Senate Bill 2008

(As Passed the Senate)

AN ACT TO CREATE A SPECIAL JOINT LEGISLATIVE COMMITTEE TO STUDY ISSUES AFFECTING THE CURRENT AND FUTURE SOLVENCY OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) There is created a special joint legislative committee to study issues affecting the current and future solvency of the Public Employees' Retirement System. The committee shall make a report of its findings and recommendations, including any recommended legislation, and file a copy of the report with the Secretary of the Senate and the Clerk of the House of Representatives by not later than January 1, 2006.

(2) The membership of the committee shall be as follows:

(a) The Chairman of the Senate Appropriations Committee;

(b) The Chairman of the Ways and Means Committee of the House of Representatives;

(d) Two (2) members of the Senate to be appointed by the Lieutenant Governor; and

(e) The two (2) Senators and two (2) Representatives designated by the Lieutenant Governor and the Speaker of the House of Representatives to attend meetings of the Board of Trustees of the Public Employees' Retirement System pursuant to Section 25-11-15.

(3) The committee shall hold its first meeting before August 1, 2005, and shall elect a chairman and vice chairman and such other officers as it considers necessary from among its membership.

(4) A majority of the members of the committee shall constitute a quorum. In the adoption of rules, resolutions and reports, an affirmative vote of a majority of the committee shall be required. All members shall be notified in writing of all meetings, such notices to be mailed at least five (5) days prior to the date on which a meeting is to be held.

(5) Members of the committee shall receive the same per diem and expense reimbursement as for attending committee meetings when the Legislature is not in regular session.

(6) To effectuate the purposes of this act, any department, division, board, bureau, commission or agency of the state or of any political subdivision thereof shall, at the request of the chairman of the committee, provide to the committee such assistance and data as will enable the committee to properly carry out its duties.

(7) Upon the filing of its report with the Secretary of the Senate and the Clerk of the House of Representatives, the committee shall be dissolved.

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