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PERS board approves FY27 administrative budget, adopts Regulation 60 setting 18.4% contribution rate
Summary
The Public Employees Retirement System of Mississippi Board of Trustees approved the FY2027 administrative budget, adopted Regulation 60 to set the employee contribution rate at 18.4% effective July 1, accepted an actuarial experience study and adopted board travel policy; extended discussion on Tier 5 occurred but no action was taken.
The Public Employees Retirement System of Mississippi Board of Trustees approved the fiscal year 2027 administrative budget, adopted Regulation 60 (setting the contribution rate at 18.4% of payroll effective July 1), accepted the actuarial experience study and recommendations, and adopted a board travel policy during its June 23, 2025 meeting.
The actions came during the Administrative Committee report presented to the full board by Mr. Benson, who said the committee had met that morning and placed the budget request and Regulation 60 before the board in the form of motions. The board voted in favor of each motion; no opposition was recorded in the meeting transcript.
Why it matters: Regulation 60 implements a contribution rate that affects active employee payroll deductions and employer contributions starting July 1, and the actuarial experience study informs assumptions used to value liabilities and set future contribution policy. The budget approval authorizes administrative spending plans for the coming fiscal year.
The board approved the FY2027 administrative budget after a motion from the Administrative Committee. The board also voted to adopt Regulation 60; the Administrative Committee described the regulation as following state statutes and setting the contribution rate at 18.4% of payroll beginning July 1. The board “adopted those recommendations and accepted the study” after the actuarial experience study was presented, and it adopted the board travel policy for fiscal year 2026 for routine board education travel.
The Administrative Committee report also recorded extended discussion about Tier 5 implementation and updates; the transcript shows the committee discussed Tier 5 but explicitly recorded “no action was taken” on that matter. The meeting record does not show the board directing staff to take additional steps on Tier 5 during this session.
The board’s motions were presented from committee and seconded; the transcript records the voice votes as “aye” with no recorded dissents. Specific vote tallies or roll-call votes were not provided in the meeting transcript.
The Administrative Committee report concluded with the committee chair indicating its business was finished and the board moved on to other agenda items.
