House Bill 987

AN ACT TO AMEND SECTION 25-14-7, MISSISSIPPI CODE OF 1972, TO AUTHORIZE COUNTIES, MUNICIPALITIES AND OTHER POLITICAL SUBDIVISIONS TO OFFER MORE THAN ONE DEFERRED COMPENSATION PLAN TO ITS EMPLOYEES; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 25-14-7, Mississippi Code of 1972, is amended as follows:

25-14-7. The administration of the deferred compensation program shall be under the direction of the Public Employees' Retirement System of Mississippi, or the appropriate officer designated by a county, municipality or other political subdivision, or both, if the county, municipality or political subdivision wishes to provide alternative deferred compensation options to its employees. The deferred compensation program shall be operated in accordance with the guidelines established by the Internal Revenue Service as reflected in the plan document as may be modified from time to time by the board of trustees. Payroll reductions shall be made, in each instance, by the appropriate payroll officer. The administrator of a deferred compensation program may contract with a private corporation or institution for providing consolidated billing and other administrative services if deemed necessary by the administrator.

The board of trustees may levy such charges and fees on participants' contributions as may reasonably be necessary to provide for the administrative expenses of operating the deferred compensation program, including, but not limited to, the services of auditors, consultants, money managers and third-party administrators.

SECTION 2. This act shall take effect and be in force from and after July 1, 2017.