Towns and cities in Mississippi prepare for new PERS funding

Published: Jul. 10, 2023 at 5:16 PM CDT
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MARION, Miss. (WTOK) - This year the Public Employees Retirement System, known as PERS in Mississippi, is raising the amounts cities and towns in Mississippi need to pay.

Beginning in July of 2024, cities and towns across the state are going to be forced to pay more money towards PERS. This extra funding was not something many local leaders were expecting to have to do. Now they are having to plan and rewrite their budgets.

“So what we are going to do is, we are going to figure out exactly the dollar amount we have to come up with to contribute to PERS in our next budget, in this budget year coming up. We are going to sit there and see what we need to cut or see where we need to make adjustments to make sure we are able to fully fund our retirement system,” said Mayor of Marion Larry Gill.

Another problem PERS has is the state has a smaller number of public employees than retirees, meaning there are fewer people paying into the state’s retirement system.