MS SB2794

Amends Section 25-11-105 of Mississippi Code to require any terminated Public Employees' Retirement System (PERS) plan to pay its portion of the net pension liability as a lump sum before termination.

Requires payment of the greater of the net pension liability as of June 30, 2025, or the date of termination, with payment terms established by board regulations.

Applies to plans terminated through legislation, privatization, sale, dissolution, or board action, as well as any other termination method.

Adds termination payments to the list of employer payments subject to interest charges for delinquency and potential collection through court action or deduction from state funds owed to the employer.

Takes effect July 1, 2025.