[{"_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",6186487,"mediaKeyId","5074641-97aa4386a531b6b547ea98d0aec11329","parentId",5074641,"title","PERS staff outlines timeline for Tier 5 launch; board and lawmakers debate eligibility, employer readiness","audioSeconds",5361,"startMs",2934000,"endMs",8295000,"viewUrl","/Search/View?dp=1&key=5074641-97aa4386a531b6b547ea98d0aec11329&start=2934&end=8295","thumbnailUrl","https://assets.pipeline.soar.com/5074641-97aa4386a531b6b547ea98d0aec11329/thumbnail_2934000.jpg","articleUrl","/articles/6186487/Mississippi/PERS-staff-outlines-timeline-for-Tier-5-launch-board-and-lawmakers-debate-eligibility-employer-readiness","mediaUrl","https://secure.pipeline.soar.com/6186487-5054228cee5a1ea52849ba48890ffc68/orig.mp4?Expires=1773600772&Signature=WjV6~gMK~sgI-dQLvtnJEM0WXbGHykO3-TnYw-33moqLkmJy59Sm8iUwWGfVLjeW8xYtTQcq1xJQefk5oCOIKNovLZSl9vljw3lC7TzTpU6xtKIR9JRQqT2sCXSi8cj6JRwlj1S5Zo3EgEw0rjo6IL05iaas7q-3ta1ior8MA57uwkfWtWRpeEjyPFVrebti6QXvvp7DxmTPSjzerUuXm2U6ryc0VuiD55c9583OIzVPqYvyWWpjKWpLsL35hgZIiJNxgcKZg3ZdO85yuN~qtUt4Ha1tPZQrYjv74OlwpEnaiYIXQ7zxHgCHPZUJoIvl-Hf8JST~-7f6SFf~1iugnA__&Key-Pair-Id=KUT5TJCACFTXG","author","MS Public Employees Retirement System","date","2025-06-26T05:45:23.643Z","article","Miss Higgins, staff member for the Public Employees' Retirement System of Mississippi, told the Administrative Committee the agency is near a signed contract with Empower as the initial recordkeeper and third‑party administrator and is targeting an October board packet for the Tier 5 plan document and initial investment lineup.

\"I appreciate your approval of Empower as the initial record keeper and third party administrator...the contract slash amendment is ready to be signed and we anticipate that coming and being finished in the very near future,\" Miss Higgins said.

The committee heard that work on the investment lineup and the plan document is underway with the agency’s investment team, Callan and Empower; staff emphasized regulations tied to implementation (including Regs. 36, 37 and 65) will follow and that filings will include a public‑comment period. Staff said they will not wait until all regulations are final to begin employer outreach and will post a Tier 5 information hub with FAQs on the PERS website.

Why it matters: Tier 5 changes the benefit structure for new hires and introduces a defined‑contribution component; employers, payroll departments and school districts will need lead time to adjust payroll, deductions and IT systems before hires take effect. Miss Higgins said staff will do employer outreach and training well in advance of implementation and will monitor employer reporting.

Key operational items and timing cited by staff

- Empower: approved as initial recordkeeper/third‑party administrator and contract expected to be finalized soon.
- Plan document: tentative target to present to the board in October (staff said August was possible but October was more likely).
- Investment lineup: staff and Callan are developing an initial lineup; tentative board presentation in October.
- Regulations: staff expect a series of regulatory filings (Regulations 36, 37 and 65 were named) with the first filing followed by public comment and a second filing; staff said some regulatory clarifications will also be addressed in the plan document.
- Employer outreach: a Tier 5 web page, a one‑page benefit comparison and an FAQ are already live in early form; staff said employer reporting and customer‑service teams are receiving many questions now.

What employers and members asked about

Committee members and legislative members pressed staff about several practical questions employers have raised: which hires remain in Tier 4 if they leave and return, how ordinary leave and accumulated unused leave will count toward final average compensation and retirement eligibility, and how the new hybrid will affect recruitment for law enforcement.

Senator Sparks, who identified himself as the bill’s author in the discussion, summarized the statutory intent on tier status: \"you are the tier of which you're hired unless you take a full refund,\" and said that, under the law, a member hired before March 1, 2026, who does not take a full refund will retain their pre‑Tier‑5 tier status.

Agency staff and board members noted details that employers have asked about but that implementation documents must clarify:

- Eligibility rules in existing regulations describe a position as expected to exceed 4½ months and exclude student/paid intern roles; staff said those rules still apply and that employers should report covered employment appropriately.
- Leave payout: staff said current law limits payout that counts toward service credit and that employers asked whether the statutory payout limit (30 days as discussed in the meeting) should change; the board discussed the practical impact for teachers and contracted employees who accumulate leave.
- Employer IT and payroll: county and city representatives asked for enough lead time for payroll and deduction changes; staff said they will begin communications early and provide draft regulations and plan‑document guidance as soon as possible.

Board members requested clearer early notice about communications staff had with legislative leadership. Several board members said they expected to be informed when executive staff met with lawmakers who were drafting the legislative Tier 5 proposal. Miss Higgins said staff had engaged with legislative leadership and board officers during the fall work, and noted that many Board officers and staff had been involved in working meetings prior to the law’s passage.

No formal board decision was taken on Tier 5 in this session; the committee heard an operational update and asked staff to continue outreach, finalize the plan document and draft regulations for the board’s review.

Ending

Staff said next steps are to continue plan‑document drafting, finish the recordkeeper contract with Empower, refine the initial investment lineup with Callan and roll out employer training and the Tier 5 web repository. The board asked staff to keep members informed of substantive employer questions and to circulate proposed regulatory text early so employers and payroll teams can prepare.","mediaType","Video","parentTitle","PERS Administrative Committee | June 25, 2025 | 10 a.m.","oneSentenceSummary","Miss Higgins, staff member for the Public Employees' Retirement System of Mississippi, told the Administrative Committee the agency is near a signed contract with Empower as the initial recordkeeper and third‑party administrator and is targeting an October board packet for the Tier 5 plan document and initial investment lineup.","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},6186479,"PERS Administrative Committee approves FY27 administrative budget, cuts Tier‑5 spending authority",245,709000,954000,"/Search/View?dp=1&key=5074641-97aa4386a531b6b547ea98d0aec11329&start=709&end=954","https://assets.pipeline.soar.com/5074641-97aa4386a531b6b547ea98d0aec11329/thumbnail_709000.jpg","/articles/6186479/Mississippi/PERS-Administrative-Committee-approves-FY27-administrative-budget-cuts-Tier5-spending-authority","https://secure.pipeline.soar.com/6186479-be9776139c1bceb2f933fd4fb1c7f5f4/orig.mp4?Expires=1773600772&Signature=HVhiEFhxqwjuxfi-1OpwjhrFcxOCh5IoDFzuyJG-cecZ72MBbd7DP8YvcqJCY8L0XWXN9EnEd9zNGS1b7P396~o10HOL62zx-Ixi3es7B70tabs1nH7a1VaimtPKhhtOGrJTvNo2-AAVTls6cfY~etubjxO6eNWLvbFHw5WnLjQqDAl1ZDbawRs~rGBKC8rMWZxry9hfYpH~cnYnX9HUUBHsvMFcq1ARcfJPeXBdApUyDVPkXL-G~vKsC8m7GcAYsu7Jrebz3Dlng0KMUAkWYY-hKXKP~ORMLIY0fdJjhz4Rd7LmaR3UjqQl16Yi8-XKCgOp2MOsAt4~eUvnYMDk8g__&Key-Pair-Id=KUT5TJCACFTXG","Miss Higgins, staff member, presented the FY27 administrative budget request to the Administrative Committee and asked for approval. She told the committee the packet (Tab D) shows a budget request that is \"a decrease of approximately 2,700,000 less than what will be the prior year budget\" once the new fiscal year is in effect. She attributed the reduction primarily to backing out most Tier‑5 special‑fund spending authority and the removal of a $200,000 one‑time startup allocation that had appeared in earlier materials.

\"There are two main differences in the budget request. One is to back out the great majority...spending authority for Tier 5 implementation...the full $200,000 in additional state money...was intended to be a one‑time startup type funding, which we appreciate is backed out,\" Miss Higgins said.

The budget request also includes a modest increase to cover elevator updates and maintenance for the building and parking deck; staff told the committee the elevators and parts are aging and some parts are becoming obsolete, so updating and maintenance funding was added.

Committee members asked a few facility and aesthetic questions; Miss Higgins said final project pieces remain but the renovation is essentially complete. A committee member moved to approve the budget request; the motion was seconded and the committee voted in favor. The committee also discussed changing prior practice of returning to the board in August for a second approval and staff recommended it was not necessary unless material changes to the request occur.

Why it matters: The administrative budget funds agency operations. Staff told the committee PERS largely funds itself through special funds and that any unspent funds at year‑end remain in the trust.

Selected clarifying details

- Net change: staff characterized the FY27 request as approximately $2.7 million less than the prior year’s budget after backing out Tier‑5 spending authority and a one‑time $200,000 state item.
- Tier‑5 funding removal: the budget backs out most special‑fund spending authority associated with Tier 5 implementation; staff said that is the main driver of the reduction.
- Elevator maintenance: an increase in the facilities line was requested to update aging elevators and to purchase obsolete replacement parts.

Board action

A committee member moved to approve the FY27 administrative budget request; the committee voted and the motion carried.

Ending

Staff will finalize the request for submission; staff reminded the committee that unspent special funds typically remain in the trust and that the agency does not plan to return for a second formal approval in August absent material changes to the request.","The Administrative Committee approved the fiscal year 2027 administrative budget request, which staff said is roughly $2.7 million lower than the prior‑year budget primarily because most Tier‑5 special‑fund spending authority and a one‑time $200,000 startup state allocation were removed; the request includes additional funds for elevator updates.",{"_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},6186483,"PERS board committee approves actuarial experience study; assumptions largely unchanged",1836,1006000,2842000,"/Search/View?dp=1&key=5074641-97aa4386a531b6b547ea98d0aec11329&start=1006&end=2842","https://assets.pipeline.soar.com/5074641-97aa4386a531b6b547ea98d0aec11329/thumbnail_1006000.jpg","/articles/6186483/Mississippi/PERS-board-committee-approves-actuarial-experience-study-assumptions-largely-unchanged","https://secure.pipeline.soar.com/6186483-628ab4706c051781ca38d88c1e7653f4/orig.mp4?Expires=1773600772&Signature=ffLdN6NNYzEuNGsMv-Q6J67V8jKzyyVS3APcRLlzTBYNjpQMKqET05eEjumkFbtDopfKYzdK5pMcSi4Uc-Mz~5wg0piUw-TVzz7Fh9-u~bgStjp975aPbpiKMtZUPvV2jnju4p3Fs~z0chE5mEwyZUyky5a2ENFA2xS3IrvV~1z9N2gISUUOJxs7AJZJwaCI0STZQgOrk~Ftr4rtuGF7HtsVdeH6kNm7gRypLFU7YMSX7efORV0dITHxWsHgBSdFgRAl1WVfLya6vqtRuI0TZPa8XlkgWXrzA1JI~P3xsZglaatf1nPVVQKdIPcQXdekMc691-BJ2rbwl-NO8m1M5A__&Key-Pair-Id=KUT5TJCACFTXG","The Public Employees' Retirement System of Mississippi Administrative Committee voted to approve the actuarial experience study reports and the recommendations that actuaries will use for the upcoming valuation.

Kevin, actuary with CABMAC, summarized the study and the recommended assumptions, saying the team recommended maintaining the 2.4% inflation assumption and a 7% investment rate of return. \"We feel real comfortable with maintaining the current assumption of 2.4% as well...we feel real comfortable right now that the 7% is reasonable,\" Kevin said.

Actuaries presented a four‑year look at demographic gains and losses across salary, mortality, retirement, withdrawal and disability. They identified salary increases over the recent period as a primary driver of near‑term liability increases: higher pay raises raise future benefits immediately in actuarial records, while additional employer contributions occur over time.

Ed Coble of CABMAC described demographic changes and the actuarial adjustments the firm recommended: modest changes to retirement decrements in several systems, decreases in termination/withdrawal rates for PERS (and increases where warranted for Highway Patrol), and minor mortality adjustments using the most recent public‑sector mortality table. Coble said the new mortality table introduced since the study would be reviewed next cycle and that the net effect of the recommended changes as a package was a small reduction in unfunded liability for PERS and a slightly improved funded ratio.

The consultants emphasized the valuation and projections presented were based on actuals through June 30, 2024, and did not include any Tier 5 assumptions. Committee members asked and were told the analysis did not model Tier 5 impacts.

Why it matters: The study sets the actuarial assumptions and demographic decrements that determine contribution recommendations and the actuarially determined employer contribution (ADEC) used by employers and lawmakers.

Selected technical points reported

- Inflation: recommended to remain at 2.4%.
- Investment return: recommended assumption 7%.
- Mortality: actuaries used the most up‑to‑date public‑sector mortality table available at study time and made minor adjustments; Coble said the newly released mortality update showed little change relative to the table they used.
- Withdrawal/termination: actuaries refined withdrawal tables after observing higher‑than‑expected early‑service terminations; this change increases liabilities slightly in the short term to reflect observed behavior.
- Data base: Q&A confirmed the study used June 30, 2024, data and did not project Tier 5 effects.

Board action

A committee member moved to approve the experience study and recommendations; the committee voted in favor and the motion carried.

Ending

Staff said the same actuarial reports will be used in the upcoming valuation work. The actuarial team will present similar results to the Highway Patrol administrative board at a separate meeting.
","The Administrative Committee approved actuarial experience‑study reports and the consultants' recommendations, keeping core economic assumptions (2.4% inflation, 7% investment return) and adjusting demographic decrements; recommendations are based on June 30, 2024, data and do not include Tier 5.","actionData","errors"]

Article not found

PERS staff outlines timeline for Tier 5 launch; board and lawmakers debate eligibility, employer readiness

PERS Administrative Committee approves FY27 administrative budget, cuts Tier‑5 spending authority

PERS board committee approves actuarial experience study; assumptions largely unchanged