Bill Text | History of Actions | Background | Title |
Description: Retirement; state elected officials in PERS may purchase additional years of creditable service.
Bill Text: [Introduced]
| 1 | 01/11 (H) Referred To Appropriations | |
| 2 | 02/05 (H) Died In Committee |
| Effective date | July 1, 2002 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority |
House Committee:
Principal Author: Moak
Code Section: A 025-0011-0109
Title: AN ACT TO AMEND SECTION 25-11-109, MISSISSIPPI CODE OF 1972, TO AUTHORIZE ELECTED OFFICIALS WHOSE SALARY IS PAID BY THE STATE OF MISSISSIPPI AND WHO ARE MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO RECEIVE ONE-HALF YEAR OF ADDITIONAL CREDITABLE SERVICE FOR EACH YEAR OF SERVICE AS SUCH AN ELECTED OFFICIAL AFTER JANUARY 1, 2003, UP TO A MAXIMUM OF EIGHT YEARS OF ADDITIONAL CREDITABLE SERVICE; TO REQUIRE THOSE MEMBERS TO MAKE AN ANNUAL ELECTION TO PURCHASE ADDITIONAL CREDITABLE SERVICE FOR THE UPCOMING YEAR; TO REQUIRE THOSE MEMBERS TO PAY ADDITIONAL EMPLOYEE CONTRIBUTIONS DURING ANY YEAR FOR WHICH HE OR SHE HAS ELECTED TO PURCHASE ADDITIONAL CREDITABLE SERVICE, IN AN AMOUNT EQUAL TO 50% OF THE COMBINED TOTAL OF THE EMPLOYEE AND EMPLOYER CONTRIBUTIONS THAT ARE PAID ON THE MEMBER'S EARNED COMPENSATION; TO AUTHORIZE ELECTED OFFICIALS HOLDING OFFICE ON JULY 1, 2002, WHOSE SALARY IS PAID BY THE STATE OF MISSISSIPPI AND WHO ARE MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO PURCHASE ONE-HALF YEAR OF CREDITABLE SERVICE FOR EACH YEAR SERVED AS SUCH AN ELECTED OFFICIAL BEFORE JANUARY 1, 2003, UP TO A MAXIMUM OF EIGHT YEARS OF ADDITIONAL CREDITABLE SERVICE; TO REQUIRE THOSE MEMBERS TO PAY AN AMOUNT EQUAL TO 50% OF THE COMBINED TOTAL OF THE EMPLOYEE AND EMPLOYER CONTRIBUTIONS THAT WOULD HAVE BEEN PAID ON HIS OR HER EARNED COMPENSATION FOR EACH YEAR OF ADDITIONAL CREDITABLE SERVICE THAT THE MEMBER PURCHASES; TO REQUIRE THOSE MEMBERS TO PURCHASE ALL ADDITIONAL CREDITABLE SERVICE UNDER THIS PROVISION BEFORE JANUARY 1, 2004; AND FOR RELATED PURPOSES.
End Of Document
2002/html/History/HB/HB0550.htm