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PERS board reviews alternative Tier 5 DB plan with 1% guaranteed COLA as legislature debates hybrid
Summary
At a special meeting, the Public Employees Retirement System discussed an alternate Tier 5 defined-benefit plan with a guaranteed 1% cost-of-living adjustment as an alternative to a previously endorsed hybrid model; the actuary confirmed the presentation figures, the board debated risks and legislative strategy, and staff were delegated to handle implementation timing.
At a special-called meeting of the Public Employees Retirement System of Mississippi, board members reviewed an alternate "tier 5" defined-benefit (DB) proposal that would guarantee a 1% cost-of-living adjustment (COLA) for new hires and, in staff projections, produces funding metrics comparable to a hybrid plan the board previously discussed.
The presentation and follow-up questions centered on how the pure DB alternative compares to that hybrid model on three metrics the board emphasized: projected funded ratio, the funded-ratio trajectory in 2054, and short- and long-term cash flow. Actuary Ed Coble told the board that “those numbers have not changed,” confirming the figures in the slide deck and spreadsheets had been…
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