The PERS board approved initial adoption of the hybrid defined-contribution plan document for the new Tier 5 retirement option and voted to align the defined-contribution investment lineup with the offerings in the Mississippi Deferred Compensation Plan.
At the defined contribution committee meeting, committee members moved to add the T. Rowe Price International Growth Trust to the defined contribution watch list. The committee also reviewed the hybrid plan document related to Tier 5 in detail and voted for initial adoption.
Staff recommended that the investment offerings for the defined-contribution portion of Tier 5 match the current investments in the Mississippi Deferred Compensation Plan; the investment committee presented that recommendation and the board approved it.
The committee discussion covered document wording and answered several questions from members before the committee advanced initial adoption of the hybrid plan document. The watch-list addition for the T. Rowe Price fund was approved by voice vote.
No additional amendments to the plan document were recorded in the transcript; staff were directed to proceed with next steps in implementation and to follow normal reporting channels to the committees and board.