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Independent actuaries back PERS’ 2024 valuation but say state pension needs more contributions
Summary
Two independent actuarial reviews largely replicated the Mississippi PERS valuation for 2024, endorsing the plan’s assumptions (including a 7.0% discount rate) but concluding the system will need higher employer contributions to reach long‑term funding targets. Cab Mac recommended pursuing up to 27.9% in phased employer contributions; the board asked for employer‑level economic‑impact figures.
Two independent actuarial assessments presented to the Public Employees Retirement System of Mississippi’s administrative committee found the 2024 valuation reasonable but concluded the system will require larger employer contributions to meet its long‑term funding goals.
Danny White of GRS, one of the independent reviewers, told the committee he and his team replicated the plan actuary’s results and “believe that the 2024 actuary evaluation for PERS is reasonable based on reasonable assumptions and methods and the report generally complies with actuarial standards of practice.” GRS reported a funded ratio close to the retained actuary’s calculation (GRS: 55.7%; Cab Mac: 55.9%) and said its own actuarially determined contribution (ADC) calculation matched closely.
The retained actuary from Cab Mac presented the…
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