Mississippi lawmakers review PERS

Date:2025-08-22 11:23:54 Category:US Views:1 Comment:0

JACKSON, Miss. (WJTV) – Mississippi lawmakers are looking for ways to tackle billions in debt tied to the Public Employees’ Retirement System (PERS).

On Thursday, they heard from the Alabama retirement system about how they handle similar challenges. Both sides agreed that the state needs a dedicated revenue stream.

Lawmakers are working with the PERS Board on ways to reduce the debt. State Rep. Lee Yancey (R-District 74) questioned whether the state should continue paying an outside firm about $100 million a year in investment fees or handle investments in house.

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“That’s one of the questions, whether we should be paying $100 million in fees on $36 billion in assets,” he said.

State Sen. Daniel Sparks (R-District 5) pointed to progress. He said the legislature has paid off $1 billion in bond debt over six years and expects to reach $2 billion by the end of this term.

“I really like looking at the bond interest because we’ve paid those debts off, which is good conservative government, but take that interest amount and put it toward the PERS liability,” said Sparks.

Yancey said a large upfront payment will be needed.

“If we’re going to make a big, big splash and make a difference, we’re going to have to put $500 million in at least the first time and then follow it up with lesser payments every year,” he said.

If House Bill 1 is left alone, PERS would be fully funded by 2068. Lawmakers said they will keep looking for a long-term fix to a long-term problem.

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