Mississippi Legislature
2003 Regular Session

House Bill 535

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Bill Text

History of Actions

Background

Title

Description: Retirement; PERS members with 10 years service may receive one-time distribution from their contributions for certain purposes.

Bill Text: [Introduced]

History of Actions:

1 01/08 (H) Referred To Appropriations
2 02/04 (H) Died In Committee

Background Information:

Effective dateJuly 1, 2003
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
Vote type requiredMajority

House Committee:

Principal Author: Fleming

Code Sections: A 025-0011-0117, A 025-0011-0115

Title: AN ACT TO AMEND SECTION 25-11-117, MISSISSIPPI CODE OF 1972, TO AUTHORIZE ACTIVE MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO HAVE AT LEAST TEN YEARS OF MEMBERSHIP SERVICE TO RECEIVE A DISTRIBUTION OF UP TO ONE-THIRD OF THE AMOUNT OF THE MEMBER'S CONTRIBUTIONS, WHICH SHALL BE USED ONLY FOR CERTAIN SPECIFIED PURPOSES; TO PROVIDE THAT A MEMBER MAY RECEIVE A DISTRIBUTION UNDER THIS PROVISION ONLY ONE TIME; TO PROVIDE THAT IF A MEMBER RECEIVES A DISTRIBUTION UNDER THIS PROVISION AND LATER IS PAID A REFUND OF THE AMOUNT OF THE MEMBER'S CONTRIBUTIONS AFTER WITHDRAWAL FROM STATE SERVICE, THE AMOUNT OF THE DISTRIBUTION SHALL BE DEDUCTED FROM THE MEMBER'S CONTRIBUTIONS IN COMPUTING THE AMOUNT OF THE REFUND; TO AMEND SECTION 25-11-115, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF A MEMBER RECEIVED A DISTRIBUTION UNDER THE PRECEDING SECTION BEFORE RETIREMENT, THE MEMBER'S RETIREMENT BENEFITS SHALL BE ACTUARIALLY REDUCED TO REFLECT THE AMOUNT OF THE DISTRIBUTION RECEIVED; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/04/03 at 17:50.

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