PERS; allow Tier 5 members to receive 3% COLA, but not to exceed $15,000.00 in any single year.

SB 2903 modifies Mississippi's Public Employees' Retirement System (PERS) by establishing a 3% annual cost-of-living adjustment (COLA) for members who join the system on or after March 1, 2026. This COLA is capped at $15,000 per year, meaning retirees in this category cannot receive more than that amount annually, even if the 3% calculation would exceed it. Every three years, the Mississippi legislature may review and potentially raise the $15,000 cap based on inflation rates. The bill only affects new members joining after March 2026, leaving existing retirees and earlier members unchanged.