SB 2906

AN ACT TO AMEND SECTIONS 25-11-103, 25-11-109, 25-11-111, 25-11-112, 25-11-114, 25-11-115, 25-11-117 AND 25-11-123, MISSISSIPPI CODE OF 1972, TO REPEAL THE NEW TIER IN THE MISSISSIPPI PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI, CREATED IN HOUSE BILL NO. 1, 2025 REGULAR SESSION, FOR EMPLOYEES BECOMING MEMBERS OF THE SYSTEM ON OR AFTER MARCH 1, 2026; TO PROVIDE THAT EMPLOYEES BECOMING MEMBERS OF THE SYSTEM ON OR AFTER JULY 1, 2026, SHALL BE ELIGIBLE TO RECEIVE AN ADDITIONAL BENEFIT EQUAL TO THE SUM OF AN AMOUNT EQUAL TO 1% OF THE ANNUAL RETIREMENT ALLOWANCE MULTIPLIED BY THE NUMBER OF FULL FISCAL YEARS IN RETIREMENT BEFORE THE END OF THE FISCAL YEAR IN WHICH THE MEMBER REACHES AGE 65, PLUS AN ADDITIONAL AMOUNT EQUAL TO 1% COMPOUNDED BY THE NUMBER OF FULL FISCAL YEARS IN RETIREMENT BEGINNING WITH THE FISCAL YEAR IN WHICH THE MEMBER REACHES AGE 65, MULTIPLIED BY THE AMOUNT OF THE ANNUAL RETIREMENT ALLOWANCE; TO REPEAL SECTION 25-11-147, MISSISSIPPI CODE OF 1972, WHICH INCLUDES A DEFINED CONTRIBUTION PLAN FOR EACH PERSON BECOMING A MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI ON OR AFTER MARCH 1, 2026; TO AUTHORIZE THE BOARD OF TRUSTEES OF THE SYSTEM TO PROMULGATE RULES AND REGULATIONS AS NEEDED TO REVERSE ANY ACTIONS TAKEN IN COMPLIANCE WITH HOUSE BILL NO. 1, 2025 REGULAR SESSION, IF THE DATE OF PASSAGE OF THIS ACT IS ON OR AFTER MARCH 1, 2026; AND FOR RELATED PURPOSES.