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PERS adopts initial Tier‑5 DC plan document; employers must remit participant contributions promptly
Summary
PERS trustees approved the initial plan document for the defined‑contribution portion of the Tier 5 hybrid, setting employer remittance rules, default investments and employer participation procedures ahead of the March implementation date.
The Public Employees Retirement System of Mississippi on Aug. 23 approved the initial plan document for the defined‑contribution portion of the Tier 5 hybrid plan, a 401(a) profit‑sharing style arrangement. Trustees voted in favor of the draft plan in a voice vote, with the board to return for final adoption at its October meeting before the plan goes live March 1, 2026.
PERS staff said the document follows language used in existing DC plans (the ORP and MDC) and includes key operational provisions required for federal compliance. On contributions, the document requires that participant deferrals be remitted by employers to the plan’s third‑party administrator (TPA) — Empower — within five business days following the end of the month in which amounts were withheld. The plan text, as presented, provides an extended cure period: a contribution will not be…
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