Bill could jeopardize retirement pay

JACKSON – Retirees from state and local governments, including school teachers, could lose their monthly retirement check under legislation that has passed the Senate.

Senate Appropriations Chairman Doug Davis, R-Hernando, passed through his committee an amendment to the budget for the Public Employees Retirement System that would prevent all the funds from the system from being spent if the board that governs PERS increases the employer or employee contribution rate.

Pat Robertson, executive director of the PERS board of trustees, said in a memo that the Senate language could mean that “the $112 million monthly payroll would not be issued, therefore retirees would not receive their monthly check, creating financial strain on the households of the 85,000 retirees and beneficiaries we serve.”

nems360.com
3/15/11