History of Actions | Amendments | Background | Title |
Description: Retirement; revise calculation of PERS additional annual benefit.
| 1 | 01/07/99 | (S) | Referred To Finance | |
| 2 | 01/07/99 | (S) | Title Suff Do Pass | |
| 3 | 01/08/99 | (S) | Passed | |
| 4 | 01/11/99 | (S) | Transmitted To House | |
| 5 | 01/12/99 | (H) | Referred To Appropriations | |
| 6 | 02/01/99 | (H) | Title Suff Do Pass As Amended | |
| 7 | 02/03/99 | (H) | Amended | |
| 8 | 02/03/99 | (H) | Passed As Amended | |
| 9 | 02/08/99 | (H) | Returned For Concurrence | |
| 10 | 02/09/99 | (S) | Decline to Concur/Invite Conf | |
| 11 | 02/17/99 | (S) | Conferees Named Bryan,Canon,Johnson (38th) | |
| 12 | 02/18/99 | (H) | Conferees Named Capps,Perry,McCoy | |
| 13 | 03/29/99 | (H) | Conference Report Filed | |
| 14 | 03/29/99 | (S) | Conference Report Filed | |
| 15 | 03/31/99 | (S) | Died On Calendar |
| Adopted | [H] | Amendment No 1 |
| Adopted | [H] | Amendment No 1 to Committee Amendment No 1 |
| Effective date | July 1, 1999 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
Senate Committee:
House Committee:
Principal Author: Bryan
Additional Authors: Smith, Lee, Stogner, Thames, Harvey, Ferris, Johnson (38th), Turner, Frazier, White (5th), Furniss, Jackson, Horhn, Posey
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 MEMBERSHIP SERVICE IN EXCESS OF TWENTY-FIVE YEARS; TO REQUIRE THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO USE THE INCREASED PERCENTAGE TO RECALCULATE THE BENEFITS OF RETIRED MEMBERS AND THEIR BENEFICIARIES; 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 62 PLUS 3% COMPOUNDED BY THE NUMBER OF FISCAL YEARS IN RETIREMENT BEGINNING WITH THE YEAR IN WHICH THE MEMBER REACHES AGE 62 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; AND FOR RELATED PURPOSES.
End Of Document
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