Mississippi Legislature

1999 Regular Session

House Bill 593

[Introduced]

Instructions Bill Status Menu




History of Actions

Background

Title

Description: Retirement allowance; revise basis for calculating first year amount under PERS.

History of Actions:

101/06/99(H)Referred To Appropriations
202/02/99(H)Died In Committee

Background Information:

Effective dateJuly 1, 1999
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo

House Committee:

Principal Author: McInnis

Code Sections: A 025-0011-0111, A 025-0011-0123

Title: AN ACT TO AMEND SECTION 25-11-111, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT FOR ANY MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO RETIRES AFTER JULY 1, 1999, THE AMOUNT OF THE MEMBER'S RETIREMENT ALLOWANCE FOR THE FIRST YEAR AFTER RETIREMENT SHALL BE EQUAL TO TWO PERCENT OF THE TOTAL AMOUNT IN THE MEMBER'S ANNUITY SAVINGS ACCOUNT AT THE TIME OF RETIREMENT FOR EACH YEAR OF STATE SERVICE; TO PROVIDE THAT FOR ALL SUBSEQUENT YEARS AFTER RETIREMENT, THE AMOUNT OF THE MEMBER'S RETIREMENT ALLOWANCE SHALL BE CALCULATED ACCORDING TO THE CURRENT METHOD; TO AMEND SECTION 25-11-123, MISSISSIPPI CODE OF 1972, TO AUTHORIZE MEMBERS OF THE RETIREMENT SYSTEM TO MAKE ADDITIONAL CONTRIBUTIONS TO THEIR ANNUITY SAVINGS ACCOUNTS, PROVIDED THAT THE TOTAL AMOUNT OF CONTRIBUTIONS THAT A MEMBER MAKES TO ALL TAX-DEFERRED RETIREMENT PLANS IN ANY ONE YEAR DOES NOT EXCEED 25% OF THE MEMBER'S ANNUAL COMPENSATION; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/02/99 at 17:06.



End Of Document

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