MS SB2642

Amends Mississippi Code sections 25-14-3 through 25-14-15 to define terms and clarify the administration of government employees' deferred compensation plans 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 authorizing counties, municipalities, and other political subdivisions to establish their own Section 457 plans.

Authorizes the Mississippi Government Employees' Deferred Compensation Plan and Trust to offer Roth accounts and other post-tax contribution vehicles permitted under the Internal Revenue Code, with earnings exempt from levy, garnishment, and attachment if qualified distribution requirements are met.

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

Takes effect July 1, 2018.