SB 2613

AN ACT TO REQUIRE THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI TO OPEN, MAINTAIN AND MANAGE AN ACCOUNT THAT SHALL BE DESIGNATED THE PERS TIER 5 COLA ACCOUNT; TO REQUIRE THE BOARD TO MANAGE THE MONIES IN THE PERS TIER 5 COLA ACCOUNT PURSUANT TO APPLICABLE LAWS AND THE RULES AND REGULATIONS OF THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI AS TRUSTEE OF THESE MONIES; TO REQUIRE THE STATE TREASURER, IN CONJUNCTION WITH THE STATE FISCAL OFFICER, ON JULY 1, 2026, AND ON EVERY JULY 1 THEREAFTER THROUGH AND INCLUDING JULY 1, 2035, TO TRANSFER $5,000,000.00 FROM THE STATE GENERAL FUND TO THE ADDITIONAL ANNUAL BENEFIT FOR TIER 5 FUND; AND FOR RELATED PURPOSES.