House Bill 1224

AN ACT TO AMEND SECTION 25-11-111.1, MISSISSIPPI CODE OF 1972, TO AUTHORIZE RETIRED MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO ELECT TO RECEIVE THEIR RETIREMENT BENEFITS BY MAIL RATHER THAN BY MEANS OF DIRECT DEPOSIT; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 25-11-111.1, Mississippi Code of 1972, is amended as follows:

25-11-111.1. The Public Employees' Retirement System shall make payments of retirement benefits under this chapter to members who retire effective on or after January 1, 2003, and to the beneficiaries of those members, by means of direct deposit to an account with a financial institution that is a participant of the Automated Clearing House designated by the member or beneficiary, unless the member or beneficiary elects in writing to receive the retirement benefits by mail rather than by means of direct deposit * * *.

SECTION 2. This act shall take effect and be in force from and after July 1, 2005.