History of Actions | Background | Title |
Description: Public Employees' Retirement System; provide Continued Employment-Early Retirement option.
| 1 | 01/20/97 | (S) | Referred To Finance | |
| 2 | 02/04/97 | (S) | Died In Committee |
| Effective date | July 1, 1997 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
Senate Committee:
Principal Author: Little
Additional Authors: Burton, Minor, Gollott, Hawks, Nunnelee, Rayborn, Huggins, Robertson, Gordon
Code Sections: A 025-0011-0005, A 025-0011-0103, A 025-0011-0105, A 025-0011-0127, A 037-0019-0007
Title: AN ACT TO CODIFY SECTION 25-11-111.1, MISSISSIPPI CODE OF 1972, TO PROVIDE A CONTINUED EMPLOYMENT-EARLY RETIREMENT OPTION FOR ELIGIBLE MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM UNDER WHICH SUCH MEMBER BEGINS TO RECEIVE A RETIREMENT ALLOWANCE NOTWITHSTANDING HIS OR HER CONTINUED EMPLOYMENT, TO PROVIDE THAT ALL CONTRIBUTIONS PAID INTO THE SYSTEM BY SUCH MEMBER AS AN EMPLOYEE AND BY HIS OR HER EMPLOYER SHALL BE FORFEITED AND PAID INTO THE ANNUITY RESERVE ACCOUNT FOR PRORATION AMONG ALL MEMBERS OF THE SYSTEM; TO PROVIDE THAT A MEMBER WHO ELECTS TO PARTICIPATE IN THE CONTINUED EMPLOYMENT-EARLY RETIREMENT OPTION SHALL ACCEPT A 20% REDUCTION IN THE SALARY TO WHICH HE WOULD OTHERWISE BE ENTITLED FOR THE PERIOD OF TIME SUCH MEMBER PARTICIPATES IN SUCH OPTION; TO PROVIDE FOR A ONE-TIME REVOCATION OF SUCH OPTION BY THE MEMBER; TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 25-3-70, MISSISSIPPI CODE OF 1972, TO MAKE IT CLEAR THAT THE REDUCTION IN SALARY REQUIRED FOR PARTICIPATION IN THE CONTINUED EMPLOYMENT-EARLY RETIREMENT OPTION APPLIES TO CERTAIN POSITIONS WHOSE SALARIES ARE PROVIDED FOR BY STATUTE; TO AMEND SECTIONS 25-11-5, 25-11-103, 25-11-105, 25-11-127 AND 37-19-7, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
End Of Document
1997/History/SB\SB2724.htm