Gov. Haley Barbour appointed a twelve-person committee to study Mississippi’s Public Employee Retirement System Tuesday.
State lawmakers passed a resolution in April to form this committee, which will analyze the program’s structure and recommend improvements to the legislature in November.
Barbour says this is to protect taxpayers and keep the system solvent.
“The current funding path for Mississippi’s pension system relies too heavily on increased contributions from taxpayers,” Barbour said. “Large benefit increases adopted in the 1990s and early 2000s coupled with the impact of the economic downturn have created a financially unsustainable system. The commission will take a hard look at the tough decisions that need to be implemented to ensure the long-term solvency of the system.”