Senate Bill 2439

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 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 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; TO AMEND SECTION 25-11-112, MISSISSIPPI CODE OF 1972, TO MODIFY THE COST-OF-LIVING ADJUSTMENT FOR PERSONS WHO BECOME MEMBERS OF THE SYSTEM ON OR AFTER JULY 1, 2011; TO AMEND SECTION 25-11-113, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PRECEDING PROVISIONS; TO AMEND SECTION 25-11-114, MISSISSIPPI CODE OF 1972, TO CLARIFY THE CALCULATION OF THE MONTHLY BENEFIT FOR A SURVIVING SPOUSE OF A MEMBER WHO DIES BEFORE RETIREMENT; TO AMEND SECTION 43-13-405, MISSISSIPPI CODE OF 1972, TO TRANSFER OWNERSHIP OF CERTAIN ASSETS IN THE HEALTH CARE TRUST FUND TO THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO BE CREDITED TO THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM EMPLOYER'S ACCUMULATION ACCOUNT; TO AMEND SECTION 25-11-123, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO AND REMOVE THE JULY 1, 2012, REPEAL DATE ON THIS SECTION; AND FOR RELATED PURPOSES.

In the Senate

• Dean Kirby

  Sponsor

• Senate floor amendmentAdopted

  Adopted Feb 2

• House of Representatives committee amendmentAdopted

  Adopted Mar 2

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

In the Senate Jan 12 – Feb 2

1. Jan 12Referred to the Senate committee on Finance
2. Jan 27Reported from committee in the Senate: title sufficient, do pass as a committee substitute
3. Feb 2Committee substitute adopted in the Senate
4. Amended in the Senate
5. Passed the Senate as amended

In the House of Representatives Feb 7 – Mar 2

1. Feb 7Sent to the House
2. Referred to the House committee on Appropriations
3. Mar 1Reported from committee in the House: title sufficient, do pass as amended
4. Mar 2Amended in the House
5. Passed the House as amended

Back in the Senate Mar 4 – Mar 21

1. Mar 4Returned to the Senate to concur in the House's amendments
2. Mar 15Concurred in the Senate in the House's amendments
3. Mar 21Enrolled bill signed in the Senate

To the Governor Mar 22 – Mar 30

1. Mar 22Enrolled bill signed in the House
2. Mar 30Approved by the Governor