Bill Text: MS SB2613 | 2026 | Regular Session | Engrossed
Bill Title: PERS Tier 5 Cola Account; create and direct transfers to.
Sponsorship: Partisan Bill (Republican 3)
Status: (Failed) 2026-03-03 - Died In Committee [SB2613 Detail]
Download: Mississippi-2026-SB2613-Engrossed.html
MISSISSIPPI LEGISLATURE
2026 Regular Session
To: Finance
By: Senator(s) Sparks, Harkins
Senate Bill 2613
(As Passed the Senate)
AN ACT TO REQUIRE THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI TO OPEN, MAINTAIN AND MANAGE AN ACCOUNT THAT SHALL BE DESIGNATED THE PERS TIER 5 COLA ACCOUNT; TO REQUIRE THE BOARD TO MANAGE THE MONIES IN THE PERS TIER 5 COLA ACCOUNT PURSUANT TO APPLICABLE LAWS AND THE RULES AND REGULATIONS OF THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI AS TRUSTEE OF THESE MONIES; TO REQUIRE THE STATE TREASURER, IN CONJUNCTION WITH THE STATE FISCAL OFFICER, ON JULY 1, 2026, AND ON EVERY JULY 1 THEREAFTER THROUGH AND INCLUDING JULY 1, 2035, TO TRANSFER $5,000,000.00 FROM THE STATE GENERAL FUND TO THE ADDITIONAL ANNUAL BENEFIT FOR TIER 5 FUND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The Board of Trustees of the Public Employees' Retirement System of Mississippi shall open, maintain and manage an account that shall be designated the PERS Tier 5 COLA Account. The board shall manage monies in the PERS Tier 5 COLA Account pursuant to applicable laws and the rules and regulations of the Board of Trustees of the Public Employees' Retirement System of Mississippi as trustee of these funds.
SECTION 2. On July 1, 2026, and on every July 1 thereafter through and including July 1, 2035, the State Treasurer, in conjunction with the State Fiscal Officer, shall transfer the sum of Five Million Dollars ($5,000,000.00) from the State General Fund (Fund No. 2999000000) to the PERS Tier 5 COLA Account created in Section 1 of this act.
SECTION 3. This act shall take effect and be in force from and after July 1, 2026.
