[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6070823,"mediaKeyId","3049545-14397dfd510aa817fd37675b1b18372a","parentId",3049545,"title","Votes at a glance: PERS administrative committee certifies retiree election ballot, approves interest crediting, and approves regulation update","audioSeconds",1492,"startMs",798000,"endMs",2290000,"viewUrl","/Search/View?dp=1&key=3049545-14397dfd510aa817fd37675b1b18372a&start=798&end=2290","thumbnailUrl","https://assets.pipeline.soar.com/3049545-14397dfd510aa817fd37675b1b18372a/thumbnail_798000.jpg","articleUrl","/articles/6070823/Mississippi/Votes-at-a-glance-PERS-administrative-committee-certifies-retiree-election-ballot-approves-interest-crediting-and-approves-regulation-update","mediaUrl","https://secure.pipeline.soar.com/6070823-4dfe7a0e300ca37524b2847c411a2f4c/orig.mp4?Expires=1771137995&Signature=lCqGNNhO781GRyruEbLUH5HcrFWXJRdT1Qw7tAM352aQ-luSEpohMHwQOzF5e-C20U07XAfCTwzLjjIArQlzK89LpdDV3IMnr6-p29lWp663Mrk-vwGsQTmJmT87M2KKjf~855Zd5ST6ttosqogUAlHalYzL1aenrxXrXDUnetZZKqUjc90hKgIRzqzTlyKXev8GHB~AnMIB1XPtwiOd1jbYi8UhVtIdMe4fd5PnS8dIn26HV4LEXW~eRK~FqtiHRNlHGxMYOnTwT76nEpgysWhMYRTKJ3R1o2PKQvV6WmTlzmfzTxR-btluWQr5em81V8pGP0qzpAkElSlkSQJ4FA__&Key-Pair-Id=KUT5TJCACFTXG","author","MS Public Employees Retirement System","date","2025-02-26T00:00:00Z","article","At its committee meeting the Public Employees Retirement System of Mississippi administrative committee took a series of procedural votes and approvals:

- Certification of retiree election ballot: The committee approved the retiree election ballot (tab D). Staff said the ballot lists Doctor McCoy for reelection among other contenders. Ballots will be mailed on March 12 and the deadline for receipt is April 16. The motion to certify the ballot passed by voice vote.

- Revised funding policy (tab E): The committee approved the revised funding policy with edits to replace specific references to “lottery” funding with broader language such as “other funding.” The committee discussion and adoption are summarized in a separate article.

- Annual interest crediting on member accounts (tab F): Consistent with board regulation and staff recommendation, the committee approved the interest rate to be credited on member accounts at the minimum rate of 1 percent effective July 1, 2025. The motion passed by voice vote.

- Regulation 60 update (tab G): The committee gave initial approval to updates to Regulation 60, which implements statutory employer contribution changes scheduled to take effect in July under current state law. Because Regulation 60 is a board regulation, the draft will proceed through the board regulation process; the committee’s vote was an initial approval and was taken by voice vote.

All votes were taken by voice; the transcript records unanimous voice approvals and no roll‑call tallies were read into the record. The committee adjourned to the legislative committee after completing business.","mediaType","Video","parentTitle","PERS Administrative and Other Committees | February 26, 2025","oneSentenceSummary","The administrative committee certified the retiree election ballot, adopted the revised funding policy (with edits), approved an interest crediting rate of 1% for member accounts effective July 1, 2025, and gave initial approval to an update to Regulation 60 on contribution rates.","taxTitle","Public Employees Retirement System of Mississippi, Agencies, Organizations, Executive, Mississippi","taxId",30991,"location","Mississippi","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6070827,"PERS staff outlines tier 5 proposal, ORP changes and Legislature’s $100M lottery proposal",296,2759000,3055000,"/Search/View?dp=1&key=3049545-14397dfd510aa817fd37675b1b18372a&start=2759&end=3055","https://assets.pipeline.soar.com/3049545-14397dfd510aa817fd37675b1b18372a/thumbnail_2759000.jpg","/articles/6070827/Mississippi/PERS-staff-outlines-tier-5-proposal-ORP-changes-and-Legislatures-100M-lottery-proposal","https://secure.pipeline.soar.com/6070827-a74523c350928ee37e3deb4948a37150/orig.mp4?Expires=1771137995&Signature=AAALv270jNCFR96M16QgU628o9pbH8LTawvXeKGZJr7QBFQSpWsK0ApcXMLUWno4RxRCae~YwAGtZEH6rmAJLkPOX2pVqvSf3KOTaEVAWSowblQGvZeDXHwic6hoZE-~IBYE6zV7C3P4gWmX-PqrY3zIZ-oDFWvhGFlYHd7RTuuDy-a3ANgbuKfe88MbJvtBHcBGA2qxuBCzNQP0gssEfdj7dYyJgh3OdITG3fuFAk3Z98O5Q8upkat6fRP4W5kFquMpKodMRazRkNraD8-6sq9sDKZNcLbDU9uesR736Aewo-SVdcQp3bLh4SFpfNY1MljxlYC2xIhzb9-ysLZXKw__&Key-Pair-Id=KUT5TJCACFTXG","PERS legislative staff and outside counsel briefed the board’s legislative committee on a package of bills affecting the state retirement system, including a proposal to create a new Tier 5 hybrid benefit for future hires, changes to the Optional Retirement Plan (ORP), and a House Bill 1 proposal to direct $100 million a year in lottery proceeds to PERS until the plan reaches 80 percent funded.

The committee heard details of the Tier 5 draft that passed the Senate: it would apply to employees hired on or after March 1, 2026; would be a DB‑plus‑DC hybrid with an approximate 1 percent DB multiplier and a DC portion; would keep a 9 percent employee contribution split as 4 percent to the DB and 5 percent to the DC account; and would eliminate several current features such as guaranteed COLAs on the DB portion, the PLSO (post‑retirement lump sum option), service credit for unused leave, buybacks and certain refund options. The bill would also set compensation averaging at the highest consecutive eight years rather than the highest four.

Legislative staff said the Senate draft retains a military credit provision and added a 35‑year “service‑out” unreduced retirement provision. The draft also contemplates a DC vehicle for the individual account that, because the Legislature wants optional employer contributions and hardship withdrawals, drives the design toward a 401(a) profit‑sharing structure rather than a money‑purchase plan.

Audra of Ice Miller, outside counsel on the call, explained that a profit‑sharing plan better permits the optional employer contributions and hardship distributions the Legislature requested. “Based on the structure and key features the Legislature indicated they desired — primarily the ability for the employer to make additional optional contributions to select individual accounts — that is only allowable in a profit‑sharing 401(a) defined contribution plan,” Audra said.

Staff also reviewed a bill to close ORP to new participants and to reallocate portions of current employer contributions: under the draft, current ORP participants would see an employer contribution split with 9 percent still contributed but reduced to 9 percent to the participant account (description in meeting materials). Staff said they had prepared actuarial impact letters at the author’s request and would distribute those analyses to board members.

Committee members discussed administrative and implementation complexities if Tier 5 becomes law. Questions included whether optional employer contributions could be targeted to specific positions (staff and counsel said yes, federal law allows differential treatment among employee classes), how contributions would interact with school district contracts and payroll reporting, and whether employer payroll‑tax treatment would differ from current ORP practice (counsel said the treatment would mirror present ORP handling; deferred contributions would not increase Social Security wages and would be taxed on distribution).

Members also discussed benefit‑option simplification for Tier 5 — whether to reduce the number of annuity forms available at retirement — and expressed reluctance to make those changes during the current session because of complexity and potential public misunderstanding. The committee resolved to continue implementation planning, to circulate actuarial impact statements and to monitor the bills as they move through the Legislature.","Staff and outside counsel briefed board members on pending legislation: House Bill 1 (a proposed $100 million annual lottery contribution), an ORP closure proposal, Roth/QUADRO technical changes and a Tier 5 hybrid that would apply to new hires starting March 1, 2026.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6070833,"PERS board adopts revised funding policy, keeps ADEC language and adds triggers for legislative infusions",1385,871000,2256000,"/Search/View?dp=1&key=3049545-14397dfd510aa817fd37675b1b18372a&start=871&end=2256","https://assets.pipeline.soar.com/3049545-14397dfd510aa817fd37675b1b18372a/thumbnail_871000.jpg","/articles/6070833/Mississippi/PERS-board-adopts-revised-funding-policy-keeps-ADEC-language-and-adds-triggers-for-legislative-infusions","https://secure.pipeline.soar.com/6070833-05fd27a6e22351bfcba670eb5ecc6500/orig.mp4?Expires=1771137995&Signature=OtBad7zREzbnHz1gac3Ciz7ud8INaOdfF1YJETpIZ5EtgVoMAQUIL5N7hwuGBAHE3asCZ1nkWuK2guha4tIxz5LA890cx9Vc4uAVeXJiuE0LyGjtyavE8QvpuOvh0jR-LkzIuRy9yHn4di9G3pM-IfcjTNa6rk0Lme4Cn2uga0ywWi9RDZcfnuYK4ugoSKyWnm30Q8khmmYpfjCDbLOJNRh26dXBzOxmyNYTEexeqvxDmeUCU~jcEmXTUEXBIwwilpQHi1S6NdlbN5NIwe2hEQrBR1WFo3ZjZx8TSCk6DmIhYwekCgTIWv1vYhI1woa3oFJxR4P9H0rAqs8UDyhg5g__&Key-Pair-Id=KUT5TJCACFTXG","The Public Employees Retirement System of Mississippi administrative committee approved a revised funding policy that keeps the board’s actuarially determined contribution (ADEC) guidance while adding language to account for legislative cash infusions and to trigger board action if funding metrics worsen.

The policy change, presented by staff and reviewed with actuary materials, was approved by voice vote after committee discussion and will be placed on the board’s docket for implementation as the plan’s governing documentation is finalized.

Board staff told members the revision explicitly recognizes when the Legislature supplies additional funding, dedicated revenue streams or other cash infusions and requires that such amounts be reflected when the board and actuary calculate funding metrics. The draft retains an ADEC approach — described in meeting materials as the actuarially determined contribution section — after members warned that deleting it would remove key guidance for recommending employer and member contributions.

Doctor McCoy, who joined staff in drafting the update, argued the ADEC language must remain. “One of the actuarially determined contribution sections was proposed to be eliminated, and I felt as if that needed to remain in there because we have adopted that one way that legislature can fund,” Doctor McCoy said during discussion, adding that the board needs a method to show what employer and member contributions are required.

The actuary, identified in materials and present for questions, said the policy continues to use projections and a set of signal‑light metrics to show the board whether the fund’s trajectory is improving or deteriorating. He noted the projections assume replacement of current active members by future retirees and embed assumptions about asset growth, payroll and benefit payments over decades. “We run projections because you could be 55 percent funded today, but if they do the funding and we look like we’re heading in the right direction, we’re fine. It’s that trajectory,” the actuary summarized.

Committee members discussed including a reference to the lottery dollars proposal in House Bill 1 (an ongoing $100 million per year proposal discussed that morning) and decided to replace specific references to “lottery” with broader language such as “other funding” to keep the policy flexible. Members also requested that the final document spell out that objectives include employer and member contributions plus investment earnings to accumulate sufficient assets.

Several members asked staff to add a clear trigger — described by one member as an “alarm” — that would prompt immediate board notification to the Legislature and other stakeholders should funded‑ratio metrics indicate imminent jeopardy. The draft retained signal‑light language with an 80 percent target band for green status; board discussion highlighted greater concern if the ratio moved below 50 percent.

The committee voted to adopt the funding policy as presented with edits (replacement of specific “lottery” references with broader funding language). The vote was taken by voice; no roll‑call tally was read into the record.

The committee directed staff and the actuary to finalize formatting and to return a final, styled document at the next full board meeting for administrative completion and posting.","The PERS administrative committee approved a revised funding policy that retains an actuarially determined contribution metric, formalizes recognition of legislative cash infusions and adds trigger language for board action if key metrics deteriorate.","actionData","errors"]

Article not found

Votes at a glance: PERS administrative committee certifies retiree election ballot, approves interest crediting, and approves regulation update

PERS staff outlines tier 5 proposal, ORP changes and Legislature’s $100M lottery proposal

PERS board adopts revised funding policy, keeps ADEC language and adds triggers for legislative infusions