PERS; repeal Tier 5, but provide a different COLA for new hires.

SB 2906 would have repealed Mississippi's Tier 5 retirement system for new public employees joining after March 1, 2026, and replaced it with a new benefit structure for those joining after July 1, 2026. The new provision would provide an additional retirement benefit calculated as 1% of the annual retirement allowance multiplied by years of service before age 65, plus a compounded 1% increase for each year after age 65. This bill directly affected new state and local government employees hired after July 1, 2026, but it died in committee on February 3, 2026, and never became law.