MS SB2449

Restricts Optional Retirement Program (ORP) eligibility to employees of state institutions of higher learning who assumed positions before March 1, 2026; employees hired on or after that date become ineligible.

Increases participant contributions to the ORP from the current rate to 9% of total earned compensation, with all contributions remitted to investment companies for individual accounts.

Reallocates employer contributions: 9% applied to participant contracts or accounts, up to 0.2% to the Public Employees' Retirement System expense fund for ORP administration, and remainder to the accrued liability contribution fund.

Repeals Section 25-11-415, which previously allowed the Public Employees' Retirement System to deduct up to 2% of employer contributions for ORP administration costs.

Permits employers to make additional voluntary contributions to participant accounts up to the maximum amount allowed under federal law.