BILL MINOR: Mississippi retirement system holds $11.3 billion in unfunded liability

JACKSON – I’ve no intention of adding to the worries of PERS retirees (my wife is one) or current public employees about the system’s solvency, but I feel compelled to revisit the PERS’ situation since state Treasurer Tate Reeves, the self-proclaimed “watchdog” looking after the system’s finances, has taken me to task for a previous column.

Reeves cherry-picks that PERS’ investments had a 14.1 percent return for 2010. That’s good. But he overlooks salient facts about pertinent other years that aren’t. For the three years prior, returns showed a minus 5.5 percent; for five years, plus 2.1 percent. For ten years, plus 2.3 percent.

Bill Minor
2/3/11