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PERS actuaries warn fund remains vulnerable under several scenarios despite recent law and one‑time cash infusion
Summary
Actuaries told the Public Employees Retirement System of Mississippi that, under current assumptions and the recent legislative package (17.9% employer rate and a $110 million one‑time infusion), the fund’s projected funded ratio stays near 50% and insolvency probability rises in many scenarios; the board approved two additional independent actuarial assessments.
Actuaries presented updated stress testing to the Public Employees Retirement System of Mississippi on the system’s funding outlook, saying the fund remains fragile under several plausible scenarios despite recent legislative changes.
Ed Copeland (Speaker 6), the actuary presenting results, said the board’s deterministic and stochastic models assume a 7% long‑term investment return and a static active membership of about 145,000. Under a scenario that reflects recently enacted legislative changes — an employer contribution step to 17.9% and a one‑time $110 million infusion — Copeland said the funded ratio would decline and the modeled probability of insolvency over 30 years rises. “And there's a 43 probability of going insolvent based on this scenario…
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