Bill Text | History of Actions | Background | Title |
Description: Retirement; new PERS employees may elect to have all contributions paid into deferred comp instead of PERS.
Bill Text: [Introduced]
| 1 | 01/07 (H) Referred To Appropriations | |
| 2 | 02/04 (H) Died In Committee |
| Effective date | July 1, 2003 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority |
House Committee:
Principal Author: Moore (60th)
Code Sections: A 025-0011-0109, A 025-0011-0111, A 025-0011-0113, A 025-0011-0114, A 025-0011-0117, A 025-0011-0123, A 025-0011-0127, A 025-0014-0011
Title: AN ACT TO ALLOW ANY PERSON WHO BECOMES A MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AFTER JUNE 30, 2003, TO ELECT TO HAVE ALL OF HIS OR HER EMPLOYEE AND EMPLOYER CONTRIBUTIONS PAID INTO THE DEFERRED COMPENSATION PROGRAM INSTEAD OF INTO THE RETIREMENT SYSTEM; TO PROVIDE THAT ANY PERSON WHO MAKES THAT ELECTION WILL NOT EARN ANY CREDITABLE SERVICE IN THE RETIREMENT SYSTEM, AND WILL NOT BE ELIGIBLE FOR A RETIREMENT ALLOWANCE, A DISABILITY RETIREMENT ALLOWANCE OR DEATH BENEFITS UNDER THE RETIREMENT SYSTEM; TO PROVIDE THAT A PERSON MAY MAKE THE ELECTION WITHIN ONE YEAR FROM THE DATE THAT THE PERSON WAS EMPLOYED IN STATE SERVICE; TO PROVIDE THAT AN ELECTION MADE UNDER THIS SECTION IS IRREVOCABLE AFTER IT HAS BEEN MADE; TO PROVIDE THAT IF A PERSON WHO MADE THE ELECTION LEAVES STATE SERVICE FOR MORE THAN ONE YEAR AND LATER RETURNS TO EMPLOYMENT IN STATE SERVICE, THE PERSON WILL HAVE THE OPPORTUNITY TO MAKE ANOTHER ELECTION THAT APPLIES TO THE LATER EMPLOYMENT; TO AMEND SECTIONS 25-11-109, 25-11-111, 25-11-113, 25-11-114, 25-11-117, 25-11-123, 25-11-127, AND 25-14-11, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PRECEDING PROVISIONS; AND FOR RELATED PURPOSES.
End Of Document
2003/pdf/History/HB/HB0474.htm