Mississippi adopts hybrid retirement design in major pension reform

Mississippi adopts hybrid retirement design in major pension reform

After years of unfunded liability accrual and growing legislative solvency concerns, the Mississippi Legislature passed a major pension reform bill to provide a new “hybrid” retirement plan for future state and local public employees and teachers. The reform package included in House Bill 1 (HB1) will slow the growth of liabilities in the Public Employees’ Retirement System of Mississippi (PERS) and expand the portability of benefits for future …