.
The report recommends that the Board of Trustees forbear expending funds over which it has control but has no legal authority to expend, and that the Legislative Budget Office require the board to disclose all contemplated expenditures in its annual budget request.
For a paper copy of this report, contact PEER by telephone at 601-359-1226 or by e-mail at reports@peer.ms.gov.