Democrats in the Mississippi legislature are claiming a bill to change part of the the Public Employee Retirement System is actually an attempt to undermine the program. MPB’s Jeffrey Hess reports that despite warnings the bill is unlikely to become law.
The bill, submitted by Senator Sean Tindell of Gulfport, would not allow any annual cost of living increase until a retiree is at least 65 years old.
Tindell says he submitted it as a way to get the program’s unfunded liability under control. “I introduced it trying ot address the problem that we are seeing with the unfunded liability in PERS continuing to grow. Now that trend has been going on for over ten years. Even in the last five years as the stock market has continued to go up and the investments in PERS have continued to rise, the unfunded liabilty has continued to grow,” Tindell said.
– See more at: http://mpbonline.org/News/article/mississippi_democrats_warning_of_potential_changes_to_pers#sthash.y8xW8WAL.dpuf