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PERS board certifies retiree representative, seeks funding in special session, approves Empower TPA and $900 million PGIM allocation
Summary
The Public Employees Retirement System of Mississippi Board of Trustees at its April 2025 meeting certified Dr. Randy McCoy as the retiree representative and approved several operational and investment actions, including a request to the governor to consider PERS funding in any special legislative session, approval of Empower as initial third‑party administrator for the hybrid DC side pending contract negotiations, and a $900,000,000 global equity allocation to PGIM Quantitative Solutions.
The Public Employees Retirement System of Mississippi Board of Trustees at its April 2025 meeting certified Dr. Randy McCoy as the retiree representative, approved a request to the governor to include PERS's additional recovery recurring funding needs in any upcoming special session call, approved Empower as the initial third‑party administrator and record keeper for the defined‑contribution side of the hybrid plan subject to successful contract negotiations, and approved PGIM Quantitative Solutions to manage $900,000,000 in global equities to replace Epic.
The board's action matters because it both formalizes trusteeship and directs near‑term legislative and operational steps affecting benefits administration and a large portion of plan assets. The request to the governor seeks to place PERS funding on a potential special session agenda; the PGIM approval reallocates a major equity mandate; and the Empower approval starts a procurement and negotiation process for record‑keeping of the DC portion of a hybrid plan.
Administrative committee report and election certification
The Administrative Committee reported it had certified the retiree representative election. Mr. Benson told the full board the committee certified Dr. Randy McCoy as the winner, noting the result was a majority rather than only a plurality. The board then moved and seconded certification and the motion carried.
Legislative committee direction to executive director
The Legislative Committee offered a motion directing the executive director, with approval of the board chair and vice chair, to submit a letter to the governor by close of business on Friday in April 2025 requesting that "the additional recovery recurring funding needs of PERS" be included in any call for an upcoming special legislative session. Trustees moved, seconded, and approved the motion.
Empower approval for hybrid DC administration
Trustees voted to approve Empower as the initial third‑party administrator and record keeper for the DC side of the hybrid plan "subject to successful contract negotiations," according to the motion the board approved. The transcript shows the item came through the Legislative Committee and that the board approved the action pending final contract terms.
Investment committee allocation
The Investment Committee reported on market performance through the first quarter and recommended replacing one global equity manager. The board approved a motion to hire PGIM Quantitative Solutions to manage $900,000,000 in global equities, replacing Epic. The committee also heard presentations from long‑standing managers including PIMCO, AB and Wellington.
Actuarial information and routine reports
The Administrative Committee heard a presentation of an actuarial experience study that recommended minor changes to plan assumptions and an actuarial stress‑testing review; the committee did not take action on those items. Staff reported year‑to‑date retiree totals exceeding $3,000,000,000 and presented the investment report; trustees moved and approved both routine reports.
Other business and housekeeping
Staff reminded trustees that economic interest disclosures are due May 1 on the Ethics Commission website. The board adjourned and said it will reconvene in June.
