Reforms the fifth tier of the Public Employees' Retirement System of Mississippi.
Mississippi SB2902 amends the Public Employees' Retirement System to reform the fifth tier. It reduces the vesting period from eight to six years and the required years of service for retiring regardless of age from eight to six years. It also provides a multiplier for the defined-benefit portion of the plan of 1.5% for first responders, a partial lump-sum option, enhanced disability benefits and survivor benefits for first responders, and a cost-of-living adjustment tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers but capped at 1.5%.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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