Mississippi · 2026 Regular Session
An Act To Amend Sections 25-11-103, 25-11-105, 25-11-109, 25-11-111, 25-11-112, 25-11-113, 25-11-114, 25-11-115, 25-11-117, 25-11-119, 25-11-127 And 25-11-147, Mississippi Code Of 1972, To Reform The Fifth Tier Of The Public Employees' Retirement System Of Mississippi; To Reduce The Vesting Period From Eight To Six Years; To Reduce The Required Years Of Service For Retiring Regardless Of Age From 35 To 30; To Allow Retirement When The Sum Of A Member's Age And Years Of Creditable Service Is At Least 80 Years; To Raise The Multiplier For The Defined-benefit Portion Of The Plan From 1% To 1.25% For Each Year Of Service Exceeding 20 Years Of Creditable Service; To Provide For A Cost-of-living Adjustment (cola) Tied To The Consumer Price Index For Urban Wage Earners And Clerical Workers (cpi-w) But Capped At 1.5%; To Provide That There Shall Be No Cola If The Cpi-w For The Past 12 Months Is Zero Or Less, Or If The Unfunded Actuarial Accrued Liability Of The System Is Greater Than 15%; To Require The Board To Cause To Be Published Online, On An Annual Basis, The Results Of Actuarial Surveys To Enable Lawmakers And The Public To Monitor The Fiscal Health Of The System; To Require The…
Died In Committee (2026-02-03)