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

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…