Author Archives: Bob Rhoads

MRPEA surveys candidates for PERS retiree rep post

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The Mississippi Retired Public Employees’ Association (MRPEA) is surveying candidates running for one of two retiree representative positions on the Board of Trustees of the Public Employees’ Retirement System of Mississippi (PERS). All candidates are invited to complete the survey and return it to MRPEA. Click on the names listed below to review the responses received; additional responses will be added to this page as received from the candidates.

Dr. William “Steve” Coker

George Dale

Dr. Cornelis “Kees” Gispen

Kathy Harvey

Rickey Hill

Janet King

Albert “Mike” Marsh

Casey Mercier

Wayne Myrick

Dr. Linda Norwood

Edward Peacock III

Dr. Philip Pepper

Alfred Sexton

Dr. James “Keith” Shaffer

Twenty-three candidates qualified to run for this position. Visit www.pers.ms.gov to view the election schedule and a sample ballot listing all the candidates, their biographical information, and their candidate statements. Voting is open through 5:00 p.m., February 6, 2017, and the PERS Board will certify the election results at its February 28 meeting. The new term for this position will run from May 1, 2017, to April 30, 2023.

PERS mailed the ballots on or about January 6 to PERS retirees to elect a representative to replace Richard C. Miller, whose term will end April 30, 2017. When he leaves the Board, Miller will have served nearly 22 years as a trustee. He served from January 1993 to June 2008 as the Institutions of Higher Learning employee representative. His six-year term as a retiree representative began May 2011.

The 10-member PERS Board includes the state Treasurer, a gubernatorial appointee who is a member of PERS, two retirees, two state employees, and one representative each of public schools and community/junior colleges, Institutions of Higher Learning, counties, and municipalities. With the exception of the state Treasurer and the gubernatorial appointee, board members are elected to staggered six-year terms.

PERS mails ballots for retiree representative election

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The Public Employees’ Retirement System of Mississippi (PERS) mailed ballots to eligible voters Friday, January 6, 2017, to elect a representative for the retiree trustee term that runs from May 1, 2017, to April 30, 2023. The deadline to cast ballots is Monday, February 6, 2017, at 5 p.m. Click the link below to view the election schedule and sample ballot.

Election Schedule and Sample Ballot

According to the PERS website, candidate statements will be posted the week of January 9, 2017.

Dr. Brian Rutledge elected to PERS Board of Trustees

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Dr. Brian Rutledge, University of Mississippi Medical Center chief of staff, has been elected as the new institutions of higher learning representative on the Public Employees’ Retirement System of Mississippi (PERS) Board of Trustees.

“I am pleased to have Dr. Rutledge join the PERS Board,” said Pat Robertson, PERS executive director. “From his work as a fellow to Senator Thad Cochran to his commitment to excellence at UMMC, Dr. Rutledge has dedicated his career to serving the people of Mississippi. We are fortunate to have him share his values and experience with those served by PERS.”

At its Dec. 13 meeting, the Board certified the results of the runoff election between Rutledge and Porter Richard Swann, Mississippi State University Extension Service fiscal administrator.

Rutledge’s term will run from December 2016 to December 2022, which includes the remaining two weeks of a term left vacant at the passing of Dr. Cecil L. Hill, associate professor of accounting at Jackson State University.

The 10-member PERS Board includes the state treasurer, a gubernatorial appointee who is a member of PERS, two retirees, two state employees and one representative each of public schools and community/junior colleges, institutions of higher learning, counties, and municipalities. With the exception of the state treasurer and the gubernatorial appointee, board members are elected to staggered six-year terms.

For more information about PERS, visit www.pers.ms.gov.

Public pension fund faces test

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The Public Employees’ Retirement System of Mississippi (PERS) may be asking public agencies to contribute more next year.

The projection results for PERS as of June 30, 2016, show that, with a fixed employer contribution rate of 15.75 percent of payroll and with an assumed annual rate of return of 7.75 percent, PERS will achieve a funding ratio of 62.6 percent in 2042, down from a projection of 80.6 percent as of June 30, 2015. The funding policy target is 80.0 percent by 2042. According to a report recently released by PERS, if the projected funded ratio in 2042 does not increase above 75 percent in 2017, an increase in the employer contribution rate may be needed beginning in 2018.

Check out this story on clarionledger.com:

http://www.clarionledger.com/story/news/politics/2016/12/18/public-pension-fund-faces-test/95581252/

 

 

PERS releases 30-year projection report

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The projection results for the Public Employees’ Retirement System of Mississippi (PERS) as of June 30, 2016, show that, with a fixed employer contribution rate of 15.75 percent of payroll and with an assumed annual rate of return of 7.75 percent, PERS will achieve a funding ratio of 62.6 percent in 2042, down from a projection of 80.6 percent as of June 30, 2015. The funding policy target is 80.0 percent by 2042. According to the report released by PERS, if the projected funded ratio in 2042 does not increase above 75 percent in 2017, an increase in the employer contribution rate may be needed beginning in 2018.

Report on Thirty Year Projections of the Mississippi Retirement Systems Prepared as of June 30, 2016

PERS seeks nominations for retiree representative and holds runoff for IHL representative

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The Public Employees’ Retirement System of Mississippi (PERS) is seeking candidate nominations for one of the two retiree representatives on its Board of Trustees and is holding a runoff election for the Board’s Institutions of Higher Learning (IHL) employees’ representative.

Nominees for retiree representative must be retired PERS members receiving a retirement allowance from PERS and must submit a completed nomination form by 5 p.m. November 29. The Nomination for Retiree Representative Candidate form and the election schedule may be downloaded from www.pers.ms.gov. The retiree representative term will run from May 1, 2017, to April 30, 2023. The term for current retiree representative Dr. Richard C. Miller expires April 30, 2017.

The runoff candidates in the IHL employees’ representative election are Dr. Brian Rutledge, University of Mississippi Medical Center chief of staff, and Porter Richard Swann, Mississippi State University Extension Service fiscal administrator. Ballots for the runoff will be mailed November 8 to eligible voters. Deadline to cast runoff ballots is 5 p.m. December 8. A sample ballot and election schedule may be downloaded from www.pers.ms.gov. The IHL representative term will run from January 1, 2017, to December 31, 2022, and will fill the vacancy left by the passing of Dr. Cecil L. Hill.

The 10-member Board includes the State Treasurer, a gubernatorial appointee who is a member of PERS, two PERS retirees, two state employees, and one representative each of public schools and community/junior colleges, Institutions of Higher Learning, counties, and municipalities. With the exception of the State Treasurer and the gubernatorial appointee, board members are elected to staggered six-year terms.

PERS releases annual actuarial valuation report

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The Public Employees’ Retirement System of Mississippi (PERS) has posted its 2016 Actuarial Valuation Reports for its defined benefit plans under the Financial Overview section on its website. As expected, the annual actuarial valuation for PERS shows a slight decrease in its funded status on an actuarial basis from 60.40 percent as of June 30, 2015, to 60.00 percent as of June 30, 2016. The primary factor contributing to this decrease in the funded status was an investment return for the year (1.15 percent) that was below the assumed rate of 7.75 percent.

Projection reports should be available and posted to the Financial Overview section of the PERS website in late December. The projection report for PERS will show whether PERS remains on target for meeting its goal of being at least 80 percent funded by 2042.

PERS Annual Actuarial Valuation Report as of June 30, 2016