Bill Text | History of Actions | Background | Title |
Description: Retirement; PERS members with 10 years service may receive one-time distribution from their contributions for certain purposes.
Bill Text: [Introduced]
| 1 | 01/08 (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: Fleming
Code Sections: A 025-0011-0117, A 025-0011-0115
Title: AN ACT TO AMEND SECTION 25-11-117, MISSISSIPPI CODE OF 1972, TO AUTHORIZE ACTIVE MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO HAVE AT LEAST TEN YEARS OF MEMBERSHIP SERVICE TO RECEIVE A DISTRIBUTION OF UP TO ONE-THIRD OF THE AMOUNT OF THE MEMBER'S CONTRIBUTIONS, WHICH SHALL BE USED ONLY FOR CERTAIN SPECIFIED PURPOSES; TO PROVIDE THAT A MEMBER MAY RECEIVE A DISTRIBUTION UNDER THIS PROVISION ONLY ONE TIME; TO PROVIDE THAT IF A MEMBER RECEIVES A DISTRIBUTION UNDER THIS PROVISION AND LATER IS PAID A REFUND OF THE AMOUNT OF THE MEMBER'S CONTRIBUTIONS AFTER WITHDRAWAL FROM STATE SERVICE, THE AMOUNT OF THE DISTRIBUTION SHALL BE DEDUCTED FROM THE MEMBER'S CONTRIBUTIONS IN COMPUTING THE AMOUNT OF THE REFUND; TO AMEND SECTION 25-11-115, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF A MEMBER RECEIVED A DISTRIBUTION UNDER THE PRECEDING SECTION BEFORE RETIREMENT, THE MEMBER'S RETIREMENT BENEFITS SHALL BE ACTUARIALLY REDUCED TO REFLECT THE AMOUNT OF THE DISTRIBUTION RECEIVED; AND FOR RELATED PURPOSES.
End Of Document
2003/pdf/History/HB/HB0535.htm