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Independent actuaries: Mississippi PERS faces about $26 billion unfunded liability and a multi‑point funding gap
Summary
Three independent actuarial reviews presented preliminary 06/30/2024 results showing an actuarial unfunded liability roughly $26.1 billion, a funded ratio near 56%, and an actuarially determined contribution (ADC) of about 25.9% of payroll versus the statutory fixed rate (reported in the presentation as roughly 18.9%), leaving an estimated funding shortfall of about 6.98 percentage points of payroll.
Miss Higgins convened the administrative committee of the Public Employees Retirement System of Mississippi and introduced independent actuaries who presented preliminary actuarial assessments as of June 30, 2024.
Janet Crannen of Chiron said the firm used PERS and CABMAC data and plan provisions in the Mississippi Code and applied the valuation assumptions in the 06/30/2023 valuation. Chiron reported a present value of future benefits of about $65.4 billion and an actuarial liability of about $59.6 billion. On the asset side, presenters gave a market value of assets near $33.45 billion and an actuarial (smoothed) value near $33.54 billion, producing an actuarial unfunded liability of roughly $26.1 billion and a funded ratio of about 56.2%.
Chiron explained methodology details: a 7% investment return assumption, five‑year smoothing of asset gains and losses, calculation of normal cost (net normal cost after employee…
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