Pers Facts Figures

PERS Facts & Figures
As presented September 18, 2012 to the Joint Legislative Budget Committee

(Revised September 22, 2012)
June 30, 2012, data in this book is unaudited
Our Mission
The mission of the Public Employees Retirement System of Mississippi
is to provide secure benefits to our members and
consistently deliver quality service by meeting our customers needs,
operating efficiently and transparently, investing and managing assets prudently, and
acting in the best interest of all members.
PERS Facts & Figures - September 18, 2012 (All data as of June 30, 2012, unless otherwise noted).
Table of Contents
Key Information........................................................................................................................................ 5
Total System Overview........................................................................................................................ 6
Total System Membership................................................................................................................... 7
Retirement Eligibility as Percentage of Active Members..................................................................... 7
Total System Covered Employers and Members................................................................................ 8
Member Salary Distribution................................................................................................................. 8
Annuity Distribution for PERS Service Retirees.................................................................................. 8
PERS Service Retirees by Age at Retirement.................................................................................... 9
PERS Service Retirees with > 25 Years at Retirement....................................................................... 9
PERS Retirement Based on Service and Age.................................................................................... 9
Total System Retirees and Beneficiaries over Age 100...................................................................... 9
Number of PERS Retirees Added by Year........................................................................................ 10
Percentage Change in Number of PERS Retirees Added by Year................................................... 10
Investment Asset Allocation.............................................................................................................. 10
Sources of Revenue - 30 Years........................................................................................................ 10
Defined Benefit Retirement Plans..................................................................................................... 11
Annual Benefit Payments per Mississippi County............................................................................. 12
Mississippi Key Findings................................................................................................................... 14
Financial.................................................................................................................................................. 17
Total System Revenues and Expenses............................................................................................. 18
Growth in PERS Net Assets.............................................................................................................. 19
Growth in PERS Net Assets over 30 Years....................................................................................... 19
Assets and Investments........................................................................................................................ 21
Investment Assets FY 2002 - FY 2012.............................................................................................. 22
Investment Asset Allocation.............................................................................................................. 22
Annual Rates of Return FY 1981 - FY 2012...................................................................................... 22
Investments....................................................................................................................................... 23
Ancillary Income Recap.................................................................................................................... 24
Actuarial.................................................................................................................................................. 25
PERS Funded Status History............................................................................................................ 26
PERS Funded Ratio.......................................................................................................................... 28
PERS Funded Status........................................................................................................................ 28
PERS Amortization Period of Unfunded Accrued Liability................................................................. 29
PERS Contribution Rate History....................................................................................................... 29
Percent of State Employer Contributions to State Expenses............................................................ 30
PERS Projected Employer Contribution Rate................................................................................... 30
Percent of Total Contributions: PERS vs Nation............................................................................... 31
MS Highway Safety Patrol Retirement System (MHSPRS).............................................................. 32
MHSPRS Contribution Rate History.................................................................................................. 33
MHSPRS System Membership......................................................................................................... 33
MHSPRS Projected Employer Contribution Rate............................................................................. 33
Supplemental Legislative Retirement Plan (SLRP)........................................................................... 34
SLRP Contribution Rate History........................................................................................................ 35
SLRP System Membership............................................................................................................... 35
SLRP Projected Employer Contribution Rate.................................................................................... 35
PERS Facts & Figures - September 18, 2012 (All data as of June 30, 2012, unless otherwise noted). 3
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Photo Credit: Donna Echols, Mississippi State Troopers Association
Key Information
Total System Overview
The term System is used throughout this document in a broad context to refer
to all retirement plans administered by PERS as the administrative agency.
As the 67th largest pension plan in the U.S. and 166th
paid in total benefits for fiscal year 2012. Ninety-three
largest in the world*, the Public Employees Retirement
percent of all benefits paid remain in the state, supporting
System of Mississippi (PERS) administers 25 programs/
the economy and providing jobs. Looking at System
plans with a total system membership of 379,959 and total
revenue for fiscal year 2012, total member and employer
net assets of $20.2 billion.
contributions were $1.3 billion and net investment income
As of June 2012, the total number of retirees is 89,701
was $60.9 million.
and the total monthly benefit payroll is $122.6 million. The
Below are stats on each of the 25 programs/plans:
current average annual benefit is $19,837 with $1.9 billion

Defined Benefit Plans
Public Employees Retirement System (PERS)
Municipal Retirement Systems (MRS)
Established in 1952
17 fire and police and 2 municipal employee plans; Closed
161,895 active members
in 1987 with administration transferred to PERS
127,510 inactive members
20 active members
86,821 retirees and beneficiaries
1 inactive members
$19.8 billion in net assets
1,992 retirees and beneficiaries

$161.0 million in net assets
Mississippi Highway Safety Patrol

Retirement System (MHSPRS)
Supplemental Legislative Retirement Plan (SLRP)
Established in 1958
Established in 1989
548 active members
174 active members
50 inactive members
60 inactive members
712 retirees and beneficiaries
176 retirees and beneficiaries
Defined Contribution Plans (Optional Plans)

Mississippi Deferred Compensation
Optional Retirement Plan for the
Plan & Trust (MDC)
Institutions of Higher Learning (ORP)
Established in 1973; Administration
Established in 1990 for eligible members only

4,448 active participants
transferred to PERS in 1974

39,372 participants
$460.6 million in assets
$1.3 billion in net assets
Retirement Insurance Plans

PERS-sponsored Retiree Medical and
Life Insurance Plans
Authorized in 1988
3,855 medical insurance participants
Page Sources:
All data on this page was sourced from PERS database; System actuarial
valuation reports; Systematized Benefits Administrators, Inc.; Optional
Retirement Plan vendors; Colonial Life & Accident Insurance Company; and
Monumental Life Insurance Company with the exception of the following:
*
According to Pensions and Investments as of February 7, 2012, and

September 3, 2012, respectively.
6,189 life insurance participants
Total System
Membership
Retirement Eligibility as
Percentage of Active Members
June 30, 2012 = 379,959
June 30, 2012
Retirees
Active Members
Inactive Members
89,701
Eligible to Retire
Eligible within 5 Years
Eligible 5-10 Years
Not Eligible
127,621
'12
162,637
22,412
86,022
13.8%
129,468
'11
162,392
87,380
54.0%
82,096
22,177
13.7%
129,359
'10
165,644
79,099
29,926
126,640
'09
18.5%
167,901
PERS
76,496
126,127
Fiscal Year
'08
166,576
182
138
73,720
33.2%
25.2%
123,239
'07
163,619
69,729
117,818
'06
158,893
124
66,916
124,386
'05
104
22.6%
19.0%
MHSPRS
Page Source(s): System actuarial valuation reports and PERS database
157,900
65,364
115,022
'04
157,197
65
37.4%
62,377
112,702
'03
63
155,735
36.2%
59,664
110,837
'02
153,064
20
26
50,000
100,000
Membership Counts
150,000
200,000
11.5%
14.9%
SLRP
Total System Covered Employers and Members

3,669
6,562 2%
117
13%
June 30, 2012
4%
262
33,978
21%
30%
State Agencies
Municipalities
Counties
State Universities
252
28%
15
Public Schools
Junior/Community Colleges
2%
17%
82
18,028
9%
1%
* Includes hospitals, libraries, and other juristic entities
12%
40%
15,763
150
Other Political Subdivisions*
19,581
65,056
11%
Employers = 887
Active Members = 162,637
(Includes only active PERS members)
Annuity Distribution for

PERS Service Retirees
June 30, 2012
June 30, 2012
Member Salary Distribution
10%
Under $20,000
$20,001 - $40,000
$1 - $10,000
$10,001 - $20,000
$40,001 - $60,000
$60,001 - $100,000
$20,001 - $30,000
$30,001 - $40,000
$40,001 - $50,000
Over $50,000
$100,001 +
13,540
8.33%
1,784
4,696
1.10%
39,885
4,272
24.52%
6%
6%
22,990
32%
9,645
39,346
13%
24.19%
68,082
22%
15,338
41.86%
21%
As of June 30, 2012, PERS retirees spend on

average 10 years in retirement.
Page Source(s): System actuarial valuation reports and PERS database
15,958
PERS Service Retirees by Age at Retirement

June 30, 2011
15,000
Retirees
12,000
9,000
6,000
3,000
0
'07
'08
'09
'10
'11
Fiscal Year
Age 35-49
Age 35-49
Age Age
55-59
55-59
Age 50-54
Age 50-54
Age 60-64
Age 60-64
Age
Age 65-69
65-69
Age
75-79
Age
75-79
Age
Age 70-74
70-74
Age 80-84
Age 85+
Age 85+
Age 80-84
PERS Service Retirees with > 25 Years at Retirement

1200
1000
Retirees
800
600
400
200
Page Source(s): PERS 2011 actuarial valuation report and PERS database
'08
'09
'10
Fiscal Year
'11
25-25.75 Years of Service
PERS Retirement Based on Service and Age

Members who retire
Members who retire
based on years of service
based on age
Average age at retirement: 58
Average age at retirement: 63
Average years of service: 31
Average years of service: 14
'12
40+ Years of Service
Total System Retirees and

Beneficiaries over Age 100
Number: 53
Average age: 102
Average years in retirement: 37
Average annual benefit including COLA: $12,256
On average, PERS members retire at age 60 after having worked 24 years.
Number of PERS Retirees Added by Year

6,000
5,433
5,348
Retirees
5,000
3,909
4,000
4,085
3,818
4,625
4,319
4,182
4,079
3,844
3,839
3,000
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
Fiscal Year
Percentage Change in Number of PERS Retirees Added by Year

20.47%
21%
15.63%
17%
13%
Percentage
8.79%
6.99%
9%
5.88%
1.59%
5%
1%
-3%
-0.18%
-2.46%
-2.33%
-7%
-5.90%
-11%
-15%
-11.11%
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
Fiscal Year
Sources of Revenue - 30 Years
June 30, 2012 = $20.1 Billion
June 30, 2012
Equities, $12.9 Billion
Real Estate, $1.5 Billion
Investment Earnings
Cash & Equivalents, $262 Million
Debt Securities, $5.0 Billion
Employer Contributions
Private Equity, $451 Million
1%
2%
Member Contributions
7%
20%
25%
51%
29%
65%
10
Page Source(s): PERS Accounting and Investments departments and PERS database
Investment Asset Allocation
Defined Benefit Retirement Plans (PERS, MHSPRS, SLRP, MRS)

PERS Is Sustainable. As of the June 30, 2011, actuarial
PERS Is an Important Contributor to the States
valuation, PERS had 62.2 percent of the funds required
Economy. The System distributes more than $1.9 billion
for each dollar owed in liabilities. The assets for all plans
annually in benefits to nearly 90,000 service and disability
are professionally managed and invested for the long term
retirees, as well as beneficiaries. These payments are
based on sound investment policies. As shown on the chart
important to Mississippis overall economy. The monthly
at the bottom left of the previous page, the System held
benefits paid by PERS are both steady and dependable,
more than $20.1 billion in investment assets at the end of
and they provide a strong and locally-disseminated
fiscal year 2012. These investments represent real assets
economic stimulus to communities throughout the state.
on hand (not IOUs) and are an important source of liquidity
Page Source(s): PERS database, 2010 reports from the U.S. Department of Commerce Bureau of Economic Analysis, and Public Fund Survey of
NASRA/NCTR (www.nasra.org and www.nctr.org), and Bureau of Economic Analysis
and stability for financial markets.
PERS Is Subject to Comprehensive Oversight. While

private sector plans are subject solely to federal regulation,
PERS Funding Is Not Shouldered Entirely by
PERS is required to comply with both state and federal
Taxpayers. In fact, over the 30-year period that ended
laws and regulations. The System is accountable to both
June 30, 2012, employer (taxpayer) contributions to PERS
the legislative and executive branches of the state, and
made up only 29 percent of revenues, while earnings from
is overseen by a board of trustees that includes eight
investments provided the majority of the Systems funding
employee/retiree representatives and the State Treasurer
with mandatory employee payroll deductions contributing
and an appointee of the governor, who both represent the
the balance of the funding. While the employer (taxpayer)
interests of the taxpayers of Mississippi.
contribution is a type of deferred compensation that the

employee will receive in the form of a benefit once retired,
participants in PERS are currently required to contribute 9
percent of their salaries to help fund that benefit. The chart
at the bottom right of the previous page summarizes the
sources of revenue for the 30-year period ending in 2012.
PERS Helps Attract and Retain the States Essential
Public Workforce. There are more than 252,000 working
and retired state and local government employees in
Mississippi. They live and work in virtually every city and
town in the state. The active membership of almost 163,000
comprises 14 percent of Mississippis workforce with nearly
55 percent of the public sector workforce employed in
PERS Invests to Maximize Return while Minimizing

Risk. For the 1-, 5-, 10-, and 30-year periods ended June
30, 2012, PERS earned 0.6 percent, 1.26 percent, 6.2
percent, and 9.6 percent, respectively. PERS investment
program is designed to maximize return while taking an
acceptable level of risk. The fund targets a return over time
equal to or greater than the actuarial return assumption.
Funding Ratios as of June 30, 2011
PERS
62.2%
MHSPRS
67.1%
SLRP
73.1%
MRS
47.2% on an aggregate basis
education. PERS is just one piece of the overall human

resources package used to recruit and retain the quality
workforce that is critical to the sound delivery of public
services and ensures that the government operates
efficiently.
Annual Benefit Payments per Mississippi County

Total Defined Benefit Plans as of June 30, 2012
PERS paid benefits of $1.9 billion during fiscal year 2012, with 93 percent (almost $1.8 billion) going to more than 82,300
Mississippi residents. These benefit dollars have a positive effect on the economy of every Mississippi community.
County
Payments*
Amount Paid**
County
Payments*
Amount Paid**
Madison...................2,765 ............$74,384,685
Marion........................731 ..............15,037,558
Marshall......................590 ..............11,087,088
Monroe.......................886 ..............18,776,913
Montgomery...............519 ..............10,448,287
Neshoba.....................581 ..............11,108,533
Newton.......................945 ..............19,053,835
Noxubee.....................265 ................4,868,571
Oktibbeha................2,337 ..............67,642,835
Panola.....................1,001 ..............19,005,892
Pearl River...............1,216 ..............21,281,914
Perry...........................382 ................6,373,498
Pike.........................1,141 ..............24,909,832
Pontotoc.....................640 ..............13,966,247
Prentiss......................933 ..............19,381,604
Quitman......................269 ................4,981,794
Rankin.....................4,839 ............115,381,282
Scott...........................765 ..............14,303,169
Sharkey......................196 ................4,063,290
Simpson.....................995 ..............18,786,792
Smith..........................430 ................7,047,901
Stone..........................603 ..............12,957,299
Sunflower...................817 ..............17,393,816
Tallahatchie................398 ................7,757,297
Tate.............................718 ..............15,625,975
Tippah.........................692 ..............13,027,898
Tishomingo.................505 ................9,000,858
Tunica.........................165 ................3,126,928
Union..........................741 ..............14,540,897
Walthall.......................348 ................6,818,775
Warren.....................1,245 ..............29,416,557
Washington..............1,472 ..............31,090,833
Wayne........................448 ................8,347,225
Webster......................402 ................7,807,813
Wilkinson....................259 ................4,808,076
Winston......................634 ..............13,945,170
Yalobusha...................557 ..............10,583,867
Yazoo..........................706 ..............14,730,049
Mississippi.............82,309 .........1,788,689,402
Out-of-State.............7,364 ............137,221,755
Out-of-Country..............25 ...................457,475
Total......................89,698 .......$1,926,368,632
* The number of payments made during a payroll sample test month

** Figures computed by using the percent paid out to each county during a sample test month and
applying that percent to the total benefits paid during the year
12
Page Source(s): PERS Accounting Department and PERS database
Adams.....................1,134 ............$22,584,884
Alcorn......................1,012 ..............20,157,943
Amite.......................... 311 ................5,533,034
Attala..........................744 ..............14,215,925
Benton........................256 ................4,597,838
Bolivar.....................1,278 ..............28,567,732
Calhoun......................421 ................8,395,979
Carroll.........................396 ................7,849,940
Chickasaw..................501 ................9,702,174
Choctaw.....................336 ................6,290,394
Claiborne....................323 ................6,988,532
Clarke.........................541 ................9,456,056
Clay............................561 ..............12,595,354
Coahoma....................936 ..............21,125,703
Copiah........................878 ..............17,734,966
Covington...................646 ..............13,106,537
DeSoto....................1,181 ..............22,677,662
Forrest.....................1,770 ..............36,998,660
Franklin.......................286 ................5,371,553
George.......................571 ..............10,361,078
Greene.......................267 ................4,623,777
Grenada.....................659 ..............13,140,046
Hancock.....................728 ..............13,861,041
Harrison...................3,866 ..............86,860,754
Hinds.......................8,680 ............207,580,018
Holmes....................... 611 ..............11,871,778
Humphreys.................256 ................5,516,695
Issaquena.....................20 ...................326,488
Itawamba....................597 ..............11,753,784
Jackson...................3,070 ..............64,423,996
Jasper.........................491 ................8,511,404
Jefferson.....................347 ................7,819,252
Jefferson Davis...........380 ................6,982,712
Jones.......................2,250 ..............44,278,768
Kemper.......................314 ................6,286,920
Lafayette..................1,769 ..............47,109,866
Lamar......................1,924 ..............49,754,602
Lauderdale..............2,362 ..............49,978,799
Lawrence....................493 ................8,837,103
Leake..........................605 ..............11,459,379
Lee..........................2,019 ..............46,926,638
Leflore.....................1,012 ..............23,032,895
Lincoln........................831 ..............18,103,039
Lowndes..................1,540 ..............32,466,850
Mississippi Key Findings
MISSISSIPPI
Pensionomics 2012:
Key Findings
Overview
Benefits paid by state and

local pension plans support
a significant amount of
economic activity in the state of
Mississippi.
In 2009, expenditures stemming

from state and local pensions
supported
14,442 jobs that paid $510.5
million in wages and salaries
$1.7 billion in total economic
output
$225.6 million in federal, state,
and local tax revenues
in the state of Mississippi.
Each dollar paid out in pension
benefits supported $1.08 in total
economic activity in Mississippi.
Each dollar invested by
Mississippi taxpayers in these
plans supported $3.37 in total
economic activity in the state.
Expenditures made by retirees of state and local government provide a steady economic
stimulus to Mississippi communities and the state economy. In 2009, 80,719 residents
of Mississippi received a total of $1.6 billion in pension benefits from state and local
pension plans.
The average pension benefit received was
Employer
$1,607 per month or $19,287 per year. These
Contributions
modest benefits provide retired teachers,
32.19%
Investment
public safety personnel, and others who
Earnings
45.79%
served the public during their working careers
income to meet basic needs in retirement.
Employee
Contributions
22.02%
Between 1993 and 2009, 32.19% of

Mississippis pension fund receipts came
from employer contributions, 22.02%
from employee contributions, and 45.79% from investment earnings.* Earnings
on investments and employee contributionsnot taxpayer contributionshave
historically made up the bulk of pension fund receipts.
Impact on Jobs and Incomes

Retiree expenditures stemming from state and local pension plan benefits supported
14,442 jobs in the state. The total income to state residents supported by pension
expenditures was $510.5 million.
To put these employment impacts in perspective, in 2009 Mississippis unemployment
rate was 9.6%. The fact that DB pension expenditures supported 14,442 jobs is
significant, as it represents 1.1 percentage points in Mississippis labor force.
Economic Impact
State and local pension funds in Mississippi and other states paid a total of $1.6 billion
in benefits to Mississippi residents in 2009. Retirees expenditures from these benefits
supported a total of $1.7 billion in total economic output in the state, and $906.4
million in value added in the state.
$900.8 million in direct economic impacts were supported by retirees initial expenditures.
An additional $446.3 million in indirect impact resulted when these businesses purchased
additional goods and services. $340.5 million in induced impacts occurred when employees
hired by businesses as a result of the direct and indirect impacts made expenditures.
Total Economic Impact $1.7 billion
direct
impact
$900.8 million
indirect
impact
$446.3 million
induced
impact
$340.5 million
Totals may not add up exactly due to rounding. For more information on the data and methodology used for these estimates, please refer to Boivie, I. 2012. Pensionomics:
Measuring the Economic Impact of DB Pension Expenditures. Washington DC: National Institute on Retirement Security. www.nirsonline.org
14
Page Source(s): National Institute on Retirement Securitys Pensionomics: Measuring the Economic Impact of State and Local Pension Plans
Pension benefits received by

retirees are spent in the local
community. This spending ripples
through the economy, as one
persons spending becomes
another persons income, creating
a multiplier effect.
Measuring the Economic Impact of DB Pension Expenditures
National Institute on Retirement Security

Pensionomics 2012: Measuring the Economic Impact of DB Pension Expenditures
MISSISSIPPI
Economic Multipliers
Taxpayer Contribution Factor*
THE UNITED STATES OF AMERICA
L1180916G
L1180916G
ONE
L1180916G
L1180916G
ONE
L1180916G
L1180916G
ONE
$1.00
contributed by taxpayers to
Mississippi pensions over 30 years
L1180916G
L1180916G
ONE
L1180916G
L1180916G
ONE
$3.37
total output
Page Source(s): National Institute on Retirement Securitys Pensionomics: Measuring the Economic Impact of State and Local Pension Plans
Pension Benefit Multiplier

L1180916G
L1180916G
ONE
$1.00
pension benefits paid to

retirees in Mississippi
L1180916G
L1180916G
ONE
L1180916G
L1180916G
ONE
$1.08
total output
Each $1 in taxpayer contributions

to Mississippis state and local
pension plans supported $3.37
in total output in the state. This
reflects the fact that taxpayer
contributions are a minor source
of financing for retirement
benefitsinvestment earnings
and employee contributions
finance the lions share.
Each $1 in state and local pension

benefits paid to Mississippi
residents ultimately supported
$1.08 in total output in the state.
This multiplier incorporates
the direct, indirect, and induced
impacts of retiree spending,
as it ripples through the state
economy.
*Caution should be used in interpreting these numbers. See the Technical Appendix of the full Pensionomics report for details.
Impact on Tax Revenues

State and local pension payments made to Mississippi residents
supported a total of $225.6 million in revenue to federal, state,
and local governments. Taxes paid by retirees and beneficiaries
directly out of pension payments totaled $25.6 million. Taxes
attributable to direct, indirect and induced impacts accounted
for $200.0 million in tax revenue.
Federal Tax
123.5 million
State/Local Tax
102.1 million
Total
$225.6 million
Economic Impacts by Industry Sector

The economic impact of state and local pension benefits was broadly felt across various industry sectors in Mississippi. The ten
industry sectors with the largest employment impacts are presented in the table below.
Industry
Food Services and Drinking Places
Private Hospitals
Employment
Impact
(# Jobs)
Labor Income
Impact
Value Added Impact
Output Impact
1,467
$27,823,382
$38,850,839
$80,593,779
778
$43,336,130
$46,260,025
$104,151,989
Physicians, Dentists, and other Health Practitioners
762
$59,540,094
$63,526,247
$105,812,665
Nursing and Residential Care Facilities
754
$24,547,603
$26,497,825
$46,761,012
Real Estate Establishments
745
$6,708,755
$50,149,100
$69,217,447
Private Household Operations
542
$3,402,722
$3,402,722
$3,528,443
Retail Stores - General Merchandise
387
$10,430,626
$16,976,663
$19,293,687
Retail Stores - Food and Beverage
324
$9,198,024
$14,964,495
$17,100,126
Individual and Family Services
316
$5,982,735
$5,999,912
$9,711,063
Civic, Social, Professional, and Similar Organizations
289
$8,370,288
$8,444,801
$16,424,436
Industry totals include impacts from in-state pension payment only, and do not account for the recaptured leakage impacts from other states.
16
Photo Credit: Vincent Creel, City of Biloxi
Financial
Total System Revenues and Expenses (In Thousands)

June 30, 2012
Revenues

Total Revenue for all Systems................................................................................................... $1,413,692
Contributions:
Employer Contributions............................................................$801,651
Member Contributions................................................................547,860
Total Contributions............................................................................ $1,349,511
Net Income:
Realized Gains on Investments...............................................$585,346
Unrealized Loss on Investments.......................................... (1,016,522)
Dividends, Interest, and Other Investment IncomeNet.............492,102
MHSP Motor Vehicle Report and Other Fees................................3,255
Total Net Income.................................................................................... $64,181
Expenses

Total Expenses for all Systems...............................................................................................$(2,034,203)
Retirement Benefits...................................................................................(1,926,368)
Refunds...........................................................................................................(93,431)

Administrative Budget.....................................................................................(13,744)
Depreciation and other Administrative Expenses................................................(660)

Net Decrease FY 2012.....................................................................................................................$(620,511)
FY 2012 Revenues
FY 2012 Expenses
Member Contributions
Realized Gain on Investments
Retirement Benefits
Employer Contributions
Unrealized Gain on Investments
Refunds
Dividend and Interest Income, Other
$475,000
$94
$802
$850,000
$548
Administrative Expenses
$14
4.6% 0.7%
$496
$585
$100,000
$(275,000)
$(650,000)
$(1,025,000)
Thousands
18
$1,926
$(1,016)
94.7%
Millions
June 30, 2012
June 30, 2012
Growth in PERS Net Assets (In Thousands)

Net Assets as of June 30, 2011.................................................................................................... $20,377,236

Contributions:
Employer Contributions............................................................$768,914
Member Contributions................................................................545,587
Other.................................................................................................664
Total Contributions............................................................................ $1,315,165
Investment Income:
Net change in Fair Value....................................................... $(421,753)
Interest and Dividends...............................................................507,764
Securities Lending........................................................................16,916
Investment Expense................................................................. (43,332)
Total Investment Income........................................................................ $59,595
Benefits Paid:
Benefit Payments............................................................... $(1,862,826)
Refund Payments..................................................................... (93,379)
Other.............................................................................................. (660)
Administrative Expense............................................................ (13,744)
Total Investment Income.................................................................$(1,970,609)
Net Assets as of June 30, 2012.................................................................................................... $19,781,387
Growth in PERS Net Assets over 30 Years (In Billions)
Beginning balance July 1, 1982...........................................................................................................$ 1.4

Employer Contributions..................................................................................................................................11.5
Member Contributions......................................................................................................................................8.0
Investment Income and Other Income...........................................................................................................21.2
Benefit Payments........................................................................................................................................ (20.5)
Refund Payments.......................................................................................................................................... (1.6)
Administrative and other Expenses............................................................................................................... (0.2)
Ending Balance June 30, 2012.............................................................................................................$ 19.8
Investment income is more than 52 percent of total increases to the fund balance over the last 30 years.
Employer and member contributions are 28 percent and 20 percent, respectfully, of total increases to the fund balance over
the last 30 years.
Benefit and refund payments are 99 percent of total decreases to the fund balance over the last 30 years.
20
Photo Credit: Mississippi Department of Mental Health
Assets and
Investments
Investment Asset Allocation
Investment Assets FY 2002 - FY 2012
as of June 30, 2012 = $20.1 Billion
$20,760,399,000
'11
$17,098,740,000
'10
$15,445,202,000
'09
Equities, $12.9 Billion
Real Estate, $1.5 Billion
Cash & Equivalents, $262 Million
Debt Securities, $5.0 Billion
Private Equity, $451 Million
$19,691,325,000
'08
Fiscal Year
Total Investment Assets for all Systems
$20,109,804,000
'12
1%
2%
7%
25%
$21,832,543,000
'07
$18,764,433,000
'06
$17,292,365,000
'05
$16,125,985,000
'04
'03
$14,381,942,000
'02
$14,178,680,000
65%
Asset Fair Value
Annual Rates of Return FY 1981 - FY 2012

PERS began equity investments in August 1980. While our annual returns for the period since 1981 exceeds the
8 percent assumed rate, this chart demonstrates the volatility in the markets and the need to focus on the long term.
31.2%
32%
26.2%
28%
25.4%
21.8%
24%
Percentage
16%
14.8%
12.3%
8.9%
4%
14.0%
10.4%
10.3%
12%
8%
19.9%
17.1%
12.2%
9.4%
3.5%
14.6%
14.1%
10.7%
11.3%
8.4%
8.5%
0%
15.1%
18.9%
19.1%
9.8%
3.5%
3.4%
.6%
1.3%
-4%
-7.1%
-8%
-6.6%
-8.2%
-12%
-16%
-20%
-19.4%
'81 '82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Fiscal Year
PERS Annual ROR
22
PERS Actuarial Assumed ROR, 8%
PERS Average ROR since 1980, 8.9%
Page Source(s): PERS annual investment performance reports
20%
Investments
Investment Annualized Rates of Return
16%
Historical Returns
as of June 30, 2012
14%
1-Year.......... 0.60%
3 -Year....... 12.90%
12%
5 -Year......... 1.26%
10 -Year....... 6.20%
Percentage
10%
Actuarial Assumed ROR
8%
20 -Year....... 7.41%
25 -Year....... 7.99%
30-Year........ 9.63%
6%
4%
2%
'7
6'
'7 85
7'
'7 86
8'
'7 87
9'8
'8 8
0'
'8 89
1'
'8 90
2'9
'8 1
3'
'8 92
4'
'8 93
5'
'8 94
6'9
'8 5
7'
'8 96
8'9
'8 7
9'
'9 98
0'
'9 99
1'
'9 00
2'
'9 01
3'0
'9 2
4'
'9 03
5'
'9 04
6'
'9 05
7'0
'9 6
8'
'9 07
9'
'0 08
0'0
'0 9
1'
'0 10
2'
'0 11
3'1
2
0%
*Calculated - Actual data not available
Rolling 10-Year Periods
Investment Performance
30%
25.4%
25%
18.9%
20%
14.6%
Percentage
Page Source(s): PERS annual investment performance reports
15%
14.1%
9.8%
10.7%
10%
8% Acutarial Assumed ROR
3.5%
5%
.6%
0%
-5%
-6.6%
-8.2%
-10%
-15%
-20%
'02
'03
'04
'05
'06
'07
'08
-19.4%
'09
'10
'11
'12
Fiscal Year
Ancillary Income Recap

Ancillary Income: Income/earnings produced outside
usual negotiated commission rate to execute the trade
of PERS main investment activity through Commission
and then the broker rebates a portion of that commission,
Recapture and Securities Lending.
agreed upon in advance, back to PERS.
Commission Recapture: A form of institutional discount
Securities Lending: PERS makes short-term loans
brokerage that rebates a portion of trading commissions
of securities to generate incremental revenues from its
directly to the pension plan. Commission recapture helps to
portfolios, which enhances the overall performance of the
reduce trading expenses, saving PERS money. In PERS
portfolio by offsetting expenses therefore maximizing the
commission recapture program, investment managers are
productivity of investment assets.
directed to execute a portion of trades made on behalf of

PERS through a recapture broker. The manager pays its
$40
$35
$35.8
Income
$32.1
$30
Administrative Expenditures
Millions
$25
$20
$15
$11.1
$11.8
$11.7
$13.3
$12.6
$10.3
$10
$15.9
$14.3
$5
$0
'08
'09
'10
'11
'12
Fiscal Year
Total ancillary income generally offsets and, in some years, is more than double administrative expenditures.
Income Source
Commission Recapture
$499,981
$530,796
$584,479
$446,020
$321,715
$35,297,466
$31,593,514
$9,722,712
$13,878,227
$15,597,078
$35,797,447
$32,124,310
$10,307,191
$14,324,247
$15,918,793
2008
2009
2010
2011
2012
$11,078,505
$11,823,314
$11,738,614
$12,637,012
$13,273,829

Total Income
Actual Budget Expenditures
Administrative and
Information Technology Updates
Expenditures
(excluding depreciation)
24
Page Source(s): PERS annual financial reports
Securities Lending
2008 2009 2010 2011

2012
Photo Credit: Mississippi Department of Education
Actuarial
PERS Funded Status History

Accrued Liability:
$35,000
The actuarial present
Actuarial Value of Assets

Accrued Liability
value of the plans
Market Value of Assets
pension obligations
$30,000
as determined by
the entry-age normal
actuarial cost method.
$25,000
Unfunded
Accrued Liability:
The difference
$20,000
accrued liability and

valuation of assets.
Millions
between the actuarial

$15,000
$10,000
$5,000
$0
'80
'82
'84
'86
'88
'90
'92
'94
'95
'96
'97
'98
Fiscal Year
48%
51%
68%
77%
80%
68%
69%
70%
70%
76%

Market Value
Funded Ratio*
48%
51%
68%
77%
80%
68%
69%
70%
81%
89%

Funding
Period (Years)
29.0
26.0
17.0
14.0
17.0
29.0
30.0
32.5
26.2
19.4
Percent Actuarial Required Contribution Made
100
100
100
100
100
100
100
100
100
100

Percent Employer
Contributions 8.00%
8.75%
8.75%
8.75%
8.75%
9.75%
9.75%
9.75%
9.75%
9.75%

Percent Employee
Contributions 5.50%
5.50%
6.00%
6.00%
6.00%
6.50%
7.25%
7.25%
7.25%
7.25%
26
Accrued Liability
(In Billions)

$2.1
$2.6
$2.7
$3.3
$4.0
$5.9
$7.3
$8.7
$10.0
$10.6
Unfunded Accrued Liability

(In Billions)

$1.1
$1.3
$0.9
$0.8
$0.8
$1.9
$2.2
$2.6
$3.0
$2.5
Page Source(s): PERS actuarial valuation reports
Actuarial Value Funded Ratio
'99
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
Fiscal Year
Page Source(s): PERS actuarial valuation reports
80%
85%
83%
83%
88%
83%
79%
75%
72%
73%
74%
73%
67%
64%
62%
96%
103%
95%
90%
81%
68%
65%
69%
71%
73%
79%
67%
49%
53%
62%
13.4
9.8
15.5
17.4
12.6
22.5
32.7
36.6
28.4
28.7
29.3
29.4
30.0
30.0
30.0
100
100
100
100
100
100
100
100
100
100
90
97
100
100
100
9.75%
9.75%
9.75%
9.75%
9.75%
9.75%
9.75%
9.75%
9.75%
10.75%
11.30% 11.85%
11.85% 12.00% 12.93%
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
7.25%
9.00%
9.00%
$11.7
$13.0
$15.8
$18.1
$18.5
$20.2
$21.5
$22.8
$23.7
$24.9
$26.9
$28.5
$30.6
$31.4
$32.7
$2.3
$1.9
$2.7
$3.2
$2.3
$3.4
$4.5
$5.7
$6.5
$6.6
$7.1
$7.7
$10.0
$11.3
$12.3
PERS Funded Ratio

100%
Funded Ratio: The ratio of the assets of
87.5%
83.4%
a pension plan to its liabilities. The ratio is
80% 82.6% 82.5%
determined by dividing the actuarial value

Percentage
of assets by the actuarial accrued liability.
79.0%
73.7%
72.4%
74.9%
73.5%
72.9%
67.3%
64.2%
60%
62.2%
40%
20%
0%
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
Fiscal Year
PERS Funded Status

How we got where we are as of June 30, 2011
June 30, 2011, UAL Period 30 years based on 14.26 percent employer contribution rate effective July 1, 2012
Funded Status 62.2 percent
June 30, 1998, UAL Period 9.8 years based on 9.75 percent employer contribution rate
Funded Status 85.0 percent
Benefit Increases July 1, 1999, through July 1, 2002
* Almost 9.0 percent applicable to prior service

Estimated increase in UAL period was almost 40 years
Surplus/Excess investment returns used to pay for increases
* Nothing put back for rainy day
Increases were applied to current and new members, as well as all current and future retirees
Estimated increase in active liability was more than $1.5 billion
Estimated increase in retiree liability was more than $1.2 billion
Estimated increase in total liability was more than $2.7 billion
28
Page Source(s): PERS actuary and actuarial valuation reports
Estimated cost in excess of 10.0 percent of covered payroll
PERS Amortization Period of Unfunded Accrued Liability

Amortization: Paying off an interest-
50
bearing liability by means of periodic
45
payments of interest and principal, as

opposed to paying it off with a lump-sum
40
payment.
35
Number of Years
Unfunded Accrued Liability: The

difference between the actuarial accrued
liability and valuation of assets.
36.6
32.7
26.5
22.5
17.4
20
15
30.0
29.3
28.4
25
30.0 30.0*
29.4
28.7
30
22.6
15.5
10
'99
15.8
12.6
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
Fiscal Year
Based on actuarys recommendation to increase employer contribution rate from 12.93% to 14.26%
Actuary estimate of UAL period without benefit improvements implemented 1999 - 2002 with the employer contribution rate at 9.75% and the member rate at 7.25%
PERS Contribution Rate History

14.26%
14.50%
13.75%
12.00%
12.25%
Percentage
11.50%
Page Source(s): PERS actuary and PERS actuarial valuation reports
Member
12.93%
12.50%
13.00%
11.30%
10.75%
Actuary-recommended
employer contribution rate
increase based on October
2005 valuation
11.85%
10.75%
10.00%
Employer
9.75%
9.00%
9.25%
8.50%
7.75%
7.25%
7.00%
6.25%
5.50%
6.50%
'90
'92
'06
'07
'08
'09
'10
'11
'12
'13
Fiscal Year
Effective Date
1/1/90 7/1/91 7/1/05 7/1/06 7/1/07 7/1/09 7/1/10 1/1/12 7/1/12
Employer Rate
9.75%
9.75%
10.75%
11.30%
11.85%
12.00%
12.00%
12.93%
14.26%
Member Rate
6.50%
7.25%
7.25%
7.25%
7.25%
7.25%
9.00%
9.00%
9.00%
Percent of State Employer Contributions to State Expenses

5.0%
4.44%
4.5%
Percentage
4.35%
4.0%
3.73%
3.69%
3.54%
3.65%
3.5%
3.49%
3.27%
3.55%
3.44%
3.25%
3.25%
3.17%
3.0%
'90
'91
'99
'00
'01
'02
'03
3.37%
3.10%
'04
'05
'06
'07
'08
'09
'10
'11
Fiscal Year
Fiscal Year
1990 1991 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
State Expenses (In Billions) $4.2

Percent of Expenses
$4.6
$7.8
$8.6
$8.8
$9.5
$10.3 $11.2
$11.6 $13.2 $15.3 $14.9 $15.5 $16.3 $16.3
4.35% 4.44% 3.65% 3.73% 3.69% 3.49% 3.25% 3.17% 3.27% 3.25% 3.10% 3.54% 3.55% 3.44% 3.37%
16.5%
Projected Rates - Current Funding Policy

Stable/Fixed Contribution Rate
16.23%
16.0%
15.75%
15.71%
15.69%
15.5%
15.38%
15.21%
15.04%
15.30%
15.0%
14.86%
14.68%
14.5%
14.26%
14.0%
30
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
Page Source(s): PERS database, PERS actuary, and Mississippi Comprehensive Annual Financial Report
PERS Projected Employer Contribution Rate
Percent of Total Contributions: PERS vs Nation

The line graph below shows that, historically, PERS employers pay less of total contributions than public employers pay
across the nation.
80%
Percentage
65%
50%
Percentage PERS employers pay of contributions

Percentage nation public employers pay of contributions
20%
'82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08
Fiscal Year
The line graph below shows that, historically, PERS members pay more toward their retirement than public employees
pay across the nation.
50%
40%
Percentage
Page Source(s): PERS database and U.S. Census Bureau (Presentation by Keith Brainard, National Association of State Retirement Administrators)
35%
30%
20%
Percentage PERS members pay of contributions

Percentage nation public employees pay of contributions
10%
'82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08
Fiscal Year
MS Highway Safety Patrol Retirement System (MHSPRS)

Funded Ratio
120%
Funded Ratio
103.6%
99.1%
The ratio of the assets of a pension plan
96%
to its liabilities. The ratio is determined by

actuarial accrued liability.
81.0%
86.0%
Percentage
dividing the actuarial value of assets by the
92.2%
97.0%
72%
78.3%
75.8%
76.7%
75.6%
74.1%
68.3%
67.1%
48%
24%
0%
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
Fiscal Year
Amortization Period of Unfunded Accrued Liability

50
45.9
40
29.9
29.7
29.3
30.0
30.0*
25.8
27.3
21.8
20
16.6
10
4.1
1.1
0
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
Fiscal Year
*
32
Based on actuarys recommendation to increase employer contribution rate from 35.21% to 37.00%
Page Source(s): MHSPRS actuarial valuation reports
Number of Years
30.0
30
MHSPRS Contribution Rate History

Total Employer Rate
Member Rate
Employer Rate as Percentage of Covered Payroll
60%
49.31%
50%
40.06% 38.86% 40.90%
38.80% 39.40%
Percentage
40%
30%
42.00%
43.20%
35.21%
28.16%
26.16%
51.07%
37.00%
30.30%
20%
10%
7.25%
6.50%
0%
'91
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
Fiscal Year
Effective Date
Employer Rate as %
of covered payroll
Revenue from Motor
Vehicle Reports
0.00%
Total Employer Rate
26.16%
28.16%
6.50%
6.50%
Member Rate
Page Source(s): MHSPRS actuarial valuation reports and PERS database
7/1/90 7/1/03 7/1/04 7/1/05 7/1/06 7/1/07 7/1/08 7/1/09 7/1/10 1/1/12 7/1/12
26.16% 28.16% 28.16% 28.16% 30.30% 30.30% 30.30% 30.30% 30.30% 35.21% 37.00%
0.00% 11.90%
10.70%
10.60%
8.50%
9.10%
11.70%
12.90%
14.10%
14.07%
40.06%
38.86%
40.90%
38.80%
39.40%
42.00%
43.20%
49.31%
51.07%
6.50%
6.50%
6.50%
6.50%
7.25%
7.25%
7.25%
7.25%
7.25%
MHSPRS System Membership

June 30, 2012
MHSPRS Projected Employer Contribution Rate

42%
41.20%
41%
548
42%
39%
37%
54%
39.23%
38.79%
38.99%
38.72%
38.43%
37.00%
36%
50
4%
Inactive Members
39.39%
39.40%
38%
712
Members
39.73%
40%
35%
Retirees
34%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
On average, MHSPRS members retire at age 50 after

having worked 26.89 years, as of June 30, 2011.
Supplemental Legislative Retirement Plan (SLRP)

Funded Ratio
100%
88.6%
82.2%
Funded Ratio
79.8%
77.9%
to its liabilities. The ratio is determined by

Thousands
dividing the actuarial value of assets by the

actuarial accrued liability.
79.3%
85.9%
80%
The ratio of the assets of a pension plan
83.4%
84.5% 85.9%
82.6%
81.0%
77.5%
73.1%
60%
40%
20%
0%
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
Fiscal Year
Amortization Period of Unfunded Accrued Liability

30
29.7
29.0
27.8
26.2
24.5
25
Number of Years
22.3*
20.1
20
17.1
16.2
15
16.8
15.9
13.1
8.4
5
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
Fiscal Year
*
34
Incorporating 7/1/2011 increase in employer contribution rate from 6.65% to 7.40%
Page Source(s): SLRP actuarial valuation reports
10
SLRP Contribution Rate History

Employer Rate
Member Rate
10%
7.40%
8%
6.65%
6.33%
Percentage
6%
4%
3.00%
2%
0%
'90
'07
'12
Fiscal Year
Effective Date
7/1/89
7/1/06
1/1/12
Employer Rate
6.33%
6.65%
7.40%
Member Rate
3.00%
3.00%
3.00%
SLRP System Membership

Page Source(s): SLRP actuarial valuation reports and PERS database
June 30, 2011
SLRP Projected Employer Contribution Rate

9%
8.00%
8%
147
39%
174
45%
7.54%
7.81%
7.40%
7.30%
7%
6.97%
7.11%
6.90%
6.85%
6.62%
6%
60
16%
Members
Inactive Members
Retirees
5%
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
On average, SLRP members retire at age 61.4 after

having worked 15.7 years.
Public Employees Retirement System of Mississippi

429 Mississippi Street, Jackson, MS 39201-1005
800.444.7377 or 601.359.3589
www.pers.state.ms.us

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PERS Facts & Figures

As presented September 18, 2012 to the Joint Legislative Budget Committee

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Photo Credit: Donna Echols, Mississippi State Troopers Association

Total System Overview

As the 67th largest pension plan in the U.S. and 166th

paid in total benefits for fiscal year 2012. Ninety-three

largest in the world*, the Public Employees Retirement

percent of all benefits paid remain in the state, supporting

System of Mississippi (PERS) administers 25 programs/

the economy and providing jobs. Looking at System

plans with a total system membership of 379,959 and total

revenue for fiscal year 2012, total member and employer

net assets of $20.2 billion.

contributions were $1.3 billion and net investment income

As of June 2012, the total number of retirees is 89,701

was $60.9 million.

and the total monthly benefit payroll is $122.6 million. The

Below are stats on each of the 25 programs/plans:

current average annual benefit is $19,837 with $1.9 billion

Municipal Retirement Systems (MRS)

17 fire and police and 2 municipal employee plans; Closed

161,895 active members

in 1987 with administration transferred to PERS

127,510 inactive members

86,821 retirees and beneficiaries

$19.8 billion in net assets

1,992 retirees and beneficiaries

Mississippi Highway Safety Patrol

Supplemental Legislative Retirement Plan (SLRP)

548 active members

174 active members

712 retirees and beneficiaries

176 retirees and beneficiaries

$265.2 million in net assets

$13.2 million in net assets

Defined Contribution Plans (Optional Plans)

Optional Retirement Plan for the

Plan & Trust (MDC)

Institutions of Higher Learning (ORP)

Established in 1973; Administration

Established in 1990 for eligible members only

transferred to PERS in 1974

$460.6 million in assets

$1.3 billion in net assets

Retirement Insurance Plans

According to Pensions and Investments as of February 7, 2012, and

6,189 life insurance participants

June 30, 2012 = 379,959

June 30, 2012

Eligible within 5 Years

Eligible 5-10 Years

Page Source(s): System actuarial valuation reports and PERS database

Total System Covered Employers and Members

June 30, 2012

* Includes hospitals, libraries, and other juristic entities

Other Political Subdivisions*

Active Members = 162,637

(Includes only active PERS members)

Annuity Distribution for

June 30, 2012

June 30, 2012

Member Salary Distribution