Tag Archives PERSI

After experiencing one of its most profitable years on record, the state retirement system is experiencing more volatility and hardship in fiscal year 2012. Even with the trouble in the retirement system, public pensioners were given a 1 percent cost-of-living increase by the oversight board at its meeting Tuesday in Boise. The overall fund is down more than $613 million,…

Besides facilitating a pension system for many state and local workers, the Public Employee Retirement System of Idaho (PERSI) is also serving as a commercial lending institution and holds nearly $600 million in business loans. Information provided by PERSI to IdahoReporter.com included all commercial loans issued the past five years. Most of the loans are smaller amounts - $10 million…

Earlier this week, the Associated Press reported that two Canyon County state senators received improper per diem payments during the 2011 legislative session, causing each to receive about $6,000 in extra cash, money which is also counted toward their public pensions. As it turns out, all lawmakers living within 50 miles of the Capitol benefit extra from per diem payments. Terri Franks-Smith,…

IdahoReporter.com has reported on several state lawmakers spiking their pensions by taking high-paying state jobs after lengthy careers in the state Legislature, but it turns out they are not the only ones doing it. After six years as president of the Idaho Education Association, Sherri Wood retired this week and will also receive a spiked pension because her private organization is…

Even though the state retirement account is still not fully-funded, the agency that administers it, the Public Employee Retirement System of Idaho (PERSI), is celebrating a good fiscal year following several devastating ones. It looks like others outside the Gem State have taken notice of PERSI's performance; the National Institute on Retirement Security, a Washington, D.C.- based think tank, named…

At a time when the state is struggling with budget challenges and funding decisions for state agencies, bonuses paid to some state employees and retirement spiking have drawn the ire of many and praise from few. Creating the most interest was a decision to award some state employees a performance bonus at a time when budget cutbacks and revenue shortfalls…

Leaders of the Public Retirement System of Idaho (PERSI) say they aren't favoring a change in the style of pension plan the state pays its retired workers. At least one lawmaker is considering changing from Idaho's defined benefit plan. “I like it just the way it is,” PERSI board chair Jody Olson said. “It's not in trouble. It's balanced and…