MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Rules
By: Senator(s) Brown, Burton, Butler (38th), Jackson (32nd), Ward, Watson, Yancey
A CONCURRENT RESOLUTION TO ESTABLISH A PUBLIC EMPLOYEES' RETIREMENT SYSTEM (PERS) STUDY COMMISSION TO DEVELOP AND MAKE RECOMMENDATIONS ON IMPROVING THE FINANCIAL, MANAGEMENT AND INVESTMENT STRUCTURE OF THE RETIREMENT SYSTEM; AND FOR RELATED PURPOSES.
NOW, THEREFORE, BE IT RESOLVED BY THE MISSISSIPPI STATE SENATE, THE HOUSE OF REPRESENTATIVES CONCURRING THEREIN, That:
SECTION 1. (1) There is established the Public Employees' Retirement System Study Commission, hereinafter referred to as the "commission," to develop and make a comprehensive and thorough study of the Public Employees' Retirement System to ensure the solvency of the fund and protect the interests of taxpayers, state employees and retired state employees. The commission shall be independent of the Public Employees' Retirement System, a state agency, and shall be charged with making recommendations on improving the financial, management and investment structure of PERS. The responsibilities of the commission include, but are not limited to:
(a) Analyzing the financial status and funding mechanism of PERS;
(b) Analyzing the management and investment structure of PERS; and
(c) Analyzing any other issue related to PERS that will help promote solvency and ensure the interests of taxpayers, state employees and retired state employees are protected.
(2) The Public Employees' Retirement System Study Commission will be composed of the following members:
(a) Four (4) members appointed by the Governor, including the chair of the commission;
(b) Two (2) nonlegislative members appointed by the Lieutenant Governor;
(c) Two (2) nonlegislative members appointed by the Speaker of the House of Representatives;
(d) Two (2) members of the Senate Finance Committee as appointed by the Lieutenant Governor; and
(e) Two (2) members of the House Appropriations Committee as appointed by the Speaker of the House of Representatives.
(3) The Public Employees' Retirement System Study Commission may be funded by any funds made available to the commission from public or private sources. Any private funding used by the commission to pay any costs necessary to fund the commission in carrying out its duties shall be publicly disclosed pursuant to the provisions of the Public Records Act. No private entity presently under contract with the Public Employees' Retirement System to provide actuary or other financial services shall be eligible to provide funds to carry out the functions of the commission. No private entity providing funds for carrying out the functions of the commission shall be eligible for any future contract with the Public Employees' Retirement System to provide actuary or other financial services after the date on which the commission submits its report.
(4) Members of the commission may receive per diem and reimbursement for actual expenses as authorized by law for attending commission meetings and commission responsibilities from any available funds, subject to the disclosure provisions of subsection (3).
(5) The Public Employees' Retirement System Study Commission shall meet at such time and in such location as determined by the chair of the commission. The commission shall provide a comprehensive analysis along with recommendations for improving the state's retirement system to the Legislature and Governor no later than December 1, 2011.
(6) Upon making its report the commission shall be dissolved.