Bill Text | History of Actions | Background | Title |
Description: Highway Patrol Retirement System; revise cost of living benefit.
Bill Text: [Introduced] [Passed Senate] [Sent to Governor]
| 1 | 01/21 (S) Referred To Finance | |
| 2 | 01/24 (S) Title Suff Do Pass | |
| 3 | 02/06 (S) Passed | |
| 4 | 02/08 (S) Transmitted To House | |
| 5 | 02/11 (H) Referred To Appropriations | |
| 6 | 02/28 (H) Title Suff Do Pass | |
| 7 | 03/05 (H) Passed | |
| 8 | 03/06 (H) Transmitted To Senate | |
| 9 | 03/08 (S) Enrolled Bill Signed | |
| 10 | 03/08 (H) Enrolled Bill Signed | |
| 11 | 03/14 Approved by Governor |
| Effective date | July 1, 2002 | |
| Disposition | Law | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority | |
| Chapter number | 318 |
Senate Committee:
House Committee:
Principal Author: Thames
Code Section: A 025-0013-0012
Title: AN ACT TO AMEND SECTION 25-13-12, MISSISSIPPI CODE OF 1972, TO REVISE THE CALCULATION OF THE ADDITIONAL ANNUAL BENEFIT FOR MEMBERS AND BENEFICIARIES OF THE HIGHWAY SAFETY PATROL RETIREMENT SYSTEM; TO PROVIDE THAT THE ADDITIONAL BENEFIT SHALL BE THE SUM OF 3% OF THE RETIREMENT ALLOWANCE TIMES THE NUMBER OF FISCAL YEARS IN RETIREMENT BEFORE THE MEMBER REACHES AGE 60, PLUS 3% COMPOUNDED BY THE NUMBER OF FISCAL YEARS IN RETIREMENT BEGINNING WITH THE YEAR IN WHICH THE MEMBER REACHES AGE 60, TIMES THE RETIREMENT ALLOWANCE; TO PROVIDE THAT BEGINNING ON JULY 1, 2003, THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM SHALL BEGIN IMPLEMENTING A REDUCTION IN THE AGE AT WHICH COMPOUNDING OF THE ADDITIONAL BENEFIT WILL BEGIN, WHICH SHALL BE IMPLEMENTED IN FIVE PHASES; TO PROVIDE THAT THE AGE WILL BE REDUCED BY ONE YEAR IN EACH OF THE PHASES, UNTIL THE AGE AT WHICH COMPOUNDING WILL BEGIN IS 55 YEARS; TO PROVIDE THAT THE BOARD SHALL IMPLEMENT THE PHASES SYSTEMATICALLY UPON JULY 1 AFTER THE BOARD'S ACTUARY CERTIFIES THAT IMPLEMENTATION OF A PHASE WILL NOT CAUSE THE UNFUNDED ACCRUED ACTUARIAL LIABILITY AMORTIZATION PERIOD FOR THE RETIREMENT SYSTEM TO EXCEED 20 YEARS; TO PROVIDE THAT THE BOARD SHALL HAVE THE EXCLUSIVE AUTHORITY TO SET THE ASSUMPTIONS THAT ARE USED IN THE ACTUARIAL VALUATION; TO PROVIDE THAT THE BOARD SHALL RECALCULATE THE RETIREMENT ALLOWANCE OF ANY RETIRED MEMBER OR BENEFICIARY OF SUCH A MEMBER AS EACH PHASE IS IMPLEMENTED; 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 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 IN THIS ACT IN ONE PAYMENT EACH YEAR; TO AUTHORIZE THE BOARD TO CHANGE THE MANNER IN WHICH MEMBERS OF THE RETIREMENT SYSTEM RECEIVE THE ADDITIONAL BENEFIT IF THE CURRENT MANNER OF PAYMENT WILL CAUSE A FINANCIAL HARDSHIP TO THE RETIRED MEMBER OR HIS BENEFICIARY; TO PROVIDE THAT IF THE ADDITIONAL BENEFIT IS BEING RECEIVED IN ONE PAYMENT, THE BENEFIT SHALL BE PRORATED BASED ON THE NUMBER OF MONTHS IN WHICH A RETIREMENT ALLOWANCE WAS RECEIVED DURING THE YEAR IN CERTAIN SITUATIONS; AND FOR RELATED PURPOSES.
End Of Document
2002/html/History/SB/SB2868.htm