1997 Regular Session
To: Local and Private Legislation
By: Representative Montgomery
House Bill 1919
(As Sent to Governor)
AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF CLINTON, MISSISSIPPI, TO ESTABLISH THE PAYMENT OF CERTAIN COST OF LIVING INCREASES TO MEMBERS OF THE DISABILITY AND RELIEF FUND FOR FIREMEN AND POLICEMEN; TO PROVIDE THAT PAYMENT OF THE COST OF LIVING INCREASES SHALL NOT BE ESTABLISHED UNLESS THE DISABILITY AND RELIEF FUND CURRENTLY IS ACTUARIALLY SOUND AND WILL REMAIN ACTUARIALLY SOUND IF THE COST OF LIVING INCREASES ARE PAID; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Subject to the provisions of subsection (2) of this section, the governing authorities of the City of Clinton, Mississippi, in their discretion, are hereby authorized to establish the payment of one (1) additional payment each year from monies accumulated in the Clinton Disability and Relief Fund for Firemen and Policemen to all retired members of such disability and relief fund who on December 1 of each year are receiving a retirement allowance under any provision of Section 21-29-101 et seq., Mississippi Code of 1972. Such payment may be made to any person who has been retired for not less than one (1) fiscal year after June 30, 1996. The amount of the payment shall be determined by the governing authorities, but shall not exceed ten percent (10%) of the annual retirement allowance for any year in which such an additional payment is made.
(2) Payment of the additional payments authorized under subsection (1) of this section shall not be established unless the
Clinton Disability and Relief Fund for Firemen and Policemen is actuarially sound, as shown by the most recent actuarial study required by Section 21-29-119, Mississippi Code of 1972, and the
fund will remain actuarially sound if the additional payments authorized under subsection (1) of this section are made, as shown
by a certified statement from the actuarial firm that prepared the most recent actuarial study.
(3) After the governing authorities of the City of Clinton have adopted a resolution to establish the additional payments authorized under subsection (1) of this section and the advisory board provided for in Section 21-29-105, Mississippi Code of 1972, has adopted a resolution supporting the establishment of the additional payments, and after the Board of Trustees of the Public Employees' Retirement System has received these resolutions and received the most recent actuarial study of the disability and relief fund and the certified statement from the actuarial firm that the fund will remain actuarially sound if the additional payments are made, then the board of trustees shall make the payments directly to the persons authorized and entitled to receive the payments.
SECTION 2. This act shall take effect and be in force from and after its passage.