SB2449: ORP; revise for existing participants, and terminate for employees hired on or after March 1, 2026.

Legislative Summary

An Act To Amend Section 25-11-401, Mississippi Code Of 1972, To Provide That Membership In The Optional Retirement Program For Employees Of The State Institutions Of Higher Learning Shall Apply Only To Those Employees Who Assumed Their Positions Before March 1, 2026; To Amend Section 25-11-409, Mississippi Code Of 1972, To Conform; To Amend Section 25-11-411, Mississippi Code Of 1972, To Provide That Each Participant In The Optional Retirement Program Shall Contribute Monthly To The Optional Retirement Program 9% Of The Participant's Total Earned Compensation; To Reallocate The Employer's Contribution To The Optional Retirement Program; To Provide That An Amount Equal To 9% Of The Participant's Total Earned Compensation Shall Be Applied To The Participant's Contracts Or Accounts; To Provide That Up To 0.2% Of The Participant's Total Earned Compensation Shall Be Applied To The Expense Fund Of The Public Employees' Retirement System To Defray The Cost Of Administering The Optional Retirement Program; To Provide That The Remainder Shall Be Remitted To The Public Employees' Retirement System For Application To The Accrued Liability Contribution Fund; To Repeal Section 25-11-415, Mississippi Code Of 1972, Which Provides That The Public Employees' Retirement System May Deduct Not More Than 2% Of All Employers' Contributions And Transfer Such Deductions To The Expense Fund Of The System To Defray The Cost Of Administering The Optional Retirement Program; And For Related Purposes.