SB2613 • 2026

PERS Tier 5 Cola Account; create and direct transfers to.

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.

Labor

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor: Sparks, Harkins, Boyd
Last action: 2026-03-03
Official status: Dead
Effective date: July 1, 20

Plain English Breakdown

Checked against official source text during the last sync.

Creating a PERS Tier 5 COLA Account

This bill requires the Public Employees' Retirement System of Mississippi to create and manage an account for Tier 5 employees and sets up annual transfers from the state's general fund.

What This Bill Does

Requires the Board of Trustees of the Public Employees' Retirement System (PERS) to open, maintain, and manage a new account called the PERS Tier 5 COLA Account.
Directs the board to follow laws and rules when managing money in this account.
Requires the State Treasurer and State Fiscal Officer to transfer $5 million from the state's general fund to the PERS Tier 5 COLA Account each year starting July 1, 2026, through July 1, 2035.

Who It Names or Affects

The Board of Trustees of the Public Employees' Retirement System (PERS) in Mississippi.
Tier 5 employees who are part of PERS.
The State Treasurer and State Fiscal Officer.

Terms To Know

COLA: Cost-of-Living Adjustment, which helps adjust retirement benefits to keep up with rising costs.
Tier 5: A specific group of employees within the Public Employees' Retirement System who have a certain type of pension plan.

Limits and Unknowns

The bill did not pass and was stopped in committee.
It is unclear how this account will affect Tier 5 employees specifically.

Bill History

2026-03-03 Mississippi Legislative Bill Status System
03/03 (H) Died In Committee
2026-02-06 Mississippi Legislative Bill Status System
02/06 (H) Referred To State Affairs;Accountability, Efficiency, Transparency
2026-02-06 Mississippi Legislative Bill Status System
02/06 (S) Transmitted To House
2026-02-05 Mississippi Legislative Bill Status System
02/05 (S) Immediate Release
2026-02-05 Mississippi Legislative Bill Status System
02/05 (S) Passed
2026-01-22 Mississippi Legislative Bill Status System
01/22 (S) Title Suff Do Pass
2026-01-19 Mississippi Legislative Bill Status System
01/19 (S) Referred To Finance

Official Summary Text

PERS Tier 5 Cola Account; create and direct transfers to.

Current Bill Text

Read the full stored bill text

S. B. No. 2613 *SS08/R713.2* ~ OFFICIAL ~ G1/2
26/SS08/R713.2
PAGE 1 (ens\tb)

To: Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Sparks, Harkins, Boyd

SENATE BILL NO. 2613

AN ACT TO REQUIRE THE BOARD OF TRUSTEES OF THE PUBLIC 1
EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI TO OPEN, MAINTAIN AND 2
MANAGE AN ACCOUNT THAT SHALL BE DESIGNATED THE PERS TIER 5 COLA 3
ACCOUNT; TO REQUIRE THE BOARD TO MANAGE THE MONIES IN THE PERS 4
TIER 5 COLA ACCOUNT PURSUANT TO APPLICABLE LAWS AND THE RULES AND 5
REGULATIONS OF THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' 6
RETIREMENT SYSTEM OF MISSISSIPPI AS TRUSTEE OF THESE MONIES; TO 7
REQUIRE THE STATE TREASURER, IN CONJUNCTION WITH THE STATE FISCAL 8
OFFICER, ON JULY 1, 2026, AND ON EVERY JULY 1 THEREAFTER THROUGH 9
AND INCLUDING JULY 1, 2035, TO TRANSFER $5,000,000.00 FROM THE 10
STATE GENERAL FUND TO THE ADDITIONAL ANNUAL BENEFIT FOR TIER 5 11
FUND; AND FOR RELATED PURPOSES. 12
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 13
SECTION 1. The Board of Trustees of the Public Employees' 14
Retirement System of Mississippi shall open, maintain and manage 15
an account that shall be designated the PERS Tier 5 COLA Account. 16
The board shall manage monies in the PERS Tier 5 COLA Account 17
pursuant to applicable laws and the rules and regulations of the 18
Board of Trustees of the Public Employees' Retirement System of 19
Mississippi as trustee of these funds. 20
SECTION 2. On July 1, 2026, and on every July 1 thereafter 21
through and including July 1, 2035, the State Treasurer, in 22
conjunction with the State Fiscal Officer, shall transfer the sum 23
S. B. No. 2613 *SS08/R713.2* ~ OFFICIAL ~
26/SS08/R713.2
PAGE 2 (ens\tb)
ST: PERS Tier 5 Cola Account; create and direct
transfers to.
of Five Million Dollars ($5,000,000.00) from the State General 24
Fund (Fund No. 2999000000) to the PERS Tier 5 COLA Account created 25
in Section 1 of this act. 26
SECTION 3. This act shall take effect and be in force from 27
and after July 1, 2026. 28