Mississippi SB2903 allows Tier 5 members to receive a 3% cost-of-living adjustment, capped at $15,000 annually.
Mississippi SB2903 amends the Public Employees' Retirement System to provide a 3% cost-of-living adjustment (COLA) for Tier 5 members, but limits the annual increase to $15,000. This adjustment applies to members who joined the system on or after March 1, 2026. The bill also allows the Legislature to evaluate the maximum dollar amount every three years to account for inflation. The additional benefit is calculated based on the member's age and full fiscal years in retirement.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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