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PERS board sets 1% interest crediting, approves regulatory updates and ORP contribution change
Summary
The Public Employees Retirement System of Mississippi board voted to apply a 1% interest crediting rate to member accounts, approved Regulations 59 and 60 (the latter reflecting an 18.9% rate effective July 1), and approved defined-contribution committee changes including setting the ORP employer contribution to 18.9% and initial approval to allow Roth deferred-compensation contributions (subject to the legislature).
The Public Employees Retirement System of Mississippi Board of Trustees voted to apply a 1% annual interest crediting rate to member accounts and approved a package of regulatory and defined-contribution changes during its meeting.
Board members approved the interest crediting after staff presented a lower figure and a board member corrected the record. Administrative committee materials initially referenced a 0.41% crediting figure, but Dr. Smith noted the statutory minimum is 1% and the board then moved to apply 1%; the motion passed by voice vote. The board also approved Regulation 59, relating to plan assumptions, and gave initial approval to Regulation 60, described in the presentation as reflecting a rate of 18.9% effective July 1.
The board also approved two actions from the Defined Contribution Committee. The board approved changing the Optional Retirement Plan (ORP) employer contribution rate to 18.9% to match the PERS contribution rate. Separately, the board gave initial approval to amend the deferred compensation plan to permit Roth contributions; that change is subject to any required legislative action.
Chair comments and committee reports framed the votes as routine, and no roll-call tallies with individual trustee votes were recorded in the meeting transcript; motions were carried by voice vote after motion and second were recorded. The meeting packet and committee materials were referenced for details such as plan documents and statutory references.
The board’s actions affect PERS-administered defined benefits and defined-contribution arrangements and will be reflected in plan documents and future member communications. The deferred compensation Roth option will not take effect until any required legislative approvals occur.
