Senate Bill 2440

AN ACT TO AMEND SECTION 25-11-115, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ANY RETIRED MEMBER OF THE PUBLIC EMPLOYEES RETIREMENT SYSTEM (PERS) WHO IS RECEIVING A REDUCED RETIREMENT ALLOWANCE UNDER OPTION 4 WHOSE DESIGNATED BENEFICIARY PREDECEASES HIM OR HER, OR WHOSE MARRIAGE TO A SPOUSE WHO IS HIS OR HER DESIGNATED BENEFICIARY IS TERMINATED BY DIVORCE OR OTHER DISSOLUTION, MAY ELECT TO CANCEL THE REDUCED RETIREMENT ALLOWANCE AND RECEIVE THE MAXIMUM RETIREMENT ALLOWANCE FOR LIFE IN AN AMOUNT EQUAL TO THE AMOUNT THAT WOULD HAVE BEEN PAYABLE IF THE MEMBER HAD NOT ELECTED OPTION 4; TO PROVIDE THAT ANY RETIRED MEMBER OF PERS WHO IS RECEIVING THE MAXIMUM RETIREMENT ALLOWANCE FOR LIFE, OR A RETIREMENT ALLOWANCE UNDER OPTION 1, AND WHO MARRIES AFTER HIS OR HER RETIREMENT MAY ELECT TO CANCEL THE MAXIMUM RETIREMENT ALLOWANCE AND RECEIVE A REDUCED RETIREMENT ALLOWANCE UNDER OPTION 4 TO PROVIDE CONTINUING LIFETIME BENEFITS TO HIS OR HER SPOUSE; TO PROVIDE THAT FOR MEMBERS WHO RETIRE ON OR AFTER JULY 1, 2012, THE ACTUARIAL EQUIVALENT FACTOR USED TO COMPUTE THE REDUCED RETIREMENT ALLOWANCE AT RETIREMENT OR UPON ANY SUBSEQUENT RECALCULATION OF THE BENEFIT SHALL BE THE FACTOR FOR THE AGE OF THE RETIREE AND HIS OR HER BENEFICIARY AT THE TIME OF RETIREMENT OR AT THE TIME AN ELECTION FOR RECALCULATION OF BENEFITS IS MADE; TO AMEND SECTION 25-13-16, MISSISSIPPI CODE OF 1972, TO PROVIDE A NEW OPTION 4 FOR MEMBERS OF THE SYSTEM FOR PAYMENT OF THE RETIREMENT ALLOWANCE OF MEMBERS OF THE MISSISSIPPI HIGHWAY SAFETY PATROL RETIREMENT SYSTEM (MHSPRS), WHICH PROVIDES THAT UPON THE RETIRED MEMBER'S DEATH, THREE-FOURTHS OF THE MEMBER'S REDUCED RETIREMENT ALLOWANCE WILL BE CONTINUED THROUGHOUT THE LIFE OF THE PERSON DESIGNATED BY THE MEMBER AT THE TIME OF RETIREMENT; TO PROVIDE THAT ANY RETIRED MEMBER OF THE MHSPRS WHO IS RECEIVING A REDUCED RETIREMENT ALLOWANCE UNDER THIS NEW OPTION 4 WHOSE DESIGNATED BENEFICIARY PREDECEASES HIM, OR WHOSE MARRIAGE TO A SPOUSE WHO IS HIS DESIGNATED BENEFICIARY IS TERMINATED BY DIVORCE OR OTHER DISSOLUTION, MAY ELECT TO CANCEL HIS REDUCED RETIREMENT ALLOWANCE AND RECEIVE THE MAXIMUM RETIREMENT ALLOWANCE FOR LIFE IN AN AMOUNT EQUAL TO THE AMOUNT THAT WOULD HAVE BEEN PAYABLE IF THE MEMBER HAD NOT ELECTED THIS OPTION; TO PROVIDE THAT ANY RETIRED MEMBER OF THE MHSPRS WHO IS RECEIVING THE MAXIMUM RETIREMENT ALLOWANCE FOR LIFE, OR A RETIREMENT ALLOWANCE UNDER OPTION 1, AND WHO MARRIES AFTER HIS RETIREMENT MAY ELECT TO CANCEL HIS MAXIMUM RETIREMENT ALLOWANCE AND RECEIVE A REDUCED RETIREMENT ALLOWANCE UNDER OPTION 2, OPTION 4 OR OPTION 4-A TO PROVIDE CONTINUING LIFETIME BENEFITS TO HIS SPOUSE; AND FOR RELATED PURPOSES.

In the Senate

• Dean Kirby

  Sponsor

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
3. Feb 2Passed the Senate

In the House of Representatives Feb 3 – Mar 1

1. Feb 3Sent to the House
2. Feb 7Referred to the House committee on Appropriations
3. Mar 1Died in committee in the House