House Bill 581

AN ACT TO REQUIRE THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO CONDUCT A STUDY TO DETERMINE THE FEASIBILITY OF ALLOWING RETIRED PUBLIC SCHOOL TEACHERS WHO ARE MEMBERS OF THE SYSTEM TO CONTINUE TO WORK AS A FULL-TIME TEACHER IN THE PUBLIC SCHOOLS AFTER RETIREMENT UNDER A CONTRACT WITH A SCHOOL DISTRICT AND RECEIVE THEIR FULL RETIREMENT ALLOWANCE WHILE RECEIVING THE COMPENSATION PROVIDED FOR UNDER THE CONTRACT; TO REQUIRE THE SYSTEM TO COMPLETE THE STUDY AND MAKE A REPORT TO THE LEGISLATURE ON THE RESULTS OF THE STUDY NOT LATER THAN DECEMBER 1, 2024; AND FOR RELATED PURPOSES.

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

SECTION 1. The Public Employees' Retirement System shall conduct a study to determine the feasibility of allowing retired public school teachers who are members of the system to continue to work as a full-time teacher in the public schools after retirement under a contract with a school district and receive their full retirement allowance while receiving the compensation provided for under the contract. At a minimum, the study shall look at how such authorization for retired teachers would affect the unfunded liability of the system, the actuarial assumptions for the system, the employer contribution rate, the pattern of retirement for teachers, and other financial aspects of the system. The system shall complete the study and make a report to the Legislature on the results of the study not later than December 1, 2024.

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