MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Appropriations

By: Representatives Bowles, Clarke, Frierson, Horne, Stevens

AN ACT TO AMEND SECTION 25-11-19, MISSISSIPPI CODE OF 1972, TO REQUIRE THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO REPORT TO THE LEGISLATURE THE CONDITION OF THE PROGRAMS ADMINISTERED BY THE BOARD IN TERMS OF CERTAIN MEASURES OF PERFORMANCE; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 25-11-19, Mississippi Code of 1972, is amended as follows:

25-11-19. (1) The board shall make studies concerning the problem of old-age and survivors insurance protection for employees of the state and local governments and their instrumentalities and concerning the operation of agreements made and plans approved under Articles 1 and 3 of this chapter, shall submit a report to the Governor not later than the first day of February in each year covering the administration and operation of both articles during the preceding calendar year, and shall make such recommendations for amendments to those articles as it deems proper.

(2) In addition to the reports required in subsection (1) of this section, the board also shall report to the Legislature and its members the condition of the programs administered under Article 3 of this chapter in terms of the amortization period of the unfunded accrued liability, unfunded accrued liability as a percentage of covered payroll, and any other measure that is appropriate in accordance with the statements of the Governmental Accounting Standards Board.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.