Senate Bill 2004

AN ACT TO ENACT THE MISSISSIPPI PERS STABILITY ACT; TO DIRECT THE TRANSFER OF $500,000,000.00 FROM THE CAPITAL EXPENSE FUND TO THE EMPLOYERS' ACCUMULATION ACCOUNT OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM CREATED IN SECTION 25-11-123(C) ON JULY 1, 2026; TO DIRECT THE ANNUAL TRANSFER OF $50,000,000.00 FROM THE CAPITAL EXPENSE FUND TO THE EMPLOYERS' ACCUMULATION ACCOUNT OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM CREATED IN SECTION 25-11-123(C) FROM JULY 1, 2027, AND ON EVERY JULY 1 THEREAFTER THROUGH AND INCLUDING JULY 1, 2036; TO PROVIDE FOR GENERAL FUNDS TO BE USED IN THE EVENT THAT UNOBLIGATED FUNDS ARE NOT AVAILABLE IN THE CAPITAL EXPENSE FUND; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. This act shall be known and may be cited as the "Mississippi PERS Stability Act."

SECTION 2. On July 1, 2026, the State Treasurer, in conjunction with the State Fiscal Officer, shall transfer the sum of Five Hundred Million Dollars ($500,000,000.00) from the Capital Expense Fund (Fund No. 6499C00000) to the Employers' Accumulation Account of the Public Employees' Retirement System created in Section 25-11-123(c), Mississippi Code of 1972.

SECTION 3. (1) On July 1, 2027, and on every July 1 thereafter through and including July 1, 2036, the State Treasurer, in conjunction with the State Fiscal Officer, shall transfer the sum of Fifty Million Dollars ($50,000,000.00) from the Capital Expense Fund (Fund No. 6499C00000) to the Employers' Accumulation Account of the Public Employees' Retirement System created in Section 25-11-123(c), Mississippi Code of 1972.

(2) If, on a date of transfer under subsection (1) of this section, the Capital Expense Fund (Fund No. 6499C00000) contains less than Fifty Million Dollars ($50,000,000.00) in unobligated funds, the State Treasurer, in conjunction with the State Fiscal Officer, shall transfer the balance of the unobligated funds from the Capital Expense Fund (Fund No. 6499C00000) and a sum in the amount necessary from the State General Fund (Fund No. 2999000000) so that a total sum of Fifty Million Dollars ($50,000,000.00) is transferred to the Employers' Accumulation Account of the Public Employees' Retirement System created in Section 25-11-123(c), Mississippi Code of 1972.

SECTION 4. This act shall take effect and be in force from and after July 1, 2026.