PERS board approves multiple regulatory changes, raises contribution rate

The Public Employees Retirement System of Mississippi board approved a package of regulatory actions at its April meeting, including a final change to the system's employer contribution rate and several initial regulatory adoptions. Dr. Smith presented the administrative committee's recommendations and moved the measures, and the board approved each item by voice vote.

The board adopted Regulation 59 as a final rule to update plan assumptions and approved a final change to contribution rates that increases the employer contribution from 18.4% to 18.9%. Dr. Smith said the contribution-rate change reflects recently enacted legislation and presented the motion; the board seconded and carried the motion.

Members also approved initial adoptions for several regulations. Regulation 28 was brought forward to change a 35-year reference to 30 years for benefits calculations for members withdrawing before age 62. The board approved an initial adoption updating the rules for filing an application for monthly benefits, removing outdated language no longer applicable under recent legislation. Regulation 54, governing retired public safety officer distribution for health insurance, was presented as an initial adoption to reflect new statutory language. Regulation 34 was also presented as an initial adoption; discussion centered on new 30-day language included in that draft.

Each motion was seconded and carried by voice vote; no roll-call tallies were recorded in the transcript. The board also certified its recent board election results and noted two individuals remain in a runoff; that certification was presented as a motion and approved during the same administrative report.

Next steps: initial-adoption regulations will proceed through any required notice or administrative steps before final adoption, and the board will implement the new contribution rate consistent with the referenced legislation.