Lawmakers are grappling with how to ensure the financial viability of Mississippi's troubled public employee retirement system.
by Bobby Harrison, Mississippi Today October 5, 2023 The possibility of temporarily pausing or reducing the annual 3% cost of leaving increase Mississippi’s state and local government retirees receive was discussed recently by legislative leaders. The discussions came during a recent meeting the 14 members of the Legislative Budget Committee held with Ron Higgins, the executive director of the Public Employee Retirement System.
will ask Legislature for cash, consider changes to ’13th check’ The 10-member board of trustees of the Public Employee Retirement System has voted to increase the amount the state and local governments contribute to employees’ paychecks for retirement from 17.4% to 19.4% beginning on July 1, with another planned 2% increase. The board left open the possibility of increasing the amount the governmental entities contribute to each paycheck for retirement to 27% over a period of time.
does not face immediate financial woes, but that the governing board has “a fiduciary responsibility” to ensure the pension plan remains solvent. He said the longer officials wait to address financial issues with the system, the more difficult it will be to do so. The , but he questioned whether the issues facing the system are as dire as some believe they are.
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