Bill Text | History of Actions | Background | Title |
Description: Deferred Retirement Option Program (DROP); create.
Bill Text: [Introduced]
| 1 | 01/30 (S) Referred To Finance | |
| 2 | 03/09 (S) Died In Committee |
| Effective date | July 1, 2004 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority |
Senate Committee:
Principal Author: Harden
Code Sections: A 025-0011-0105, A 025-0011-0109, A 025-0011-0117, A 025-0011-0127
Title: AN ACT TO AUTHORIZE MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO HAVE REACHED THEIR NORMAL RETIREMENT DATE TO PARTICIPATE IN A DEFERRED RETIREMENT OPTION PROGRAM (DROP) UNDER WHICH THE EMPLOYEE MAY RETIRE AND CONTINUE WORKING FOR A SPECIFIED PERIOD AND RECEIVE HIS OR HER REGULAR SALARY, WHILE HAVING THE RETIREMENT BENEFIT HE OR SHE WOULD HAVE OTHERWISE RECEIVED PAID INTO AN ACCOUNT FOR THE MEMBER'S BENEFIT; TO PROVIDE THAT MONEY IN SUCH ACCOUNT WILL BE PAID TO THE MEMBER UPON COMPLETION OF THE DROP PERIOD; TO PROVIDE THAT THE MEMBER MUST ELECT TO PARTICIPATE IN THE PROGRAM WITHIN 12 MONTHS IMMEDIATELY FOLLOWING THE DATE UPON WHICH THE MEMBER REACHED HIS OR HER NORMAL RETIREMENT DATE; TO PROVIDE THAT THE DROP PERIOD MAY BE FOR ANY TIME NOT EXCEEDING FIVE YEARS; TO PROVIDE THAT THE DECISION TO PARTICIPATE IN THE DROP PROGRAM IS IRREVOCABLE ONCE IT IS MADE; TO PROVIDE THAT THE DROP ACCOUNT FOR THE BENEFIT OF THE MEMBER SHALL BE HELD IN RESERVE UNTIL THE END OF THE DROP PERIOD; TO PROVIDE THAT REGULAR INTEREST SHALL BE PAID ON MONIES IN THE DROP ACCOUNT DURING THE TIME THAT THE MEMBER PARTICIPATES IN THE DROP PROGRAM AND UNTIL THE MONIES ARE PAID TO THE MEMBER; TO PROVIDE THAT THE MEMBER SHALL RECEIVE THE ACCUMULATED MONIES IN THE DROP ACCOUNT IN ADDITION TO THE REGULAR RETIREMENT ALLOWANCE AT THE END OF THE DROP PERIOD; TO PROVIDE THAT ANY MEMBER PARTICIPATING IN THE DROP PROGRAM SHALL NOT BE AN ACTIVE MEMBER OF THE RETIREMENT SYSTEM AND SHALL NOT RECEIVE ANY CREDITABLE SERVICE FOR THE PERIOD OF PARTICIPATION IN THE PROGRAM; TO AMEND SECTIONS 25-11-105, 25-11-109, 25-11-117 AND 25-11-127, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
End Of Document
2004/html/History/SB/SB2365.htm