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

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…