Senate Bill 2086 Summary

• Amends Mississippi's Government Employees' Deferred Compensation Plan law to define key terms including "employee," "plan document," and "plan sponsor" for clarity in administration.

• Establishes the Mississippi Government Employees' Deferred Compensation Plan and Trust as a Section 457 tax-deferred compensation plan administered by the Public Employees' Retirement System of Mississippi, while allowing other counties and municipalities to establish their own Section 457 plans.

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

• Allows deferred compensation plans to include Roth accounts and other post-tax contribution vehicles permitted under the Internal Revenue Code, with qualified distributions treated as tax-free withdrawals.

• Clarifies administration responsibilities, with PERS administering the state plan and other plan sponsors administering their respective county and municipal plans, and specifies the Board of Trustees may authorize administrative fees and charges.

• Takes effect July 1, 2016.