SB3231 - PERS; revise employer contribution rate increase, and redefine responsibilities of board and Legislature.

1 Co-Sponsor

An Act To Amend Section 25-11-123, Mississippi Code Of 1972, To Provide That The Increase In The Employer's Contribution Rate That Is Scheduled To Take Effect On July 1, 2024, Is Rescinded And Shall Not Take Effect; To Provide For A 1/2% Increase In The Employer's Contribution Rate On July 1 Of Each Year From 2024 Through 2028; To Require That Any Recommendation By The Board Of Trustees Of The Public Employees' Retirement System To Adjust Employer Contributions Be Accompanied By At Least Two Independent Actuarial Assessments; To Allow The Board To Make Recommendations Regarding Additional Funding Sources For The Retirement Plan, Including Employer Contribution Increases, Based On The Plan's Assets And Liabilities, And The Required Actuarial Assessments; To Reserve To The Legislature The Authority To Implement Such Recommendations; To Express The Intent Of The Legislature That, In The 2025 Regular Session, A Law Be Enacted To Create A New Tier For Future Members Of The System, In Furtherance Of The System's Continued Financial Stability And Sustainability; To Specify That The Section Shall Not Be Construed To Provide Authority To Reduce Or Eliminate Any Earned Benefits Provided By The State To Current Retirees Or Current Members Of The Retirement System; And For Related Purposes.