[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6261900,"mediaKeyId","3116606-45ad042e2b6fe58699735644b41888a5","parentId",3116606,"title","PERS stress tests show large downside risk; trustees vote to ask governor to include funding language in special session call","audioSeconds",3093,"startMs",4415000,"endMs",7508000,"viewUrl","/Search/View?dp=1&key=3116606-45ad042e2b6fe58699735644b41888a5&start=4415&end=7508","thumbnailUrl","https://assets.pipeline.soar.com/3116606-45ad042e2b6fe58699735644b41888a5/thumbnail_4415000.jpg","articleUrl","/articles/6261900/Mississippi/PERS-stress-tests-show-large-downside-risk-trustees-vote-to-ask-governor-to-include-funding-language-in-special-session-call","mediaUrl","https://secure.pipeline.soar.com/6261900-272a682b239f87dcf77a6c967f23bc8a/orig.mp4?Expires=1773252973&Signature=WDOpfz3cU8tCu1ah1bDkzJBt~ElXH84Amh7fvReIYpl-Fou6DB0NvtI1SfbvrP9~ieLVU9W6jd2K7NbXrekNPhWqUWdnRbE2gyR2yZsJ4Jmt804-DV8k0Bog0p-24-C1nQYY1b8xmYj4nDwVVEwYUPjT1C8PMEg7kJZqEERHiWXDhygOckXAx1S4KMtwYZWMPYN1wllD4cU4PXxAC4E-xJ5iDud90j0lA85cdlUY9FxJmb03UAZUaqsGS9fv0QwQqij-SZ8YyhelUl3Rx8KwM1byQCDNtbHVsjtE4DwZufElPWEDOn~KixeSuqp6-6PK1PDZUwH5ps3dsvoHSokthQ__&Key-Pair-Id=KUT5TJCACFTXG","author","MS Public Employees Retirement System","date","2025-04-25T01:24:58.907Z","article","CABMAC and PERS staff presented stress-test projections at the April 1 meeting that illustrated the system’s sensitivity to near-term investment returns and the limited short-term benefit from market rebounds.

The actuarial presentation used the 2024 valuation as the baseline and showed that, under the board’s 7% long-term assumed return, the system’s funded ratio was projected to be about 53.7% in 2047 and the unfunded accrued liability could grow from roughly $26 billion to about $36 billion by 2047 and toward $38 billion by 2054 given current statutory contribution phases. CABMAC showed several down-side scenarios: a 3% return in the current fiscal year, 0% or negative returns, and a -19% shock. Under several adverse paths the funded ratio declined substantially through the projection window; a very severe sequence could lead to near exhaustion of the fund during the projection period.

Ed and CABMAC emphasized that a single poor year cannot be offset by an equally good following year because valuations assume multi-year growth and the base for future liabilities shifts after losses. The actuaries noted the recently enacted Tier 5 law and other legislative changes were not yet reflected in the interim stress tests; they said a full set of projections that incorporate Tier 5 would be presented in June.

After the stress-testing presentation Dr. Randy McCoy moved that the board request the governor include language in any special-session call allowing the legislature to consider additional funding for PERS; Mr. Benson seconded. Trustees debated precise wording and agreed to keep the request focused on permitting legislative consideration of “additional funding” rather than prescribing a funding source. The board then directed the executive director to draft and submit a letter to the governor, under the chair and vice-chair’s oversight, by close of business Friday. The motion passed by voice vote.

Trustees and legislative members on the call said pension reform (Tier 5 and ORP changes) will help long term but will not negate the near-term need for an infusion or a structured funding stream. Several trustees asked staff to prepare numbers showing the effect of various funding amounts and time horizons for use in legislative discussions.","mediaType","Video","parentTitle","PERS Administrative and Legislative Committees | April 23, 2025 | 10 a.m.","oneSentenceSummary","Actuarial stress tests presented to the Public Employees Retirement System of Mississippi showed how adverse market years could sharply lower the plan’s funded ratio and balloon its unfunded liability, prompting trustees to ask the governor to allow legislative consideration of additional funding during any special session.","taxTitle","Public Employees Retirement System of Mississippi, Agencies, Organizations, Executive, Mississippi","taxId",30991,"location","Mississippi","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6261905,"Actuaries present PERS experience study; recommend minor demographic tweaks, no change to core economic assumptions",3972,457000,4429000,"/Search/View?dp=1&key=3116606-45ad042e2b6fe58699735644b41888a5&start=457&end=4429","https://assets.pipeline.soar.com/3116606-45ad042e2b6fe58699735644b41888a5/thumbnail_457000.jpg","/articles/6261905/Mississippi/Actuaries-present-PERS-experience-study-recommend-minor-demographic-tweaks-no-change-to-core-economic-assumptions","https://secure.pipeline.soar.com/6261905-3deb732ba0d4a24da64243df162cae18/orig.mp4?Expires=1773252973&Signature=DOwl3BRPn-mW4JdGpPc4JKPfuZagFExcHvVZ~ejQ63w0caKSLKPD6bMQpB6-6Nz66nk2E7hmfk1JFKqDDBlb90fB2HbxYLYtCpN9f9rTMRqT5HbvtVJ-B5EwWFPzKjx5Aufmy421b02x82X7z9sqJmT2~Uc-0ByBsqS1T3X4QmdMYvA6Vq9Ftsg2ll8MISdwSEnpEizeWy0YVPi~ISCP~G6bU8NpMuNRXbdljY2rCpTB6PRSTRdIF3OP0EOCMEWHSICvUPIokAXTgmVWUmRtvYbpUyfuc-UVFxFJ6Y~eaZhLrmUNoNyIdr1lGEzpml4OeiERwlguUnlEu9Q~wS~Z4A__&Key-Pair-Id=KUT5TJCACFTXG","Consulting actuaries from CABMAC presented the Public Employees Retirement System of Mississippi’s biennial actuarial experience study on April 1 and recommended no material changes to the plan’s core economic assumptions while proposing modest demographic adjustments to better match recent experience.

Ed, the presenting actuary from CABMAC, told trustees the firm’s overall conclusion was “we're not changing much or we're not recommending changing much.” CABMAC recommended retaining a 2.4% price-inflation assumption, a 7% nominal investment-return assumption (about 5% real return in their development), and a 2.65% payroll growth assumption. On demographic assumptions, CABMAC proposed liability-weighted adjustments for mortality, modest revisions to retirement and withdrawal rates, and lower disability assumptions for PERS.

The actuaries explained their approach: economic inputs (inflation, investment returns, salary growth) drive long-term projections while demographic assumptions (mortality, retirement timing, terminations/withdrawals, disabilities) are adjusted to match recent experience and to be conservative. CABMAC emphasized that demographic assumptions rely on both observed headcount experience and liability-weighted measures; liability-weighted mortality and termination analyses led to smaller net liability effects than headcount measures alone.

CABMAC presented impact estimates showing the recommended package of assumption changes would reduce aggregate PERS liabilities by roughly $300 million versus the 2024 basis. The firm reported the change would increase the funded ratio modestly (from roughly 55.9% to approximately 56.2 in their presentation) and lower the actuarily determined contribution in their projections. CABMAC also said the recommended assumption changes would be implemented for the 2025 valuation and would not change the 2024 valuation results.

Board members asked technical questions about the construction of real vs. nominal returns, treatment of salary-scale variation after large recent increases, and how select-and-ultimate tables account for service and entry-age variation. Ed and Darby (CABMAC) explained that they use Callan’s capital-market assumptions and a mix of long-range forecasts, and that salary-scale smoothing is intended to avoid overreacting to short-term spikes in pay increases.

The actuaries noted a few plan-specific observations: Mississippi’s mortality experience is worse than many national tables, so CABMAC uses mortality assumptions aligned with the state’s observed experience; withdrawals are high among younger entrants (substantial first-year turnover for many age/service cells); and disability claims have declined, allowing small reductions in disability assumptions. CABMAC indicated many changes were minor and complementary—mortality increases and some retirement adjustments largely offset each other.

The board received the presentation as information. CABMAC suggested leaving the reports as draft while staff and trustees review questions and comments, with final adoption of recommended assumptions expected at a future meeting.","Consulting actuaries from CABMAC told the Public Employees Retirement System of Mississippi on April 1 that they recommend keeping core economic assumptions in place while making modest demographic adjustments to match recent plan experience.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6261910,"PERS board certifies retiree election; Dr. Randy McCoy declared reelected",145,375000,520000,"/Search/View?dp=1&key=3116606-45ad042e2b6fe58699735644b41888a5&start=375&end=520","https://assets.pipeline.soar.com/3116606-45ad042e2b6fe58699735644b41888a5/thumbnail_375000.jpg","/articles/6261910/Mississippi/PERS-board-certifies-retiree-election-Dr-Randy-McCoy-declared-reelected","https://secure.pipeline.soar.com/6261910-a9bcc549b8fd9761d6c969c3d02fed7a/orig.mp4?Expires=1773252973&Signature=TKGS7yofOaw6edA45ulyUG2qm5zEFdBpobzm7Q-IZLYKPY6bF6dxu7C~GTRsTiKDymbAxIN-Dmr9bFSgNF0IzDh~CtdjvTgju2CpD60ZCHQ7TsMibFgy9X~SCD6rkA0LuLdsNwptGZqGxCLmK~yrhER1IJ~0F82f8VL2Yli1AVeJGjL9gb12fZILsJbgb26IC-Z~eTbMT4Mc-~aTazRefJhyG1cYYAwZ1pltj6mQ8UGXR72mmy-LD~5FheXx1C-JuzToZTlX6OqFHgUJQHBwrSQ6BEvHPZrdWbqyT~ZFDJS5bsx3RSFwOWKSNPAvhExfz9bEtPNBeCT9lxAVwwiLCg__&Key-Pair-Id=KUT5TJCACFTXG","Trustees of the Public Employees Retirement System of Mississippi on April 1 certified the results of the recent retiree representative election and declared Dr. Randy McCoy reelected to the board.

A staff member presented the tabulated results under agenda Tab C and reported that McCoy received the largest number of votes and, under the election procedures, more than a majority. The board chair asked for a motion to certify the results; the motion was seconded and the board voted in favor. One trustee said on the record that they would recuse themselves from that vote. The board then announced the motion carried and congratulated McCoy.

The action recorded during the meeting was limited to certification of the ballot count. The board did not take additional action or open a formal contest record at the meeting. Meeting materials and the staff presentation were described as the basis for the certification.

Board members and staff did not provide additional details about vote counts beyond the staff presentation at Tab C. The certification was presented and acted on during the meeting's opening business before the actuarial presentations began.","The Public Employees Retirement System of Mississippi trustees certified the results of the retiree representative election and declared Dr. Randy McCoy reelected. A board member recused from the vote; the board took no further action on the contest at the meeting.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6261895,"PERS moves to implement Tier 5; board approves Empower as initial record-keeper pending contract negotiations",502,7390000,7892000,"/Search/View?dp=1&key=3116606-45ad042e2b6fe58699735644b41888a5&start=7390&end=7892","https://assets.pipeline.soar.com/3116606-45ad042e2b6fe58699735644b41888a5/thumbnail_7390000.jpg","/articles/6261895/Mississippi/PERS-moves-to-implement-Tier-5-board-approves-Empower-as-initial-record-keeper-pending-contract-negotiations","https://secure.pipeline.soar.com/6261895-edccc1bfbccf24dd20b5c8aff9127ffb/orig.mp4?Expires=1773252973&Signature=i~GqPV9OOPwCLaGhc~m-ciwl1yi6-l2uKa6SNdLcQyTCn~NVx6WP-bFZ5I2XPTZiEwACV6sZ5OV-GB6dfBdnej171nxtqeaK4bAvs6yGu2XaYYs60VWSQU0fWKtAGX5oyAT-BbCQy1rBU09lIcWgO4KBAQLpIiHKFC14A89~2O-Web4VdU~JQ4cbywFILh2T4M8qSzFjp-m2CZ7e9ebssl-fHCvNMF2wHUIgSYzmGA5K-jFCwoeOsDgip86PUn37NQgitgiv3qlNCw9woTTyLQPf7GVgNcSC9FxHqtaAWfvoXFUEP1rGSkO7Za7tTxaU~sHCU-4yZkFaMQJgdUgCCw__&Key-Pair-Id=KUT5TJCACFTXG","PERS staff briefed trustees on implementation steps for the recently enacted Tier 5 hybrid plan for new employees and recommended Empower be selected as the initial third-party administrator and record-keeper. Trustees approved the recommendation by voice vote.

The executive staff said several implementation tasks remain, including regulation updates, creation of a plan document for the defined-contribution component, and selection of the investment lineup and adviser network. Staff recommended Empower as the initial vendor because it is a large provider with prior experience administering similar hybrid arrangements, it already has relationships with many employers who will participate, and it can scale a regional adviser network quickly.

Staff asked the board to authorize selecting Empower subject to successful contract negotiations and recommended a multi-year term (staff suggested three to five years with customary cancellation provisions). Trustees asked questions about procurement norms and whether an RFP process should be required; staff said the scale and timeline would make a standard lengthy procurement more difficult and noted legal procurement exemptions that typically apply to the board’s fiduciary functions.

A trustee moved to approve staff’s recommendation and the motion was seconded. The board voted in favor by voice vote. Staff said negotiated contract terms and the procedural details would be brought back to the board for final approval and that work to implement Tier 5 would continue with regulatory, legal and communications tasks on the near-term schedule.","PERS staff outlined Tier 5 implementation tasks and recommended Empower as the initial third-party administrator/record keeper for the new hybrid plan for hires after the Tier 5 effective date. Trustees approved the recommendation, subject to contract negotiations and standard cancellation provisions.","actionData","errors"]

Article not found

PERS stress tests show large downside risk; trustees vote to ask governor to include funding language in special session call

Actuaries present PERS experience study; recommend minor demographic tweaks, no change to core economic assumptions

PERS board certifies retiree election; Dr. Randy McCoy declared reelected

PERS moves to implement Tier 5; board approves Empower as initial record-keeper pending contract negotiations