In fiscal year 2011, PERS distributed $1.8 billion in benefits, 93% of which stay within the state of Mississippi. Expenditures made by PERS retirees and beneficiaries in Mississippi provide a significant, steady economic stimulus to communities in virtually every county of the state. Each dollar in retirement benefits spent by PERS retirees ripples through the state economy, creating a multiplier effect. According to a 2012 study completed by the National Institute for Retirement Security, in 2009 PERS retirement plan benefit expenditures supported 14,442 jobs in the state. Virtually every industry sector in the state benefited from increased revenues due to the injection of these retirement system dollars into the state’s economy. Federal, state and local governments also benefited, receiving $225.6 million in tax revenues that year. Finally, the study found that each dollar invested by Mississippi tax payers through employer contributions to PERS generated $3.37 in total economic activity in the state. Most expenditures made by the state do not provide that kind of return for the taxpayers.