Bill Text | History of Actions | Background | Title |
Description: Biloxi; may provide for cost-of-living increases for retired firemen and policemen of the city.
Bill Text: [Introduced]
| 1 | 01/29 (S) Referred To Local and Private | |
| 2 | 02/13 (S) Title Suff Do Pass | |
| 3 | 03/01 (S) Recommitted to Committee | |
| 4 | 03/30 (S) Died In Committee |
| Effective date | Passage | |
| Disposition | Dead | |
| Deadline | None | |
| Revenue | No | |
| Vote type required | Majority |
Senate Committee:
Principal Author: Gollott
Additional Author: Hewes
Title: AN ACT TO AMEND SECTIONS 2, 3 AND 4 OF CHAPTER 931, LOCAL AND PRIVATE LAWS OF 1993, AS LAST AMENDED BY CHAPTER 988, LOCAL AND PRIVATE LAWS OF 1996, TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF BILOXI TO PROVIDE FOR ANNUAL COST-OF-LIVING INCREASES FOR CURRENT AND FUTURE RETIRED MEMBERS OF THE BILOXI DISABILITY AND RELIEF FUND FOR FIREMEN AND POLICEMEN, AND BENEFICIARIES THEREOF, IN AN AMOUNT EQUAL TO 3% OF THE ANNUAL RETIREMENT ALLOWANCE; TO PROVIDE THAT THE COST-OF-LIVING INCREASES SHALL BE PAID IN ONE ADDITIONAL ANNUAL PAYMENT OR IN 12 EQUAL MONTHLY INSTALLMENTS, AS ELECTED BY THE RETIREE; TO PROVIDE THAT THE MAXIMUM CUMULATIVE PERCENTAGE OF ALL ANNUAL COST-OF-LIVING INCREASES RECEIVED UNDER THIS ACT SHALL NOT EXCEED 30% OF THE ANNUAL RETIREMENT ALLOWANCE, UNLESS THE GOVERNING AUTHORITIES AUTHORIZE THE PAYMENT OF ADDITIONAL ANNUAL COST-OF-LIVING INCREASES ABOVE 30% AND CERTAIN CONDITIONS ARE MET; TO PROVIDE THAT THE COST-OF-LIVING INCREASES AUTHORIZED UNDER THIS ACT SHALL BE SUSPENDED IF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AT ANY TIME DETERMINES THAT CONTINUING THE PAYMENT OF THE COST-OF-LIVING INCREASES WOULD MAKE THE DISABILITY AND RELIEF FUND ACTUARIALLY UNSOUND; TO PROVIDE THAT THE COST-OF-LIVING INCREASES AUTHORIZED UNDER THIS ACT SHALL NOT BE IMPLEMENTED UNLESS THE DISABILITY AND RELIEF FUND CURRENTLY IS ACTUARIALLY SOUND AND WILL REMAIN ACTUARIALLY SOUND IF THE COST-OF-LIVING INCREASES ARE MADE; TO PROVIDE THAT IF THE COST-OF-LIVING INCREASES AUTHORIZED UNDER THIS ACT WOULD MAKE THE DISABILITY AND RELIEF FUND ACTUARIALLY UNSOUND, THE GOVERNING AUTHORITIES ARE AUTHORIZED TO PROVIDE FOR A REDUCED VERSION OF THE COST-OF-LIVING INCREASES THAT WOULD LEAVE THE FUND ACTUARIALLY SOUND; TO AUTHORIZE THE GOVERNING AUTHORITIES TO USE ANY AVAILABLE FUNDS TO SUPPLEMENT THE DISABILITY AND RELIEF FUND TO MAKE IT ACTUARIALLY SOUND; AND FOR RELATED PURPOSES.
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2001/html/History/SB/SB3058.htm