History of Actions | Background | Title |
Description: Retirement allowance; revise basis for calculating first year amount under PERS.
| 1 | 01/06/99 | (H) | Referred To Appropriations | |
| 2 | 02/02/99 | (H) | Died In Committee |
| Effective date | July 1, 1999 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
House Committee:
Principal Author: McInnis
Code Sections: A 025-0011-0111, A 025-0011-0123
Title: AN ACT TO AMEND SECTION 25-11-111, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT FOR ANY MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO RETIRES AFTER JULY 1, 1999, THE AMOUNT OF THE MEMBER'S RETIREMENT ALLOWANCE FOR THE FIRST YEAR AFTER RETIREMENT SHALL BE EQUAL TO TWO PERCENT OF THE TOTAL AMOUNT IN THE MEMBER'S ANNUITY SAVINGS ACCOUNT AT THE TIME OF RETIREMENT FOR EACH YEAR OF STATE SERVICE; TO PROVIDE THAT FOR ALL SUBSEQUENT YEARS AFTER RETIREMENT, THE AMOUNT OF THE MEMBER'S RETIREMENT ALLOWANCE SHALL BE CALCULATED ACCORDING TO THE CURRENT METHOD; TO AMEND SECTION 25-11-123, MISSISSIPPI CODE OF 1972, TO AUTHORIZE MEMBERS OF THE RETIREMENT SYSTEM TO MAKE ADDITIONAL CONTRIBUTIONS TO THEIR ANNUITY SAVINGS ACCOUNTS, PROVIDED THAT THE TOTAL AMOUNT OF CONTRIBUTIONS THAT A MEMBER MAKES TO ALL TAX-DEFERRED RETIREMENT PLANS IN ANY ONE YEAR DOES NOT EXCEED 25% OF THE MEMBER'S ANNUAL COMPENSATION; AND FOR RELATED PURPOSES.
End Of Document
1999\html\History/HB\HB0593.htm