MS HB990

Amends Section 25-11-121 of the Mississippi Code to expand and clarify investment options available to the Public Employees' Retirement System (PERS) for excess funds beyond the 90-day cash working balance requirement.

Adds six new authorized investment categories: agency and nonagency mortgage-backed securities and collateralized mortgage obligations, asset-backed securities, bank loans, convertible bonds, and options on securities or indices.

Permits PERS to invest in foreign currency as an investment vehicle and utilize derivative instruments including forward contracts, futures contracts, options contracts, and swaps for hedging transactions involving foreign and domestic investments.

Changes the regular interest credit mechanism from an annual basis applied to reserves to a monthly basis applied to the annuity savings account, with the rate to be set by the board through regulation.

Updates terminology throughout the statute, including changing "executive secretary" to "director" and renumbering subsections to reflect deleted provisions, effective July 1, 2013.