PERS committee approves ORP and MDC plan‑document updates
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Summary
The investment committee approved updated ORP and MDC plan documents to reflect statutory employer contribution changes and to add Roth catch‑up language to MDC should pending legislation pass; votes were taken by voice and recorded as carried.
The Public Employees Retirement System of Mississippi investment committee voted to approve two plan‑document updates during the meeting. Trustees gave initial approval to changes to the Optional Retirement Plan (ORP) document to reflect an upcoming increase in employer contribution rates required by state law. Separately, the committee approved redline updates to the Mississippi Deferred Compensation (MDC) plan document intended to conform MDC provisions to a board‑approved bill that would add Roth catch‑up treatment for certain higher‑income participants if that legislation becomes law; staff said the document would be withdrawn if the bill does not pass.
Both motions were moved, seconded and approved by voice vote during the meeting. Minutes reflect the committee’s direction that staff finalize the conforming language and implement the changes only if the enabling legislation is enacted.
No amendments were recorded on the floor; trustees asked clarifying questions about how the changes would affect lower‑wage participants and about transfer/rollover mechanics, and staff responded that limits and transfer rules mirror deferred contribution rules generally and that the updates are primarily technical and conforming in nature.
The committee then proceeded to other agenda items.