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PERS board approves $21.25 million FY2028 administrative budget, adopts multiple regulations and awards disability-review contract
Summary
The Public Employees Retirement System of Mississippi board approved a $21,246,795 fiscal 2028 administrative budget, adopted Regulations 28, 35, 54 and 34, approved a five-year disability review-contract award and accepted an actuarial valuation including a requested $894,000 level-dollar contribution beginning July 1, 2027.
The board of the Public Employees Retirement System of Mississippi approved a series of administrative and policy items including the fiscal 2028 administrative budget, several regulations and a five-year contract for disability review services.
Dr. Jay Smith, reporting for the administrative committee, brought forward a fiscal 2028 administrative budget request of $21,246,795; the motion to approve carried by voice vote. The committee also moved certification of recent board election results (Terrance Sherrod was reported as the winner) and the board certified the results.
The board adopted several final regulations presented by the committee: Regulation 28 (benefits for members withholding or withdrawing from service prior to age 62), Regulation 35 (application for monthly benefits and establishing an effective retirement date), Regulation 54 (administration of retired public safety officer retirement distribution for health insurance) and Regulation 34 (reemployment after retirement, amended only for clerical changes). Each regulation was moved and adopted by voice vote.
The board approved awarding disability review services to Managed Medical Review Organization Incorporated on a five-year contract. The transcript records the contractor name with a duplicated word; the article uses the corrected name "Managed Medical Review Organization Incorporated." The item was approved by voice vote.
An actuarial update reported no change to the recommended assumed rate of return, which remains at 7%; that update was informational and required no action. Separately, the board accepted the actuarial valuation report and approved a recommendation to request a level-dollar contribution of $894,000 beginning July 1, 2027.
The board also approved changes to the SLRP (Student Loan Repayment Program) funding policy to adopt a level-dollar amortization approach, removing certain wording in response to recent legislation.
All motions in these items were adopted by voice vote with no opposition recorded in the transcript.
