MS SB2905

Amends Section 25-11-105 of the Mississippi Code to require any terminated plan previously approved by the Public Employees' Retirement System (PERS) board to pay its portion of unfunded actuarial accrued liability to the board in a lump sum before termination.

Applies to plans terminated through legislation, privatization, sale, dissolution, or actions by the board, with payment terms to be defined by board regulations.

Adds "termination payments" to the list of employer obligations subject to interest assessment on delinquent amounts, with recovery available through court action or state fund deductions.

Maintains existing PERS membership eligibility requirements and plan approval procedures for political subdivisions and state instrumentalities.

Takes effect July 1, 2024.