Bill
Bill > SB2906
summary
Introduced
01/19/2026
01/19/2026
In Committee
01/19/2026
01/19/2026
Crossed Over
Passed
Dead
02/03/2026
02/03/2026
Introduced Session
2026 Regular Session
Bill Summary
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.
AI Summary
This bill repeals the "Tier 5" retirement plan for new hires in the Mississippi Public Employees' Retirement System (PERS) that was established by House Bill No. 1 of the 2025 Regular Session, and it also repeals the defined contribution plan associated with that tier for individuals becoming members on or after March 1, 2026. Instead, for employees who become PERS members on or after July 1, 2026, it introduces a different method for calculating an additional retirement benefit, known as a Cost-of-Living Adjustment (COLA), which will be a percentage of their annual retirement allowance based on the number of years they have been retired and their age, with a lower percentage (1%) and a later age (65) compared to previous tiers. The bill also grants the PERS Board of Trustees the authority to reverse any actions taken in preparation for House Bill No. 1 if this new bill is passed on or after March 1, 2026, ensuring that the changes made by this bill take precedence.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Died In Committee (on 02/03/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB2906.xml |
| BillText | https://billstatus.ls.state.ms.us/documents/2026/html/SB/2900-2999/SB2906IN.htm |
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