House Bill 1658

(As Sent to Governor)

AN ACT TO AMEND CHAPTER 907, LOCAL AND PRIVATE LAWS OF 1990, AS LAST AMENDED BY CHAPTER 1022, LOCAL AND PRIVATE LAWS OF 1999, TO PROVIDE THAT THE ADDITIONAL ANNUAL PAYMENT MADE TO RETIRED MEMBERS AND BENEFICIARIES OF THE HATTIESBURG POLICE AND FIRE DISABILITY AND RELIEF FUND SHALL BE 2-1/2% OF THE ANNUAL RETIREMENT ALLOWANCE FOR EACH FULL FISCAL YEAR AFTER JUNE 30, 1990, THAT THE RETIRED MEMBER OR BENEFICIARY HAS ACTUALLY DRAWN RETIREMENT BENEFITS; TO DELETE THE PROVISION THAT THE ADDITIONAL ANNUAL PAYMENT WILL BE EQUAL TO THE ANNUAL PERCENTAGE CHANGE IN THE CONSUMER PRICE INDEX; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Chapter 907, Local and Private Laws of 1990, as

amended by Chapter 833, Local and Private Laws of 1991, as amended

by Chapter 833, Local and Private Laws of 1992, as amended by Chapter 1012, Local and Private Laws of 1994, as amended by Chapter 1022, Local and Private Laws of 1999, is amended as follows:

Section 1. (1) Subject to the provisions of subsection (2)

of this section, the governing authorities of the City of

Hattiesburg, Mississippi, in their discretion, are hereby

authorized to establish the payment of one (1) additional payment

each year from monies accumulated in the Hattiesburg Police and

Fire Disability and Relief Fund to all retired members of such

disability and relief fund or beneficiaries thereof who on

December 1 of each year are receiving a retirement or disability allowance under any provision of Section 21-29-101 et seq., Mississippi Code of 1972. The amount of such payment shall be * * * two and one-half percent (2-1/2%) of the annual retirement or disability allowance for each full fiscal year after June 30, 1990, that the retired member or beneficiary has actually drawn retirement or disability payments from the date of retirement. Such additional payments shall not exceed twenty-five percent (25%) of the annual retirement or disability allowance.

(2) Payment of the additional payments authorized under

subsection (1) of this section shall not be established unless the

Hattiesburg Police and Fire Disability and Relief Fund is

actuarially sound, as shown by the most recent actuarial study

required by Section 21-29-119, Mississippi Code of 1972, and the

fund will remain actuarially sound if the additional payments

authorized under subsection (1) of this section are made, as shown

by a certified statement from the actuarial firm that prepared the

most recent actuarial study.

(3) After the governing authorities of the City of

Hattiesburg have adopted a resolution to establish the additional

payments authorized under subsection (1) of this section and the

advisory board provided for in Section 21-29-105, Mississippi Code

of 1972, has adopted a resolution supporting the establishment of

the additional payments, and after the Board of Trustees of the

Public Employees' Retirement System has received these resolutions

and received the most recent actuarial study of the disability and

relief fund and the certified statement from the actuarial firm

that the fund will remain actuarially sound if the additional

payments are made, then the board of trustees shall make the

payments directly to the persons authorized and entitled to

receive the payments.

(4) Persons eligible to receive the payments authorized

under this section shall receive such payments in one (1)

additional payment, except that such person may elect by an

irrevocable agreement on a form prescribed by the Board of

Trustees of the Public Employees' Retirement System to receive

such payments in not less than equal monthly installments not to

exceed six (6) months during the remaining months of the current

fiscal year. In the event of death of a person or a beneficiary

thereof receiving monthly benefits, any remaining amounts shall be

paid in a lump sum to the designated beneficiary.

SECTION 2. This act shall take effect and be in force from and after its passage.