MS SB3231

Rescind the employer contribution rate increase scheduled for July 1, 2024, and replace it with a 1/2% annual increase on July 1 each year from 2024 through 2028 in the Public Employees' Retirement System.

Require any Board of Trustees recommendation to adjust employer contributions be accompanied by at least two independent actuarial assessments analyzing economic impact to state agencies, cities, counties, and school districts.

Reserve sole authority to implement Board recommendations regarding additional funding sources to the Legislature, and express intent to enact a law creating a new tier for future system members in the 2025 Regular Session.

Prohibit any reduction or elimination of earned benefits for current retirees or members who are drawing retirement allowances or are enrolled in the system before July 1, 2025.