Mississippi Senate Committee Quickly Approves Major PERS Funding Transfer

The Mississippi Senate Appropriations Committee on Tuesday unanimously approved legislation in under five minutes that would transfer hundreds of millions of dollars in state funds to bolster the Public Employees’ Retirement System (PERS).

Under the proposal, $500 million would be transferred from the Capital Expense Fund to the PERS account effective July 1. The legislation would also authorize additional $50 million annual transfers through 2036.

The measure now moves forward in the legislative process for further consideration.