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PERS board readies legislative push, prioritizes funding and reopens Tier 5 debate
Summary
At a legislative committee meeting, the Public Employees Retirement System of Mississippi said funding PERS will be its top legislative priority; the board expects three independent actuarial reports before October and reopened discussion of a proposed Tier 5 plan, with members pressing for number-driven scenarios on COLA and contribution trade-offs.
The Public Employees Retirement System of Mississippi on Tuesday told board members that funding the pension system will be the top priority for the upcoming legislative session and that three independent actuarial reviews will be delivered before the October board meeting.
"I think the main focus for next session ... will be funding. I think that is probably the most important issue, to fund PERS," said Mister Higgins, the system director, as he opened the legislative committee discussion. Higgins said CABMAC, Chiron and GRS will provide independent assessments of the actuarial determined contribution (ADEC) in time for the board's October meeting.
Why it matters: PERS provides retirement benefits to state employees and retirees. Board members said accurate ADEC projections and clear policy positions will be essential as the legislature considers changes that…
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