MS HB903

Amends Mississippi Code sections 25-14-3 through 25-14-15 to clarify definitions and administration of government employees' deferred compensation plans under Internal Revenue Code Section 457.

Establishes the Mississippi Government Employees' Deferred Compensation Plan and Trust administered by the Public Employees' Retirement System of Mississippi, while allowing counties, municipalities, and other political subdivisions to establish their own Section 457 plans.

Authorizes deferred compensation plans to offer investment options including fixed and variable life insurance, annuity contracts, mutual funds, collective investment trusts, and other investments authorized under Section 25-11-121.

Permits Roth accounts and other post-tax contribution vehicles under the Internal Revenue Code if allowed in the plan document, with contributions treated as includable in participant income and withdrawals tax-free if qualified distribution requirements are met.

Deferred compensation remains exempt from state and local taxes, levies, garnishment, and attachment until paid to the employee, and does not reduce benefits from other retirement or pension systems; effective July 1, 2016.