Mississippi SB2910 requires terminated retirement plans to pay their net pension liability to the board in a lump sum before termination.
Mississippi SB2910 amends the state's retirement system law to mandate that any terminated plan, previously approved by the board of trustees, must pay its portion of the net pension liability to the board in a lump sum before termination. The payment amount is the greater of the net pension liability as of June 30, 2026, or the date of termination, as specified by board regulations. This provision ensures that the board receives financial compensation from terminated plans, maintaining the system's financial integrity.
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