SB3067_H_Cmte_Amend

SECTION 1. Chapter 943, Local and Private Laws of 1993, as amended by Chapter 983, Local and Private Laws of 1999, is amended as follows:

Section 1. (1) (a) Subject to the provisions of subsection (2) of this section, the governing authorities of the City of Meridian, Mississippi, are authorized, in their discretion, to provide for the payment of minimum monthly benefits of not less than Four Hundred Dollars ($400.00) per month from monies accumulated in the Meridian Police and Fire Disability and Relief Fund to all persons now or hereafter entitled to receive benefits under any provision of Section 21-29-101 et seq., Mississippi Code of 1972, by virtue of service as a member of, or through a member of, the fire and/or police department of the City of Meridian.

(b) Persons who, on June 30, 1999, are receiving a retirement allowance under Section 21-29-101 et seq. shall receive an increase in monthly benefits equal to three and nine-tenths percent (3.9%). If the resulting increased benefit amount is less than Six Hundred Dollars ($600.00) per month, such benefit amount shall be increased to a minimum payment of Six Hundred Dollars ($600.00) per month. Any retiree, or beneficiary thereof, who retires on or after July 1, 1999, shall receive a benefit in an amount equal to no less than Six Hundred Dollars ($600.00) per month.

(c) The governing authorities of the City of Meridian, Mississippi, are authorized to increase, by two percent (2%) every July 1, beginning July 1, 2022, the monthly benefits of persons who, on June 30, 2022, are receiving a retirement allowance under Section 21-29-101 et seq.

(d) The governing authorities of the City of Meridian are authorized to levy such millage as is necessary, in addition to any other tax authorized by law, to make the minimum payment provided herein and maintain the retirement fund on a sound actuarial basis. The proceeds of any such additional millage shall be excluded from the ten percent (10%) increase limitation under Section 27-39-321, Mississippi Code of 1972, for the first year of such additional levy and shall be included within such limitation in any year thereafter.

(2) Payment of the minimum monthly benefits authorized under subsection (1) of this section shall not be established unless the Meridian Police and Fire Disability and Relief Fund 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 minimum monthly benefits 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 Meridian have adopted a resolution specifying the amount of the minimum monthly benefits 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 payment of the specified amount of the minimum monthly benefits, and after the Board of Trustees of the Public Employees' Retirement System has received these resolutions and the most recent actuarial study of the disability and relief fund and the certified statement from the actuarial firm, pursuant to subsection (2) of this section, that the fund will remain actuarially sound if the minimum monthly benefits are paid, then the board of trustees shall pay those benefits to the persons authorized and entitled to receive the payments.

(4) Persons eligible to receive the minimum monthly benefits authorized under this section shall receive such payments monthly effective January 1, 1994. 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. (1) (a) Subject to the provisions of subsection (2) of this section, the governing authorities of the City of Meridian, Mississippi, are authorized, in their discretion, to provide for the payment of minimum monthly benefits of not less than Four Hundred Dollars ($400.00) per month from monies accumulated in the Meridian General Municipal Employee Retirement Fund to all persons now or hereafter entitled to receive benefits under any provision of Section 21-29-1 et seq., Mississippi Code of 1972, by virtue of service as an employee of the City of Meridian.

(b) Persons who, on June 30, 1999, are receiving a retirement allowance under Section 21-29-1 et seq. shall receive an increase in monthly benefits equal to three and nine-tenths percent (3.9%). If the resulting increased benefit amount is less than Six Hundred Dollars ($600.00) per month, such benefit amount shall be increased to a minimum payment of Six Hundred Dollars ($600.00) per month. Any retiree, or beneficiary thereof, who retires on or after July 1, 1999, shall receive a benefit in an amount equal to no less than Six Hundred Dollars ($600.00) per month.

(d) The governing authorities of the City of Meridian are authorized to levy such millage, in addition to any other tax authorized by law, as is necessary to make the minimum payment provided herein and maintain the retirement fund on a sound actuarial basis. The proceeds of any such additional millage shall be excluded from the ten percent (10%) increase limitation under Section 27-39-321, Mississippi Code of 1972, for the first year of such additional levy and shall be included within such limitation in any year thereafter.

(2) Payment of the minimum monthly benefits authorized under subsection (1) of this section shall not be established unless the Meridian General Municipal Employee Retirement Fund is actuarially sound, as shown by the most recent actuarial study required by Section 21-29-27, Mississippi Code of 1972, and the fund will remain actuarially sound if the minimum monthly benefits 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 Meridian have adopted a resolution specifying the amount of the minimum monthly benefits authorized under subsection (1) of this section, and the advisory board provided for in Section 21-29-9, Mississippi Code of 1972, has adopted a resolution supporting the payment of the specified amount of the minimum monthly benefits, and after the Board of Trustees of the Public Employees' Retirement System has received these resolutions and the most recent actuarial study of the disability and relief fund and the certified statement from the actuarial firm, pursuant to subsection (2) of this section, that the fund will remain actuarially sound if the minimum monthly benefits are paid, then the board of trustees shall pay those benefits to the persons authorized and entitled to receive the payments.

SECTION 2. This act shall take effect and be in force from and after July 1, 2022, and shall stand repealed on June 30, 2022.