MS SB2907

Revises employer contribution rates for participants in the Public Employees' Retirement System (PERS) optional retirement program, effective July 1, 2024, with different rates based on enrollment date.

For participants enrolled before July 1, 2025, employer contributes 14.751% of participant's total earned compensation to investment companies, with remainder going to the accrued liability contribution fund.

For participants first enrolled on or after July 1, 2025, employer contributes 9% of participant's total earned compensation to investment companies, with remainder going to the accrued liability contribution fund.

Removes the minimum requirement that PERS must designate at least three companies to provide investment products, allowing designation of up to five companies instead.

Takes effect July 1, 2024.