The Public Employees’ Retirement System of Mississippi (PERS) has published its quarterly investment report for the quarter that ended March 31, 2016. The investment report is prepared quarterly by the PERS Investments Department. The report provides PERS’ current asset allocation, lists the top 10 holdings, gives an overview of agency investment returns, and lists the current investment managers. Questions about the report should be directed to PERS at 601-359-3589 or 800-444-7377.

PERS Investment Report

The following is a recap of PERS-related bills from the 2016 Regular Session of the Mississippi Legislature that were approved by Governor Phil Bryant.

House Bill 114 (2016) was approved by Governor Bryant April 18 and renames the Public Employees’ Retirement System of Mississippi (PERS) Building as the “Timothy Alan (Tim) Ford Building” to pay tribute to the late Tim Ford who served as speaker of the Mississippi House of Representatives from 1988 to 2004.

House Bill 899 (2016) was approved by Governor Bryant April 11 and makes numerous technical amendments to the laws governing the administration of the Public Employees’ Retirement System of Mississippi (PERS). Below is an unofficial summary of House Bill 899 prepared by MRPEA. Questions regarding this PERS-sponsored legislation should be directed to PERS at 601-359-3589 or 800-444-7377.

Summary of House Bill 899 (2016) as Approved by the Governor

House Bill 1605 (2016) was approved by Governor Bryant May 3 and authorizes the Adams County Board of Supervisors to settle claims for obligations of the former Natchez Regional Medical Center for unfunded employer retirement plan contributions owed to PERS.

House Bill 1630 (2016) was approved by Governor Bryant May 13 and is the appropriation bill for the administration of PERS for fiscal year 2017.

Senate Bill 2064 (2016) was approved by Governor Bryant April 6 and provides in pertinent part that a teacher, assistant teacher, or other employee whose salary and fringe benefits are paid from state funds allocated for the Distance Learning Collaborative Program shall only be classified as a state or local school district employee eligible for state health insurance benefits or membership in PERS if the person’s employer is already a public school district or an agency or instrumentality of the state and the employee would be eligible for such benefits in the normal course of business.

Senate Bill 2161 (2016) was approved by Governor Bryant April 14 and provides that, for the purpose of eligibility for participation in PERS, a public charter school is considered to be a political subdivision of the state, and employees in public charter schools are eligible for participation in PERS if the public charter school governing board chooses to participate.

Senate Bill 2362 (2016) was approved by Governor Bryant May 6 and specifically exempts trust fund accounts maintained by PERS and protected under Section 272A of the Mississippi Constitution of 1890 from the provision of the Mississippi Budget Transparency and Simplification Act of 2016 that requires special fund agencies to be funded through general fund appropriation.

Senate Bill 2924 (2016) was approved by Governor Bryant May 13 and makes an additional appropriation to PERS for fiscal year 2016 to defray the expenses of the actuarial costs associated with the accrual of leave for Jackson County and Jackson County Sheriff’s Office employees.

The Mississippi Retired Public Employees’ Association (MRPEA) has published its spring 2016 issue of The Guardian. Catch up on current MRPEA-related news and events – as well as news related to the Public Employees’ Retirement System of Mississippi (PERS) – in this issue of The Guardian.

MRPEA Guardian Spring 2016

The Public Employees’ Retirement System of Mississippi (PERS) has published its spring 2016 newsletters for employers, members, and retirees. All three newsletters are posted on the PERS website. Follow the links below to view each one.

Employer Update

Looking Forward (Members)

Forward (Retirees)

The Public Employees’ Retirement System of Mississippi (PERS) has announced that Dr. Edward Lee Childress, Corinth School District superintendent, has been reelected to the PERS Board of Trustees as representative for public school and community/junior college employees.

According to a press release dated April 20, the PERS Board certified results at their April 19 meeting for the runoff election between incumbent Childress and Billy W. Folkes, Lamar County School District director of student services. The six-year term begins May 1, 2016, and will run through April 30, 2022.

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.

Mississippi Speaker of the House Philip Gunn proposed House Bill 114 this legislative session to pay tribute to the late Tim Ford, who served as speaker of the house from 1988 to 2004.

Governor Phil Bryant signed the bill April 18, which officially designates the Public Employees’ Retirement System of Mississippi (PERS) Building as the third in the Capitol Complex to be named for a speaker of the house. The other two are the Walter Sillers Building and the William “Billy” McCoy Building (Mississippi Department of Transportation).

The official name of the building will be the “Timothy Alan (Tim) Ford Building.” The Mississippi Department of Finance and Administration will prepare appropriate signage for the face of the building and a plaque for the lobby of the building that states Ford’s background, accomplishments, and service to the state. Below is a link to the bill as approved by the governor.

House Bill 114 (2016)

House Bill 899 was approved by Governor Bryant April 11, 2016, and makes numerous technical amendments to the laws governing the administration of the Public Employees’ Retirement System of Mississippi (PERS). Questions regarding this PERS-sponsored legislation should be directed to PERS at 601-359-3589 or 800-444-7377.

One of the most significant amendments within House Bill 899 provides that for periods of time after July 1, 2017, creditable service will be awarded in monthly rather than quarterly increments, and, for members who retire on or after July 1, 2017, creditable service for unused leave will be awarded in monthly rather than quarterly increments. Many of the other amendments clarify the law effective July 1, 2016, to conform with agency practice and procedure and/or current regulations. Attached is an unofficial summary of House Bill 899 prepared by MRPEA.

Summary of House Bill 899 (2016) as Approved by the Governor

The Public Fund Survey is an online compendium of key characteristics of most of the nation’s largest public retirement systems. The Survey is sponsored by the National Association of State Retirement Administrators.

Beginning with fiscal year 2001, the Survey contains data on public retirement systems that provide pension and other benefits for 12.6 million active (working) members and 8.5 million annuitants (those receiving a regular benefit, including retirees, disabilitants and surviving beneficiaries). At the end of fiscal year 2014, systems in the Survey held assets of $3.19 trillion. The membership and assets of systems included in the Survey comprise approximately 85 percent of the entire state and local government retirement system community. Beginning in FY 13, survey data has been compiled primarily by the Center for Retirement Research at Boston College.

The primary source of Survey data is public retirement system annual financial reports. Data also is culled from actuarial valuations, benefits guides, system websites, and input from system representatives. The Survey is updated continuously as new information, particularly annual financial reports, becomes available. This report focuses on FY 14. Using graphs, this summary describes changes in selected elements of the survey.

Public Fund Survey

House Bill 899 – PERS Technical Amendments Bill – has passed the full Senate. Please do not make any more calls to the Senate today regarding this bill. If any issues arise when the bill goes back to the House of Representatives for concurrence or if the bill goes to conference, notice will be provided.

House Bill 899 includes various technical amendments, many of which the PERS Board of Trustees has requested since 2012. See the attached unofficial summary of the bill prepared by MRPEA.

Summary of House Bill 899 (2016) as passed by Senate Finance Committee

According to PERS Executive Director Pat Robertson, Senator Sally Doty will bring PERS’ technical amendments bill (House Bill 899) before the Mississippi Senate either Tuesday, March 29 or Wednesday, March 30, and PERS has requested support in helping get this bill passed.

House Bill 899 includes various technical amendments, many of which the PERS Board of Trustees has requested since 2012. See the attached unofficial summary of the bill prepared by MRPEA.

Summary of House Bill 899 (2016) as passed by Senate Finance Committee

Interested individuals can help PERS get these technical amendments passed by contacting their senator before March 29 and letting him or her know they support this bill.