MS HB871

Requires administrators of public retirement systems to prepare and publicly disseminate summary plan descriptions, annual financial and actuarial status disclosures, and annual reports.

Mandates that administrators furnish participants and beneficiaries with summary plan descriptions within three months of becoming a participant, updates on plan modifications within seven months, and annual reports within seven months of fiscal year end.

Requires administrators to file governing law, summary plan descriptions, modifications, and annual disclosures with the retirement system within specified timeframes (four to seven months depending on document type).

Applies to all public retirement programs and systems in Mississippi except those administered by the Public Employees' Retirement System Board, unfunded executive deferred compensation plans, severance arrangements, Social Security-related programs, and certain other federal tax-qualified plans.

Authorizes public employers, participants, and beneficiaries to bring legal action to enforce the disclosure requirements and permits courts to award reasonable attorney fees and costs in actions brought by participants or beneficiaries.