MS HB1590

Changes the Public Employees' Retirement System (PERS) board from 10 to 11 trustees, consisting of the State Treasurer, Commissioner of Revenue, 4 Governor appointees, 3 Lieutenant Governor appointees, 1 elected retired member, and 1 elected active member with 10+ years of service.

Requires Governor and Lieutenant Governor appointees to have knowledge of financial asset investment and retirement plan principles, with no conflicts of interest, and subject to Senate confirmation.

Establishes staggered initial terms for appointed trustees ending on July 1, 2025, 2026, 2027, and 2028, with subsequent terms of 4 years; elections for elected trustees must occur by May 31, 2024, with runoffs by June 21, 2024.

Rescinds the employer's contribution rate increase scheduled to take effect July 1, 2024, and prohibits any increase in the employer's contribution rate through June 30, 2024.

Provides that current trustees retain their positions through June 30, 2024, when new board members assume office on July 1, 2024.