[Introduced] [Committee Substitute] [Passed House] [Sent to Governor]
History of Actions | Amendments | Background | Title |
Description: Retirement; revise calculation of PERS additional annual benefit.
| 1 | 01/05/99 | (H) | Referred To Appropriations | |
| 2 | 01/06/99 | (H) | Title Suff Do Pass Comm Sub | |
| 3 | 01/06/99 | (H) | Committee Substitute Adopted | |
| 4 | 01/06/99 | (H) | Passed | |
| 5 | 01/07/99 | (H) | Transmitted To Senate | |
| 6 | 01/08/99 | (S) | Referred To Finance | |
| 7 | 01/19/99 | (S) | Title Suff Do Pass As Amended | |
| 8 | 02/04/99 | (S) | Amended | |
| 9 | 02/04/99 | (S) | Passed As Amended | |
| 10 | 02/05/99 | (S) | Returned For Concurrence | |
| 11 | 02/09/99 | (H) | Decline to Concur/Invite Conf | |
| 12 | 02/10/99 | (H) | Conferees Named Capps,Perry,McCoy | |
| 13 | 02/17/99 | (S) | Conferees Named Bryan,Canon,Johnson (38th) | |
| 14 | 03/29/99 | (H) | Conference Report Filed | |
| 15 | 03/29/99 | (S) | Conference Report Filed | |
| 16 | 03/30/99 | (S) | Conference Report Adopted | |
| 17 | 03/30/99 | (H) | Conference Report Adopted | |
| 18 | 04/06/99 | (H) | Enrolled Bill Signed | |
| 19 | 04/07/99 | (S) | Enrolled Bill Signed | |
| 20 | 04/23/99 | Approved by Governor |
| Adopted | [S] | Amendment No 1 |
| Effective date | July 1, 1999 | |
| Disposition | Law | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No | |
| Chapter number | 590 |
House Committee:
Senate Committee:
Principal Author: Perry
Additional Author: Gadd
Code Sections: A 025-0011-0111, A 025-0011-0112
Title: AN ACT TO AMEND SECTION 25-11-111, MISSISSIPPI CODE OF 1972, TO INCREASE THE PERCENTAGE THAT IS USED TO CALCULATE RETIREMENT BENEFITS FOR MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WITH SERVICE EXCEEDING 25 YEARS; TO REQUIRE THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM TO USE THAT INCREASED PERCENTAGE TO RECALCULATE THE BENEFITS OF RETIRED MEMBERS AND THEIR BENEFICIARIES; TO PROVIDE THAT BEGINNING ON JULY 1, 2000, THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM SHALL IMPLEMENT CHANGES IN THE COMPUTATION OF THE AMOUNT OF THE ANNUAL RETIREMENT ALLOWANCE IN SEVEN PHASES; TO PROVIDE THAT THE RETIREMENT ALLOWANCE COMPUTATION PERCENTAGE FOR YEARS OF SERVICE UNDER 25 YEARS SHALL BE INCREASED TO TWO PERCENT FOR AN ADDITIONAL FIVE YEARS OF STATE SERVICE IN EACH OF THE FIRST FIVE PHASES; TO PROVIDE THAT THE RETIREMENT ALLOWANCE COMPUTATION PERCENTAGES FOR YEARS OF SERVICE ABOVE 25 YEARS SHALL BE INCREASED DURING THE SIXTH AND SEVENTH PHASES; TO PROVIDE THAT THE BOARD OF TRUSTEES SHALL IMPLEMENT THE PHASES SYSTEMATICALLY UPON JULY 1 AFTER THE BOARD'S ACTUARY CERTIFIES THAT IMPLEMENTATION OF A PHASE WILL NOT CAUSE THE UNFUNDED ACCRUED ACTUARIAL LIABILITY AMORTIZATION PERIOD FOR THE RETIREMENT SYSTEM TO EXCEED 22 YEARS; TO PROVIDE THAT THE BOARD OF TRUSTEES SHALL HAVE THE EXCLUSIVE AUTHORITY TO SET THE ASSUMPTIONS THAT ARE USED IN THE ACTUARIAL EVALUATION; TO PROVIDE THAT THE BOARD OF TRUSTEES SHALL RECALCULATE THE RETIREMENT ALLOWANCE OF ANY RETIRED MEMBER OR BENEFICIARY OF SUCH A MEMBER AS EACH PHASE IS IMPLEMENTED; TO AMEND SECTION 25-11-112, MISSISSIPPI CODE OF 1972, TO REVISE THE CALCULATION OF THE ADDITIONAL ANNUAL BENEFIT FOR MEMBERS AND BENEFICIARIES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM; TO PROVIDE THAT THE ADDITIONAL BENEFIT SHALL BE THE GREATER OF 4% OF THE RETIREMENT ALLOWANCE TIMES THE NUMBER OF FISCAL YEARS IN RETIREMENT THROUGH JUNE 30, 1998, OR THE SUM OF 3% OF THE RETIREMENT ALLOWANCE TIMES THE NUMBER OF FISCAL YEARS IN RETIREMENT BEFORE THE MEMBER REACHES AGE 55 PLUS 3% COMPOUNDED BY THE NUMBER OF FISCAL YEARS IN RETIREMENT BEGINNING WITH THE YEAR IN WHICH THE MEMBER REACHES AGE 55 TIMES THE RETIREMENT ALLOWANCE; TO PROVIDE THAT THE ADDITIONAL BENEFIT SHALL BE PAID IN ONE PAYMENT IN DECEMBER OF EACH YEAR TO THOSE PERSONS WHO ARE RECEIVING A RETIREMENT ALLOWANCE ON DECEMBER 1 OF THAT YEAR, UNLESS AN IRREVOCABLE ELECTION IS MADE TO HAVE THE BENEFIT PAID IN 12 EQUAL MONTHLY INSTALLMENTS; TO ALLOW MEMBERS AND BENEFICIARIES WHO ARE CURRENTLY RECEIVING THE ADDITIONAL ANNUAL PAYMENT IN MONTHLY INSTALLMENTS TO ELECT TO RECEIVE THE ADDITIONAL BENEFIT PROVIDED FOR UNDER THIS ACT IN ONE ADDITIONAL PAYMENT EACH YEAR; TO PROVIDE THAT IF A PERSON WHO IS RECEIVING A RETIREMENT ALLOWANCE THAT WILL TERMINATE UPON HIS DEATH IS RECEIVING THE ADDITIONAL BENEFIT IN ONE PAYMENT AND DIES ON OR AFTER JULY 1 BUT BEFORE DECEMBER 1, THE BENEFICIARY OR ESTATE OF THE PERSON SHALL RECEIVE A FRACTIONAL PART OF THE ADDITIONAL BENEFIT BASED ON THE NUMBER OF MONTHS IN WHICH A RETIREMENT ALLOWANCE WAS RECEIVED DURING THE FISCAL YEAR; AND FOR RELATED PURPOSES.
End Of Document
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