PERS; require any terminated plan to pay net pension liability to board in a lump sum before termination.

This bill requires any local government retirement plan previously approved by Mississippi's Public Employees' Retirement System (PERS) to pay its full net pension liability to the PERS board in a single lump sum before the plan terminates. It applies specifically to political subdivisions (like cities or counties) ending their retirement plans, mandating they pay the greater of the liability as of June 30, 2026, or their actual termination date. The bill amends PERS law to enforce this lump-sum payment as a condition of termination, ensuring local governments settle pension obligations before exiting the system. This changes how retirement plan terminations are handled, requiring immediate financial settlement rather than deferred payments.