Bill > SB2613

This bill establishes a dedicated account, the PERS Tier 5 COLA Account, to be managed by the Board of Trustees of the Public Employees' Retirement System of Mississippi (PERS), which is the state's retirement system for public employees. The bill mandates that starting on July 1, 2026, and continuing annually through July 1, 2035, the State Treasurer, working with the State Fiscal Officer, must transfer $5,000,000 from the State General Fund to this newly created PERS Tier 5 COLA Account. This account is intended to hold funds that will likely be used to provide cost-of-living adjustments (COLAs), which are increases to retirement benefits to help retirees keep pace with inflation, specifically for those in Tier 5 of the PERS system. The act will become effective on July 1, 2026.