PERSI News

[Tom Trail <ttrail@moscow.com>]

>
Visionaries:   Many Latah County employees are covered by PERSI and many
retirees receive
their benefits from this retirement fund.

--This is the report from the PERSI Board and also announced by the Governor:
>
> 1.  Gains Sharing--PERSi will distribute $155.4 million through Gains
>Sharing to PERSI's working
>      and retired members and Idaho public employees in January 2001.
>Gains sharing will
>      benefit some 53,000 working public employees, 23,000 retirees and
>638 Idaho public agencies
>      The average working employee will get about $1,000 in a tax deferred
>401 K plan and retirees
>      about one months benefit.
>
>      a.  Working members will share $59 million
>      b.  Retirees will share $18.6 million
>      c.  Employers will share $77.7 million (credit against future
>contributions)
>
> 2.  PERSI's Funding Status--ranked 8th out of 77 other similar systems.
>
> 3.  PERSI earned 13.2% in the fiscal year 2000 and the fund value
>increased $885 million to
>      $7.274 billion
>
> 4.  Earning over the last decade have average 12.88%
>
> 5.  Breakdown of gains sharing stakeholders
>
>      a.  136 cities-$7.2 million
>      b.  State of Idaho employers share will be about $24.7 million
>      c.  39 counties will hare about $7.2 million
>      d.  120 school districts will share about $33.9 million
>
> 6.  COLA--3.4% discretionary COLA for PERSI retirees
>
> 7.  Contribution Rates--permanent reductions were approved.
>
> 8.  Base Retirement Benefit Formula to improve benefits 4.3%
>
>These are solid advancement in the improvement of our PERSI benefits.
>Alan Winkle and his
>staff deserve great credit for their management of the PERSI program.  I
>am proud to have been
>one of the House Co-sponsors of the PERSI Legislation.
>
>Rep. Tom Trail/Dist. 5
>
>

Dr. Tom Trail
International Trails
1375 Mt. View Rd.
Moscow, Id. 83843
Tel:  (208) 882-6077
Fax:  (208) 882-0896
e mail ttrail@moscow.com