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Senate approves hybrid 'Tier 5' pension plan after heated debate
Summary
The Mississippi Senate voted to create a hybrid retirement plan for future public employees, shifting part of retirement savings into a defined‑contribution account while preserving benefits for current employees and retirees. The measure passed 30–16 after extensive floor debate.
The Mississippi Senate on [date not specified] approved legislation creating a new hybrid retirement tier for future public employees that combines a smaller defined‑benefit component with a mandatory defined‑contribution account.
Supporters, led on the floor by Senator Dennis Sparks, said the change is intended to slow the growth of the state pension system's unfunded actuarial accrued liability while preserving existing benefits for current employees and retirees. "This is a plan that puts more money toward the people who've already made their commitment," Sparks said on the floor, and he urged colleagues to approve the…
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