Bill > SB2907

This bill establishes a new retirement system, the "First Responders Retirement System," specifically for law enforcement officers, firefighters, emergency medical services providers, emergency management personnel, and public safety telecommunicators, which will become operational on July 1, 2026. This new system is intended to provide more generous benefits than the existing Public Employees' Retirement Law of 1952, acknowledging the dangerous nature of these professions, while members will continue to receive their Social Security benefits but will no longer be eligible for benefits under Article 3 of the existing law. The bill outlines eligibility for membership, requires both employee and employer contributions to fund the system, and details benefits for disability and superannuation (regular) retirement, as well as death benefits, with a cost-of-living adjustment (COLA) tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to help benefits keep pace with inflation. An administrative board, composed of representatives from various first responder organizations, will be established to assist in the operation of the system, which will be managed by the Board of Trustees of the Public Employees' Retirement System of Mississippi. The bill also addresses creditable service, including military service, and provides for rollovers from other retirement plans, refund procedures, and beneficiary designations, ensuring that the system adheres to federal tax laws for qualified retirement plans.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB2907.xml