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