So the State legislature finally decided to pony up additional money to fund PERS appropriately. Their portion will increase from 14.26 percent to 15.75 percent. Of course, had they been funding it all along as outlined by the actuaries, this big jump would not be necessary.
And how will the State of Mississippi come up with the added money in these very tight times? According to Lt. Governor Tate Reeves, “The decision that the budget committee made was to allow for state agencies to fund any increase in the PERS contribution within existing budget outlines.”
Reeves said, “They’ll have to come up with the money.” Seriously?
>> Nancy Lottridge Anderson, Ph.D., CFA, is president of New Perspectives Inc. in Ridgeland — (601) 991-3158. She is also an assistant professor of finance at Mississippi College. Her e-mail address is [email protected], and her website is www.newper.com.