Agencies will have to send $100 million more to pensions

JACKSON, Miss. (AP) – Public agencies will have to contribute another $100 million toward worker pensions beginning July 1, 2019, after a vote by the Public Employees Retirement System of Mississippi.

Citing projected shortfalls, the system’s board voted to increase the share of a worker’s salary that an employer must give from 15.75 percent to 17.4 percent.

Workers will continue contributing 9 percent from their own paychecks.

The retirement plan covers employees of state agencies, public schools, public universities, community colleges, cities, counties and some other entities.

Lawmakers will decide whether and how to cover the state’s share in the 2019 legislative session, months before elections.

Tuesday’s vote followed months of discussion, triggered by projections that the system wouldn’t meet a long-term goal of assets equal to at least 80 percent of liabilities.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Categories: State News

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