Senate Bill 3083

AN ACT TO AMEND SECTIONS 25-11-103, 25-11-114, 25-11-115, 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 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 SUCH SYSTEM; 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 SUCH 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 SUCH PLAN; TO AMEND SECTIONS 23-13-3, 23-13-11, 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 SUCH SYSTEM AND WHO BECOMES A MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF ANY FUNDS CREDITED TO SUCH 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 SUCH SYSTEM; TO CLARIFY OPTION 4-B UNDER SUCH 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 SUCH SYSTEM; AND FOR RELATED PURPOSES.

In the Senate

• Dean Kirby

  Sponsor

• Senate floor amendmentAdopted

  Adopted Feb 11

• House of Representatives committee amendmentAdopted

  Adopted Mar 3

• House of Representatives floor amendmentPending

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

In the Senate Jan 18 – Feb 9

1. Jan 18Referred to the Senate committee on Finance
2. Feb 2Reported from committee in the Senate: title sufficient, do pass as a committee substitute
3. Feb 9Committee substitute adopted in the Senate
4. Amendment failed in the Senate
5. Passed the Senate

In the House of Representatives Feb 9 – Mar 3

1. Feb 9Motion in the Senate to reconsider entered
2. Feb 11Reconsidered in the Senate
3. Amended in the Senate
4. Passed the Senate as amended
5. Feb 16Sent to the House
6. Feb 17Referred to the House committee on Appropriations
7. Mar 2Reported from committee in the House: title sufficient, do pass as amended
8. Read the third time in the House
9. Mar 3Amended in the House
10. Passed the House as amended

Back in the Senate Mar 3 – Apr 1

1. Mar 3Motion in the House to reconsider entered
2. Mar 4Motion in the House to reconsider tabled
3. Returned to the Senate to concur in the House's amendments
4. Mar 17Declined in the Senate to concur, and invited a conference
5. Mar 22Conferees named in the Senate: Kirby, Watson and Dickerson
6. Conferees named in the House: Stringer, Sullivan and Brown
7. Mar 24Conference report filed in the Senate
8. Conference report filed in the House
9. Mar 25Conference report adopted in the Senate
10. Mar 26Conference report adopted in the House
11. Apr 1Enrolled bill signed in the Senate

To the Governor Apr 7 – Apr 14

1. Apr 7Enrolled bill signed in the House
2. Apr 14Approved by the Governor