Ho hum … 14.26 percent is now the public employer “contribution” rate to the Mississippi retirement system (PERS). Cities, counties, schools, colleges and universities along with state agencies are required to contribute this percentage of payroll to support PERS.
Yawn … the rate went up July 1 from 12.93 percent last year. That was up from 12 percent the year before, which was up from 11.85 percent, which increased from 11.30 percent, which rose from 10.75 percent, which jumped up from the steady rate of 9.75 percent in place from 1990 to 2005.
La de da … these required contribution increases, authorized by the Legislature, allow PERS, in effect, to pass its deficits on to taxpayers.
Oh well … a PERS newsletter to public employers says they should “be aware that the actuary has projected the need for an additional increase next year.”