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PERS administrative committee motions approved, including FY26 budget and regulatory updates
Summary
The board approved multiple administrative committee recommendations: the fiscal year 2026 initial administrative budget, Regulation 60 changes to align contribution rates with recent state law, Regulation 34 changes on teacher reemployment after retirement, board travel authorizations, and approvals related to the state employee representative election and actuarial contracting.
The Public Employees Retirement System of Mississippi board approved a package of actions from its administrative committee, including the initial fiscal year 2026 administrative budget and several regulatory and operational updates.
Dr. Randy McCoy told the board the administrative committee met for more than two hours and forwarded staff recommendations on multiple items. Trustees approved the FY26 initial administrative budget on a motion from the committee. The board also approved recommended amendments to Regulation 60 to adjust contribution rates and other language “to get this regulation into compliance with newly passed state law.”
The board approved changes to Regulation 34 addressing reemployment after retirement for teachers that were passed during the most recent legislative session. Trustees authorized travel for board members to attend education and training events during the year and approved the state employees representative election ballot.
The committee recommended engaging GRS and Chiron as two additional actuaries to provide independent recommendations to the legislature; the board approved that recommendation and asked staff to negotiate scope and return the contract terms for final reporting. Dr. McCoy also summarized actuarial modeling and stress-testing scenarios reported by the actuary, Kevin L. McDonald, and noted that final numbers will be available after books close on June 30. No board action was required on the modeling presentation.
All motions brought by the administrative committee were approved by voice vote.
