PERS OKs increase in employer contributions

By The Associated Press

JACKSON — The governing board of the state retirement system has increased — as expected — the amount employers contribute to the program.

Pat Robertson, executive director of the Public Employees Retirement System, had told lawmakers in September that the increase was coming and would affect state agencies, the public schools and cities and counties.

The board acted in October to implement a new employer contribution rate of 15.75 percent in October. That would be up from 12.93 percent paid into the system by employers in fiscal 2011.

Robertson told the Mississippi Business Journal (http://bit.ly/10ur3mh) that the fixed rate is designed to provide more stability in the budgeting process of participating employers and could put the trust on track to achieve an 80 percent funded ratio by 2042.