Bill Text | History of Actions | Background | Title |
Description: Optional IHL retirement program; allow contributions to be invested in mutual fund accounts or similar investment products.
Bill Text: [Introduced]
| 1 | 01/14 (S) Referred To Finance | |
| 2 | 01/20 (S) Title Suff Do Pass | |
| 3 | 02/09 (S) Recommitted to Committee | |
| 4 | 02/09 (S) Died In Committee |
| Effective date | July 1, 2005 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority |
Senate Committee:
Principal Author: Robertson
Code Sections: A 025-0011-0403, A 025-0011-0407, A 025-0011-0411, A 025-0011-0417, A 025-0011-0419
Title: AN ACT TO AMEND SECTIONS 25-11-403, 25-11-407, 25-11-411, 25-11-417 AND 25-11-419, MISSISSIPPI CODE OF 1972, TO AUTHORIZE CONTRIBUTIONS OF PARTICIPANTS IN THE OPTIONAL RETIREMENT PROGRAM FOR STATE INSTITUTIONS OF HIGHER LEARNING TO BE INVESTED IN MUTUAL FUNDS OR SIMILAR INVESTMENT PRODUCTS; TO PROVIDE THAT COMPANIES DESIGNATED BY THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO PROVIDE INVESTMENT PRODUCTS UNDER THE PROGRAM SHALL ACT IN A FIDUCIARY CAPACITY WHEN SELECTING INVESTMENT PRODUCTS; TO REQUIRE SUCH COMPANIES TO SEEK APPROVAL OF THE BOARD OF TRUSTEES FOR INVESTMENT PRODUCTS MADE AVAILABLE UNDER THE PROGRAM; TO REQUIRE SUCH COMPANIES TO ANNUALLY REPORT TO THE BOARD OF TRUSTEES REGARDING PARTICIPANT USAGE OF SUCH PRODUCTS; TO PROVIDE THAT THE BOARD OF TRUSTEES SHALL HAVE THE RIGHT TO APPROVE THE INVESTMENT PRODUCTS OFFERED BY THE COMPANIES UNDER THE PROGRAM AND TO DISCONTINUE ANY PRODUCTS SO OFFERED; TO PROVIDE THAT THE BENEFITS OF PARTICIPANTS WHOSE FUNDS ARE INVESTED IN MUTUAL FUNDS OR SIMILAR INVESTMENT PRODUCTS SHALL BE LIMITED BY THE VALUE OF THE ACCOUNT; TO PROVIDE THAT MUTUAL FUND ACCOUNTS OR SIMILAR INVESTMENT PRODUCTS UNDER THE OPTIONAL RETIREMENT PROGRAM AND ALL RIGHTS THERETO OF A PARTICIPANT IN THE OPTIONAL RETIREMENT PROGRAM, SHALL BE EXEMPT FROM ANY STATE OR MUNICIPAL TAX EXCEPT STATE INCOME TAX AND SHALL BE UNASSIGNABLE; AND FOR RELATED PURPOSES.
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2005/html/History/SB/SB2434.htm