MS SC678

Establishes an independent Public Employees' Retirement System Study Commission to analyze the financial status, management, and investment structure of PERS and make recommendations to improve solvency and protect taxpayer and employee interests.

Commission composition includes 4 members appointed by the Governor (including chair), 2 nonlegislative members appointed by the Lieutenant Governor, 2 nonlegislative members appointed by the Speaker of the House, 2 Senate Finance Committee members, and 2 House Appropriations Committee members.

Commission may be funded from public or private sources with public disclosure required; private entities currently contracted with PERS for actuarial or financial services are prohibited from funding the commission and from future PERS contracts after the report is submitted.

Commission members may receive per diem and expense reimbursement as authorized by law for attending meetings and carrying out commission duties.

Commission must submit a comprehensive analysis and recommendations to the Legislature and Governor no later than December 1, 2011, and shall be dissolved upon completion of its report.