PERS; revise employer contribution rate increase, and redefine responsibilities of board and Legislature.

This bill modifies how the Mississippi Public Employees' Retirement System collects contributions from employers by canceling a previously scheduled rate increase for July 2024 and replacing it with a gradual one-half percent hike each year from 2024 through 2028. To ensure these financial decisions are well-founded, the law requires the retirement board to submit at least two independent actuarial assessments before recommending any changes to employer contributions, with the final authority to implement those changes resting solely with the Legislature. Additionally, the legislation explicitly states that no current retirees or members will lose any benefits they have already earned, while expressing an intent to create a new tier for future members during the 2025 legislative session to help maintain the system's long-term stability.