MS HB978

Amends Mississippi Code sections 25-14-3 through 25-14-15 to clarify definitions and administration of the Government Employees' Deferred Compensation Plan under Internal Revenue Code Section 457.

Establishes the Mississippi Government Employees' Deferred Compensation Plan and Trust to be 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 the Mississippi Government Employees' Deferred Compensation Plan to offer Roth accounts and other post-tax contribution vehicles permitted under the Internal Revenue Code, with tax-free withdrawals if qualified distribution requirements are met.

Expands investment options for deferred compensation plans to include fixed and variable life insurance, annuity contracts, mutual funds, collective investment trusts, common group trusts, and benefit-responsive contracts issued by insurance companies, banks, or financial institutions.

Takes effect July 1, 2017.