History of Actions | Background | Title |
Description: Retirement; establish Deferred Retirement Option Program for teachers with 25 years' service.
| 1 | 01/18/99 | (H) | Referred To Education;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 Committees:
Principal Author: Dedeaux
Code Sections: A 025-0011-0105, A 025-0011-0109, A 025-0011-0117, A 025-0011-0127
Title: AN ACT TO AUTHORIZE PUBLIC SCHOOL TEACHERS HAVING 25 OR MORE YEARS' SERVICE IN THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO PARTICIPATE IN A DEFERRED RETIREMENT OPTION PROGRAM (DROP), UNDER WHICH THE TEACHER MAY CONTINUE TEACHING FOR A SPECIFIED PERIOD AND RECEIVE THE REGULAR TEACHING SALARY, WHILE HAVING A SUM PAID INTO AN ACCOUNT FOR THE MEMBER'S BENEFIT, WHICH WILL BE PAID TO THE MEMBER UPON RETIREMENT; TO PROVIDE THAT ELIGIBLE MEMBERS MAY PARTICIPATE IN THE DROP PROGRAM AT ANY TIME, BUT THE DECISION TO PARTICIPATE IN THE DROP PROGRAM IS IRREVOCABLE ONCE IT IS MADE; TO PROVIDE THAT THE DROP ACCOUNT FOR THE BENEFIT OF THE MEMBER SHALL BE HELD IN RESERVE UNTIL THE MEMBER RETIRES; TO PROVIDE THAT REGULAR INTEREST SHALL BE PAID ON MONIES IN THE DROP ACCOUNT DURING THE TIME THAT THE MEMBER PARTICIPATES IN THE DROP PROGRAM AND UNTIL THE MONIES ARE PAID TO THE MEMBER; TO PROVIDE THAT AT THE TIME OF THE MEMBER'S RETIREMENT, THE MEMBER SHALL RECEIVE THE ACCUMULATED MONIES IN THE DROP ACCOUNT IN ADDITION TO THE REGULAR RETIREMENT ALLOWANCE; TO PROVIDE THAT ANY MEMBER PARTICIPATING IN THE DROP PROGRAM SHALL NOT BE AN ACTIVE MEMBER OF THE RETIREMENT SYSTEM AND SHALL NOT RECEIVE ANY CREDITABLE SERVICE FOR THE PERIOD OF PARTICIPATION IN THE PROGRAM; TO AMEND SECTIONS 25-11-105, 25-11-109, 25-11-117 AND 25-11-127, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.
End Of Document
1999\html\History/HB\HB1425.htm