House Bill 858

AN ACT TO AMEND SECTION 25-11-111, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE RETIREMENT ALLOWANCE FOR PERSONS WHO BECOME MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM ON OR AFTER JULY 1, 2011, SHALL BE 2% OF THE AVERAGE COMPENSATION OF THE RETIREE FOR EACH YEAR OF SERVICE UP TO AND INCLUDING 30 YEARS OF CREDITABLE SERVICE AND 2-1/2% OF AVERAGE COMPENSATION FOR EACH YEAR OF SERVICE EXCEEDING 30 YEARS OF CREDITABLE SERVICE; TO PROVIDE THAT IN THE CASE OF THE RETIREMENT OF A MEMBER WHO BECAME A MEMBER OF THE SYSTEM ON OR AFTER JULY 1, 2011, AND HAS ATTAINED AGE 60 BUT WHO HAS NOT COMPLETED 30 OR MORE YEARS OF CREDITABLE SERVICE, THE ANNUAL RETIREMENT ALLOWANCE SHALL BE REDUCED BY AN ACTUARIAL EQUIVALENT FACTOR FOR EACH YEAR OF CREDITABLE SERVICE BELOW 30 YEARS OR THE NUMBER OF YEARS IN AGE THAT THE MEMBER IS BELOW AGE 65, WHICHEVER IS LESS; TO AMEND SECTION 25-11-112, MISSISSIPPI CODE OF 1972, TO CHANGE THE AGE AT WHICH THE COST-OF-LIVING ADJUSTMENT WILL BEGIN COMPOUNDING FOR PERSONS WHO BECOME MEMBERS OF THE SYSTEM ON OR AFTER JULY 1, 2011; TO DIRECT THE SYSTEM TO CONDUCT A STUDY OF THE RETIREMENT PATTERNS OF MEMBERS OF THE SYSTEM WHOSE EMPLOYMENT CONSISTS PRIMARILY OF PHYSICAL LABOR, AND THE EFFECT THAT CHANGING THE NUMBER OF YEARS OF CREDITABLE SERVICE NECESSARY TO RETIRE REGARDLESS OF AGE WILL AFFECT THE RECEIPT OF RETIREMENT BENEFITS BY THOSE MEMBERS; 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 17 – Feb 2

1. Jan 17Referred to the House committee on Appropriations
2. Feb 1Reported from committee in the House: title sufficient, do pass as a committee substitute
3. Feb 2Committee substitute adopted in the House
4. Passed the House

In the Senate Feb 7 – Mar 1

1. Feb 7Sent to the Senate
2. Referred to the Senate committee on Finance
3. Mar 1Died in committee in the Senate