History of Actions | Background | Title |
Description: Deferred Retirement Option Plan; create.
| 1 | 01/18/99 | (S) | Referred To Finance | |
| 2 | 02/02/99 | (S) | Died In Committee |
| Effective date | July 1, 1999 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
Senate Committee:
Principal Author: Johnson (38th)
Code Sections: A 025-0011-0109, A 025-0011-0117, A 025-0011-0127
Title: AN ACT TO AUTHORIZE CERTAIN MEMBERS OF THE PUBLIC EMPLOYEE'S RETIREMENT SYSTEM TO PARTICIPATE IN A DEFERRED OPTION PLAN IN LIEU OF TERMINATING REEMPLOYMENT AND ACCEPTING A RETIREMENT ALLOWANCE; TO PROVIDE THAN AN ELECTION TO PARTICIPATE IN THE PLAN MAY BE MADE ONLY ONCE FOR A SPECIFIED PERIOD NOT TO EXCEED THREE YEARS; TO PROVIDE THAT A MEMBER PARTICIPATING IN THE PLAN MAY NOT TERMINATE PARTICIPATION PRIOR TO THE END OF THE SELECTED DURATION WITHOUT TERMINATING EMPLOYMENT; TO PROVIDE THAT DURING PARTICIPATION IN THE DEFERRED OPTION PLAN THE PARTICIPANT SHALL REMAIN A MEMBER OF THE SYSTEM BUT EMPLOYER AND EMPLOYEE CONTRIBUTION SHALL NOT BE PAYABLE; TO PROVIDE THAT THE RETIREMENT BENEFITS WHICH OTHERWISE WOULD HAVE BEEN DUE THE PARTICIPANT SHALL, DURING THE PERIOD OF PARTICIPATION IN THE PLAN, BE CREDITED TO THE DEFERRED RETIREMENT OPTION PLAN ACCOUNT; TO REQUIRE THE PUBLIC EMPLOYEE'S RETIREMENT SYSTEM TO ESTABLISH A DEFERRED RETIREMENT OPTION PLAN ACCOUNT AND TO MAINTAIN SUBACCOUNTS WITHIN THIS ACCOUNT REFLECTING THE CREDITS ATTRIBUTED TO EACH PARTICIPANT IN THE PLAN; TO PROVIDE THAT UPON TERMINATION OR PARTICIPATION IN THE PLAN AND EMPLOYMENT, A PARTICIPANT SHALL RECEIVE A LUMP SUM PAYMENT FROM THE ACCOUNT OR SYSTEMATIC DISBURSEMENTS FROM HIS INDIVIDUAL SUBACCOUNT IN ANY MANNER APPROVED BY THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT, AND BEGIN TO RECEIVE MONTHLY RETIREMENT BENEFITS BASED ON THE OPTION SELECTED AT THE TIME OF PARTICIPATION IN THE PLAN; TO PROVIDE THAT THE ELECTION TO PARTICIPATE IN THE PLAN IS IRREVOCABLE ONCE MADE; TO AMEND SECTIONS 25-11-109, 25-11-117 AND 25-11-127, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
End Of Document
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