The Public Employees' Retirement System of Mississippi elected Bill Benson as chairman. Mr. Benson faces a substantial challenge with a system that has had a declining funding ratio. At June 30, 2010, the system was only 64% funded down from more than 120% funded in June 2006. One potential change would be to increase the system's allocation to private equity, which should produce higher returns than public equities. The system currently only has 1% of its assets in private equity. The average allocation to private equity of P&I's top 200 funds was 6.6% at Sept. 30, 2010.