1997 Regular Session
To: Local and Private
By: Senator(s) Moffatt
Senate Bill 3099
(As Sent to Governor)
AN ACT TO AMEND CHAPTER 877, LOCAL AND PRIVATE LAWS OF 1989, AS AMENDED, TO LIMIT THE ADDITIONAL ANNUAL PAYMENT MADE TO ELIGIBLE PERSONS UNDER THE PASCAGOULA DISABILITY AND RELIEF FUND FOR FIREMEN AND POLICEMEN TO NOT MORE THAN 15% OF THE ANNUAL ALLOWANCE; TO REQUIRE THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO MAKE SUCH PAYMENT, SUBJECT TO THE ACTUARIAL SOUNDNESS OF THE SYSTEM; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Chapter 877, Local and Private Laws of 1989, as amended by Chapter 879, Local and Private Laws of 1991, is amended as follows:
Section 1. (1) * * * The Board of Trustees of the Public Employees' Retirement System, subject to subsection (2) of this section, shall annually disburse from the funds on hand in the Pascagoula Disability and Relief Fund for Firemen and Policemen one (1) additional payment to persons who on December 1 of each year are receiving an allowance under Section 21-29-129, 21-29-135, 21-29-139 or 21-29-145, Mississippi Code of 1972, in an amount equal to the annual percentage change in each fiscal year of the Consumer Price Index set by the United States government, not to exceed two and one-half percent (2-1/2%) of the annual allowance for each full fiscal year that the person has actually drawn benefit payments or from passage of this act, whichever is the later date. Payments may be made under the amendments enacted by Senate Bill 3183, 1991 Regular Session, for December 1990, December 1991, and thereafter. Such additional payment shall not exceed fifteen percent (15%) of the annual allowance.
(2) The additional annual payment shall not be made by the Board of Trustees of the Public Employees' Retirement System if the payment thereof will cause the Pascagoula Disability and Relief Fund for Firemen and Policemen to become either actuarially unsound or more unsound, if it is already actuarially unsound, as shown by a certified statement from the actuarial firm that prepared the most recent actuarial study required by Section 21-29-119, Mississippi Code of 1972.
(3) Persons eligible to receive the payments provided in this act shall receive such payments in one (1) additional payment, except that such person may elect by an irrevocable agreement on a form prescribed by the Board of Trustees of the Public Employees' Retirement System to receive such payments in not less than equal monthly installments not to exceed six (6) months during the remaining months of the current fiscal year. In the event of death of a person or a beneficiary thereof receiving monthly benefits, any remaining amounts shall be paid in a lump sum to the designated beneficiary.
SECTION 2. This act shall take effect and be in force from and after its passage.