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Benefits May 24, 2010
MS Pension Contribution Hike Signed into Law
May 24, 2010 (PLANSPONSOR.com) – Mississippi Governor Haley Barbour last week signed House Bill 1, which increases the contribution level paid by state, city, county, and school district employees into the Public Employees Retirement System.
Reported by Rebecca Moore
A Barbour statement said the legislation raises the employees’ contribution from 7.25% to 9%, and is the first increase in employee contributions since 1991. The state contributes 12%.
Barbour said he believes the legislation brings more equity among payments made by employees and taxpayers.
“Had this bill not been approved, we would have been forced to shift $70 million from state agency budgets to shore up the retirement system, which would have undoubtedly resulted in significant layoffs of other employees,” Barbour said.