1998 Regular Session
To: Local and Private Legislation
By: Representative Johnson
House Bill 749
(As Sent to Governor)
AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF YAZOO CITY, MISSISSIPPI, TO ESTABLISH AN ADDITIONAL ANNUAL PAYMENT TO MEMBERS OF THE DISABILITY AND RELIEF FUND FOR FIREMEN AND POLICEMEN; TO PROVIDE THAT PAYMENT OF THE ADDITIONAL PAYMENTS SHALL NOT BE ESTABLISHED UNLESS THE DISABILITY AND RELIEF FUND IS ACTUARIALLY SOUND AND WILL REMAIN ACTUARIALLY SOUND IF THE ADDITIONAL PAYMENTS ARE MADE; 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 Yazoo City, Mississippi, in their discretion, are authorized to establish the payment of one (1) additional payment each year from monies accumulated in the City of Yazoo City Disability and Relief Fund for Firemen and Policemen to all retired members of the disability and relief fund and beneficiaries thereof 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. The amount of the additional payment shall be 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 retirement allowance for each full fiscal year after June 30, 1997, that the retired member or beneficiary has actually drawn retirement payments from the date of retirement; however, the maximum amount of the additional payment shall not exceed twenty-five percent (25%) of the annual retirement allowance.
(2) Payment of the additional payments authorized under subsection (1) of this section shall not be established unless the City of Yazoo City 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 Yazoo City 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 to the persons authorized and entitled to receive the payments.
(4) Persons eligible to receive the payments authorized under this section shall receive such payments in one (1) additional payment, except that the person may elect by an irrevocable agreement on a form prescribed by the Board of Trustees of the Public Employees' Retirement System to receive the 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.