House Concurrent Resolution 24

A CONCURRENT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 272A, MISSISSIPPI CONSTITUTION OF 1890, TO REQUIRE THE LEGISLATURE TO PROVIDE FOR THE ESTABLISHMENT, OPERATION AND CONTINUATION OF A PUBLIC EMPLOYEES RETIREMENT SYSTEM AND A HIGHWAY SAFETY PATROL RETIREMENT SYSTEM; TO PROVIDE THAT THE SYSTEMS MUST BE GOVERNED BY A BOARD OF TRUSTEES OR ADMINISTRATIVE BOARD WHOSE MEMBERS ARE APPOINTED, MEET SUCH QUALIFICATIONS AND SERVE SUCH TERMS OF OFFICE AS PRESCRIBED BY LAW; TO PROHIBIT MONEY REQUIRED TO BE PAID TO THE SYSTEMS FROM BEING EXPENDED OR DIVERTED FOR A PURPOSE OTHER THAN FOR RETIREMENT BENEFITS OR MANAGEMENT EXPENSES; AND FOR RELATED PURPOSES.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI, That the following amendment to the Mississippi Constitution of 1890 is proposed to the qualified electors of the state:

Amend Section 272A, Mississippi Constitution of 1890, to read as follows:

"Section 272A. (1) The Legislature, by general law, shall provide for the establishment, operation and continuation of a public employees retirement system and a highway safety patrol retirement system. Such systems shall be governed by a board of trustees or administrative board, the members of which shall be appointed, meet such qualifications and serve such terms of office as prescribed by law.

(2) All of the assets, proceeds or income of the Public Employees' Retirement System of Mississippi and the Mississippi Highway Safety Patrol Retirement System or any successor systems, and all contributions and payments made or required to be made to the systems to provide for retirement and related benefits shall be held, invested as authorized by law, or disbursed as in trust for the exclusive purpose of providing for such benefits, refunds and administrative expenses under the management of the board of trustees or administrative board of the systems, and shall not be encumbered for or diverted to any other purposes.

(3) Legislation shall not be enacted increasing benefits under the Public Employees' Retirement System of Mississippi and the Mississippi Highway Safety Patrol Retirement System in any manner unless funds are available therefor, or unless concurrent provisions are made for funding any such increase in accordance with a prior certification of the cost by the board of trustees of the systems based on accepted actuarial standards."

BE IT FURTHER RESOLVED, That this proposed amendment shall be submitted by the Secretary of State to the qualified electors at an election to be held on the first Tuesday after the first Monday of November 2006, as provided by Section 273 of the Constitution and by general law.

BE IT FURTHER RESOLVED, That the explanation of this proposed amendment for the ballot shall read as follows: "This proposed constitutional amendment requires the Legislature to provide for the establishment, operation and continuation of a public employees retirement system and a highway safety patrol retirement system. The systems must be governed by a board whose members are appointed as prescribed by law. The amendment also prohibits money required to be paid to the systems to be expended or diverted for a purpose other than retirement benefits or management expenses."