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PERS committee approves ORP plan document changes tied to state law
Summary
The Investment Committee approved revisions to the Optional Retirement Plan (ORP) plan document to reflect recent state law changes: participant contribution remains 9 percent; employer contribution for hires before July 1, 2025 set at 14.9 percent, and the board may set an administrative fee up to 0.2 percent.
Jason Clark, staff member for the Public Employees Retirement System of Mississippi, asked the Investment Committee to review and approve revisions to the ORP plan document to reflect changes in state law.
Jason Clark said the recommended revision keeps the participant contribution at 9 percent, sets the employer contribution at 14.9 percent for employees hired before July 1, 2025, and for hires after that date sets the employer contribution at up to 9 percent. Clark also described a statutory update that allows the board to set an administrative fee of up to 0.2 percent with the remainder applied to the unfunded actuarial liability (UAL). "This recommendation is to comply with changes in state law," Clark said, and he reported coordination with IHL (Institutions of Higher Learning) to confirm amounts.
A motion to approve the changes was made and seconded; the committee approved the revisions by voice vote. "Aye," the committee recorded; the chairman said, "The motion carries." The transcript did not record roll‑call vote counts or the names of the members who formally moved and seconded the motion.
Why it matters: The revisions update plan benefit and contribution mechanics to reflect state statute changes that affect employer and participant contribution levels and administrative fee authority.
Less critical details: Clark recommended a later comprehensive review of ORP plans after the board completes work on the pension system's other tiers.
