Bill Text | History of Actions | Background | Title |
Description: Public Employees' Supplemental Retirement Plan; establish.
Bill Text: [Introduced]
| 1 | 01/02 (H) Referred To Appropriations | |
| 2 | 01/30 (H) Died In Committee |
| Effective date | July 1, 2001 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
House Committee:
Principal Author: Guice
Title: AN ACT TO CREATE NEW SECTIONS 25-11-501 THROUGH 25-11-517, MISSISSIPPI CODE OF 1972, TO ESTABLISH THE PUBLIC EMPLOYEES' SUPPLEMENTAL RETIREMENT PLAN TO PROVIDE MORE BENEFITS FOR MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO WISH TO MAKE ADDITIONAL CONTRIBUTIONS FOR THAT PURPOSE; TO PROVIDE THAT THE PLAN WILL BE UNDER THAT MANAGEMENT OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM; TO PROVIDE THAT ANY ACTIVE MEMBER OF THE RETIREMENT SYSTEM WHO ELECTS TO PARTICIPATE IN THE PLAN WILL BE A MEMBER OF THE PLAN; TO AUTHORIZE PERSONS TO ELECT TO PARTICIPATE IN THE PLAN UPON THEIR ANNIVERSARY DATE OF MEMBERSHIP IN THE RETIREMENT SYSTEM; TO PROVIDE THAT AFTER A MEMBER HAS ELECTED TO PARTICIPATE IN THE PLAN, THE MEMBER MUST CONTINUE TO MAKE CONTRIBUTIONS TO THE PLAN FOR AS LONG AS HE OR SHE IS AN ACTIVE MEMBER OF THE RETIREMENT SYSTEM; TO PROVIDE THAT A PERSON MUST BE A MEMBER OF THE PLAN FOR AT LEAST THREE YEARS BEFORE HE OR SHE WILL BE ELIGIBLE FOR BENEFITS UNDER THE PLAN; TO PROVIDE THAT A MEMBER MUST BE RETIRED FOR SERVICE UNDER THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND MUST BE RECEIVING A RETIREMENT ALLOWANCE FROM THE RETIREMENT SYSTEM, IN ORDER TO RECEIVE BENEFITS UNDER THE PLAN; TO PROVIDE THAT A MEMBER WHO IS RETIRED FOR DISABILITY UNDER THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND IS RECEIVING A DISABILITY RETIREMENT ALLOWANCE FROM THE RETIREMENT SYSTEM IS NOT ELIGIBLE TO RECEIVE BENEFITS UNDER THE PLAN; TO PROVIDE THAT THE PLAN WILL BE FUNDED ONLY FROM EMPLOYEE CONTRIBUTIONS AND THERE WILL BE NO EMPLOYER CONTRIBUTIONS TO THE PLAN; TO PROVIDE THAT THE RETIREMENT ALLOWANCE FROM THE PLAN SHALL CONSIST OF 50% OF THE AMOUNT OF THE RETIREMENT ALLOWANCE THAT THE MEMBER WILL RECEIVE FROM THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM, BASED ON ALL THE YEARS OF CREDITABLE SERVICE THAT THE MEMBER HAS WITH THE RETIREMENT SYSTEM, WHETHER THAT CREDITABLE SERVICE WAS EARNED BEFORE OR AFTER THE DATE OF MEMBERSHIP IN THE PLAN; TO AUTHORIZE A MEMBER TO BE PAID A REFUND OF THE AMOUNT OF HIS OR HER ACCUMULATED CONTRIBUTIONS TO THE PLAN IF THE MEMBER HAS WITHDRAWN FROM STATE SERVICE; TO SPECIFY THE POWERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM FOR THE ADMINISTRATION AND OPERATION OF THE PLAN; AND FOR RELATED PURPOSES.
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2001/html/History/HB/HB0039.htm