Retirement allowances provided by Mississippi’s Public Employees’ Retirement System (PERS) compare favorably to similar systems nationally and are above average in the Southeast. Employer contribution rates are near average.
However, Mississippi’s employee contribution rates are the highest in the Southeast, and are well above the national average. Also, asset accumulation for PERS lags behind the norm for other systems. Increases in the Unfunded Accrued Liability show that PERS has grown weaker in the past five years.
The Legislature and the PERS Board of Trustees should place heightened emphasis on improving the funding status of the plan. The practice of funding benefit increases through extending the amortization period should be abandoned. The amortization period should be fixed, and future benefit increases should be matched with increased contributions.
For a paper copy of this report, contact PEER by telephone at 601-359-1226 or by e-mail at reports@peer.ms.gov.