Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
PERS board debates state‑sponsored tier 5 hybrid; signals conditional support while tabling details
Summary
Actuaries showed a state‑sponsored DB/DB‑DC hybrid for new hires could reduce future unfunded liability growth and ease contribution‑rate risk. The board voted to table detailed adoption while also approving a motion expressing conditional support for the concept, emphasizing preservation of benefits for current members.
The Public Employees Retirement System of Mississippi board spent an extended session evaluating a potential state‑sponsored tier 5 DBDC hybrid plan for future employees and ultimately signaled conditional support for the concept while tabling final language.
Director Higgins summarized staff and actuary analysis and said he would recommend the board endorse a state proposal if the projected results showed improved funded status and a larger share of employer dollars directed toward paying down the unfunded liability. "If those results ... are estimated and projected to decrease the unfunded liability, pay off the unfunded liability sooner, and mitigate contribution rate risk," Higgins said, "then that is why I recommend that the board endorse…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
