House Bill 1035

AN ACT TO AMEND SECTIONS 25-11-103, 25-11-114, 25-11-115, 25-11-119, 25-11-120, 25-11-121 AND 25-11-127, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "AVERAGE COMPENSATION" UNDER THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM LAW TO LIMIT TO 30 DAYS THE AMOUNT OF PAID LEAVE THAT IS USED IN THE CALCULATION OF AVERAGE COMPENSATION UPON THE DEATH OF A MEMBER; TO PROVIDE THAT BENEFITS FOR CERTAIN SURVIVING SPOUSES UNDER THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM SHALL BE THE HIGHER OF 20% OF AVERAGE COMPENSATION OR THE AMOUNT RECEIVED UNDER OPTION 2; TO ADJUST THE BENEFIT OF CERTAIN SURVIVING SPOUSES OF DECEASED MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO SELECTED A REDUCED BENEFIT BECAUSE OF A FORMER REMARRIAGE PENALTY; TO AUTHORIZE CERTAIN SPOUSES OF DECEASED MEMBERS WHO ARE ENTITLED TO RECEIVE A BENEFIT AND WHO ARE ALSO THE NAMED BENEFICIARY FOR REFUNDS OF ACCUMULATED CONTRIBUTIONS TO ELECT TO RECEIVE A REFUND IN LIEU OF A MONTHLY ALLOWANCE; TO CLARIFY OPTION 4-B UNDER THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM; TO AUTHORIZE THE CONTINUANCE OF THE ADMINISTRATION OF THE SYSTEMS ADMINISTERED BY THE BOARD OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM IN THE ABSENCE OF A LEGISLATIVE APPROPRIATION; TO CLARIFY THE AUTHORITY OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO CONTRACT WITH LEGAL COUNSEL; TO PROVIDE THAT INTEREST SHALL NOT BE PAID ON ANY RETIREMENT BENEFITS; TO EXPAND THE RATING AGENCIES THAT MAY RATE CORPORATE AND TAXABLE MUNICIPAL BONDS IN WHICH THE FUNDS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM MAY BE INVESTED TO INCLUDE ANY SECURITY AND EXCHANGE COMMISSION DESIGNATED NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION; TO REVISE THE MANNER IN WHICH THE REGULAR INTEREST THAT IS ANNUALLY CREDITED TO THE ACCOUNT OF A MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM IS DETERMINED; TO PROVIDE THAT MEMBERS OF THE SYSTEM WHO RETIRE AND CONTINUE IN MUNICIPAL OR COUNTY ELECTED OFFICE MAY DO SO ONLY IF THEIR CONTINUED SERVICE WILL NOT RESULT IN A PROHIBITED IN-SERVICE DISTRIBUTION AS DEFINED BY THE INTERNAL REVENUE SERVICE; TO REQUIRE THE MUNICIPALITY OR COUNTY IN WHICH SUCH A RETIRED PERSON HOLDS OFFICE TO PAY TO THE RETIREMENT SYSTEM THE AMOUNT OF THE EMPLOYER'S CONTRIBUTIONS ON THE FULL AMOUNT OF THE REGULAR COMPENSATION FOR THE ELECTIVE OFFICE THAT THE RETIRED PERSON HOLDS; TO AMEND SECTION 25-11-309, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A MEMBER OR BENEFICIARY OF THE SUPPLEMENTAL LEGISLATIVE RETIREMENT PLAN MAY WAIVE ALL OR ANY PORTION OF THE BENEFITS TO WHICH HE IS ENTITLED UNDER THE PLAN; TO AMEND SECTIONS 25-13-3, 25-13-11, 25-13-16 AND 25-13-28, MISSISSIPPI CODE OF 1972, TO REMOVE LANGUAGE THAT REQUIRES A REFUND TO A MEMBER OF THE HIGHWAY SAFETY PATROL RETIREMENT SYSTEM WHO IS NOT VESTED IN THAT SYSTEM AND WHO BECOMES A MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF ANY FUNDS CREDITED TO THAT PERSON IN THE HIGHWAY SAFETY PATROL SYSTEM ABOVE THE AMOUNT REQUIRED TO MAKE HIM FULLY AND CURRENTLY CREDITED IN THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM; TO PROVIDE THAT A MEMBER OR BENEFICIARY OF THE HIGHWAY SAFETY PATROL RETIREMENT SYSTEM MAY WAIVE ALL OR ANY PORTION OF THE BENEFITS TO WHICH HE IS ENTITLED UNDER THAT SYSTEM; TO CLARIFY OPTION 4-B UNDER THE HIGHWAY SAFETY PATROL RETIREMENT SYSTEM; TO REVISE THE MANNER IN WHICH THE REGULAR INTEREST THAT IS ANNUALLY CREDITED TO THE ACCOUNT OF A MEMBER OF THE HIGHWAY SAFETY PATROL RETIREMENT SYSTEM IS DETERMINED; TO AMEND SECTION 25-11-415, MISSISSIPPI CODE OF 1972, TO MODIFY THE AMOUNT OF THE ADMINISTRATIVE FEE THAT THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM MAY ASSESS FOR THE ADMINISTRATION OF THE OPTIONAL RETIREMENT PLAN FOR EMPLOYEES OF THE STATE INSTITUTIONS OF HIGHER LEARNING; TO CREATE A NEW SECTION TO BE CODIFIED AS SECTION 21-29-331, MISSISSIPPI CODE OF 1972, TO PROVIDE THE PERSONS TO WHOM MUNICIPAL RETIREMENT SYSTEM BENEFITS ARE PAYABLE IN THE EVENT OF A DEATH OF A DESIGNATED BENEFICIARY; TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 21-29-333, MISSISSIPPI CODE OF 1972; TO PROVIDE THAT A MEMBER OR BENEFICIARY OF A MUNICIPAL RETIREMENT SYSTEM MAY WAIVE ALL OR ANY PORTION OF THE BENEFITS TO WHICH HE IS ENTITLED UNDER THAT SYSTEM; TO AMEND SECTION 27-104-27, MISSISSIPPI CODE OF 1772, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.

In the House of Representatives

• Johnny W. Stringer

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 18 – Feb 2

1. Jan 18Referred to the House committee on Appropriations
2. Feb 2Died in committee in the House