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PERS board endorses proposed Tier 5 DBDC hybrid model after failed amendment
Summary
The Public Employees Retirement System of Mississippi Board of Trustees endorsed a proposed Tier 5 defined-benefit/defined-contribution (DBDC) hybrid model for future employees at its Dec. 18 meeting after a member’s amendment to allow an alternative defined-benefit plan failed for lack of a second.
The Public Employees Retirement System of Mississippi Board of Trustees voted Dec. 18 to endorse a proposed Tier 5 DBDC hybrid model for future employees, a proposal staff and actuaries projected would lower the cost of future benefits and direct a larger share of employer contributions toward reducing the system’s unfunded actuarial accrued liability (UAAL).
George Dale introduced the legislative…
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