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PERS board approves administrative measures including 1% crediting rate, adopts regulatory updates
Summary
The Public Employees Retirement System of Mississippi approved several administrative items — certifying delinquent employer contributions, approving the state-employee representative ballot, setting the annual member-account crediting rate at 1%, and giving initial approval to Regulations 59 and 60 updating actuarial assumptions and contribution-rate language.
The Public Employees Retirement System of Mississippi board approved a set of administrative measures and initial regulatory changes during committee action Wednesday, including setting the member-account annual crediting rate at 1% and certifying delinquent employer contributions.
During the claims committee, staff requested certification of delinquent employer contributions (reference string: "$11118.0.19"). An unidentified board member moved to certify the delinquent contributions and a second carried the motion; the committee approved the certification.
At the administrative committee, Mr. Higgins presented the ballot for the state employee representative for the term beginning this July, saying four names were listed and the ballot had been internally verified. The board moved, seconded and approved the ballot.
Mr. Higgins also presented the annual crediting calculation for member accounts. Using the money market rate published on Dec. 31 (0.41%) and applying the board’s regulation that sets a 1% floor and 5% cap, staff recommended setting the annual credit at 1% effective in July. The committee moved, seconded and approved that recommendation.
The board gave initial approval to Regulation 59, which updates actuarial and demographic assumptions based on the most recent experience study, and to Regulation 60, which updates contribution-rate language to align with forthcoming state-law increases. Both items were presented as initial-adoption motions, were moved and seconded, and were carried by the committee.
No additional details about individual votes were recorded in the transcript beyond the committee confirmations that motions carried. The administrative committee then stood adjourned.
What happens next: the regulatory changes are at initial-adoption stage and may return for final adoption according to regular board procedures; the crediting rate will apply to member accounts beginning this July.
