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Study: Legislature’s action on retirement system does not fix PERS woes

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mississippitoday.org – Bobby Harrison – 2024-08-26 10:53:04

Study: Legislature’s action on retirement system does not fix PERS woes

Action taken during the 2024 legislative session will not fix the long -term financial issues facing Mississippi’s Public Employee Retirement System, according to a study.

A released by a legislative watchdog agency cites a study saying “under the approach implemented by the (2024) , the PERS plan is currently expected to be at a lower funded level in the future than it currently is .”

The report was done by the PERS governing board’s actuary, which is a private consultant hired by the board to make assumptions on the long-term outlook of the plan.

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The study was cited in the recently released annual report of PERS by the Legislature’s watchdog committee, the Performance Evaluation and Expenditure Committee.

The PEER report said, based on the actuary study, that the legislative action falls short of fixing the system long-term, “it is imperative that the Legislature and the PERS Board continue to assess the performance of the plan and evaluate the status of the PERS plan in the future.”

The financial issues facing PERS have been an ongoing headache for the Legislature with widespread and long-term ramifications. The system has about 360,000 members current public employees and former employees and retirees. The system provides pension for most Mississippi public employees on the and local levels, including schoolteachers. Members of PERS comprise more than 10% of the state’s population.

The system has assets of about $32 , but debt of about $25 billion.

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During the 2024 session, legislation was passed to strip a key power of the PERS’ Board – to set the percentage of the employee paycheck governmental entities contribute to the pension program.

To deal with long-term financial issues, the PERS Board had planned a 5% increase over three years to 22.4% that the employers or governmental entities contributed to each paycheck. Governmental entities, particularly local governments and school districts, said to pay for the increase they would be forced to reduce services and lay off employees.

While stripping the power from the PERS Board to set the employer contribution rate, the Legislature also enacted a 2.5% increase over five years instead of the 5% increase over three years planned by the PERS Board.

In addition, the Legislature provided a one-time infusion of $110 million into the system.

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Stressing that the numbers were only projections, the report said that stabilizing the system long-term might take a larger contribution than the 5% that the PERS Board planned if additional steps are not taken in coming years.

According to the report cited by PEER, the long-term financial viability could be worse under the legislative plan if lawmakers do not take additional steps.

The study goes on to say the legislative action “does not immediately constitute a problem for the PERS plan; however, careful evaluation of the plan’s future liabilities and funding needs will be necessary to ensure the sustainability of the PERS plan.”

During the 2024 session, some legislators, particularly members of the Senate, had advocated for a larger infusion of money into the system.

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Sen. David Blount, D-Jackson, said, “You are moving in the wrong direction and weakening the system” with the bill the Legislature approved. “Is it painful? Is it going to cost more money? Yes, but we need to do it” to fix the system.

But Sen. Daniel Sparks, R-Belmont, and others argued that the debt was “a snapshot” that could be reduced by strong performance from the stock market. The system depends on its investments and contributions from employers and employees as sources of revenue.

The financial woes are the results of a number of factors, said, including providing retirees additional benefits in past years and a shrinking public work force.

According to the PEER report, the ratio of active members to retiree members was 1.74 to 1 in fiscal year 2013 and 1.25 to 1 in fiscal year 2023.

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“The declining ratio is attributable to a decrease in the number of active members and an increase in the number of retiree members over the period,” the report concluded.

The average annual benefit is $26,909.

This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

Mississippi Today

A Mississippi town moves a Confederate monument that became a shrouded eyesore

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mississippitoday.org – Emily Wagster Pettus, Associated Press – 2024-09-18 14:17:57

GRENADA (AP) — A Mississippi town has taken down a Confederate monument that stood on the courthouse square since 1910 — a figure that was tightly wrapped in tarps the past four years, symbolizing the community’s enduring division over how to commemorate the past.

Grenada’s first Black mayor in two decades seems determined to follow through on the city’s plans to relocate the monument to other public land. A concrete slab has already been poured behind a fire station about 3.5 miles (5.6 kilometers) from the square.

But a new fight might be developing. A Republican lawmaker from another part of Mississippi wrote to Grenada saying she believes the city is violating a law that restricts the relocation of war memorials or monuments.

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The Grenada City Council voted to move the monument in 2020, weeks after police killed George Floyd in Minneapolis. The vote seemed timely: Mississippi legislators had just retired the last state in the U.S. that prominently the Confederate battle emblem.

The tarps went up soon after the vote, shrouding the Confederate soldier and the pedestal he stood on. But even as people complained about the eyesore, the move was delayed by tight budgets, state bureaucracy or political foot-dragging. Explanations vary, depending on who’s asked.

A new mayor and city council took office in May, prepared to take action. On Sept. 11, with little advance notice, police blocked traffic and a work crew disassembled and removed the 20-foot (6.1-meter) stone structure.

“I’m glad to see it move to a different location,” said Robin Whitfield, an artist with a studio just off Grenada’s historic square. “This represents that something has changed.”

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Still, Whitfield, who is white, said she wishes Grenada had invited the community to engage in dialogue about the symbol, to bridge the gap between those who think moving it is erasing history and those who see it as a daily reminder of white supremacy. She was among the few people watching as a crane lifted parts of the monument onto a flatbed truck.

“No one ever talked about it, other than yelling on Facebook,” Whitfield said.

Mayor Charles Latham said the monument has been “quite a divisive figure” in the town of 12,300, where about 57% of residents are Black and 40% are white.

“I understand people had family and stuff to fight and die in that war, and they should be proud of their family,” Latham said. “But you’ve got to understand that there were those who were oppressed by this, by the Confederate flag on there. There’s been a lot of hate and violence perpetrated against people of color, under the color of that flag.”

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The city received permission from the Mississippi Department of Archives and History to move the Confederate monument, as required. But Rep. Stacey Hobgood-Wilkes of said the fire station site is inappropriate.

“We are prepared to pursue such avenues that may be necessary to ensure that the statue is relocated to a more suitable and appropriate location,” she wrote, suggesting a Confederate cemetery closer to the courthouse square as an alternative. She said the Ladies Cemetery Association is willing to deed a parcel to the city to make it happen.

The Confederate monument in Grenada is one of hundreds in the South, most of which were dedicated during the early 20th century when groups such as the United Daughters of the Confederacy sought to shape the historical narrative by valorizing the Lost Cause mythology of the Civil War.

The monuments, many of them outside courthouses, came under fresh scrutiny after an avowed white supremacist who had posed with Confederate flags in photos posted online killed nine Black people inside the historic Emanuel African Methodist Episcopal Church in Charleston, South Carolina, in 2015.

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Grenada’s monument includes images of Confederate president and a Confederate battle flag. It was engraved with praise for “the noble men who marched neath the flag of the Stars and Bars” and “the noble women of the South,” who “gave their loved ones to our country to conquer or to die for truth and right.”

A half-century after it was dedicated, the monument’s symbolism figured in a voting rights march. When the Rev. Martin Luther King Jr. and other leaders held a mass rally in Grenada in June 1966, Robert Green of the Southern Christian Leadership Conference scrambled up the pedestal and planted a U.S. flag above the image of Davis.

The cemetery is a spot Latham himself had previously advocated as a new site for the monument, but he said it’s too late to change now, after the city already budgeted $60,000 for the move.

“So, who’s going to pay the city back for the $30,000 we’ve already expended to relocate this?” he said. “You should’ve showed up a year and a half ago, two years ago, before the city gets to this point.”

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A few other Confederate monuments in Mississippi have been relocated. In July 2020, a Confederate soldier statue was moved from a prominent spot at the of Mississippi to a Civil War cemetery in a secluded part of the Oxford campus. In May 2021, a Confederate monument featuring three soldiers was moved from outside the Lowndes County Courthouse in Columbus to another cemetery with Confederate soldiers.

Lori Chavis, a Grenada City Council member, said that since the monument was covered by tarps, “it’s caused nothing but more divide in our city.”

She said she supports relocating the monument but worries about a lawsuit. She acknowledged that people probably didn’t know until recently exactly where it would reappear.

“It’s tucked back in the woods, and it’s not visible from even pulling behind the fire station,” Chavis said. “And I think that’s what got some of the citizens upset.”

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This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

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Crooked Letter Sports Podcast

Podcast: New Orleans sports columnist and author Jeff Duncan joins the podcast to talk about his new Steve Gleason book and the new-look New Orleans Saints.

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mississippitoday.org – Rick Cleveland and Tyler Cleveland – 2024-09-18 10:00:00

Jeff Duncan went from the Mississippi Book in on Saturday to Jerry World in Dallas on Sunday where he watched and wrote about the Saints’ total dismantling of the Dallas Cowboys. We about both and also about what happened in high school and college football last and what’s coming up this weekend.

Stream all episodes here.

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This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

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Mississippi Today

On this day in 1899

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mississippitoday.org – Jerry Mitchell – 2024-09-18 07:00:00

Sept. 18, 1899

Credit: Wikipedia

Scott Joplin, known as “the King of Ragtime,” copyrighted the “Maple Leaf Rag,” which became the first song to sell more than 1 million copies of sheet music. The popularity launched a sensation surrounding ragtime, which has been called America’s “first classical music.” 

Born near Texarkana, , Joplin grew up in a musical . He worked on the railroad with other family members until he was able to earn money as a musician, traveling across the South. He wound up playing at the World’s Fair in Chicago in 1893, where he met fellow musician Otis Saunders, who encouraged him to write down the songs he had been making up to entertain audiences. In all, Joplin wrote dozens of ragtime songs. 

After some , he moved to New York , hoping he could make a living while stretching the boundaries of music. He wrote a ragtime ballet and two operas, but success in these new forms eluded him. He was buried in a pauper’s grave in New York City in 1917. 

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More than six decades later, his music was rediscovered, initially by Joshua Rifkin, who recorded Joplin’s songs on a record, and then Gunther Schuller of the New England Conservatory, who performed four of the ragtime songs in concert: “My faculty, many of whom had never even heard of Joplin, were saying things like, ‘My gosh, he writes melodies like Schubert!’” 

Joplin’s music won over even more admirers through the 1973 , “The Sting,” which won an Oscar for the music. His song, “The Entertainer,” reached No. 3 on Billboard and was ranked No. 10 among “Songs of the Century” list by the Recording Industry Association of America. His opera “Treemonisha” was produced to wide acclaim, and he won a Pulitzer Prize in 1976 for his special contribution to American music. 

“The ragtime craze, the faddish thing, will obviously die down, but Joplin will have his position secure in American music history,” Rifkin said. “He is a treasurable composer.”

This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

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