Mississippi’s public employee pension fund saw its financial position improve last year.
Or it didn’t.
It’s all in the accounting. And depending on which set of numbers you look at, results for the Public Employees Retirement System are either negative or positive for the 12 months ended June 30.
The negative take first:
Like most pension funds, actuaries smooth out gains and losses over five years, booking 20 percent of the gain each year. Parceling out gains and losses is meant to reduce the volatility of required contribution levels, says PERS Executive Director Pat Robertson.