Did not become law. It stopped in the Senate's Finance Committee on February 3, 2015. The 2015 session has ended.
2015 Regular Session
Senate Bill 2463
Uniform Management of Public Employee Retirement Systems Act; create.
What it does
The synopsis the Legislature published with the bill.
AN ACT TO BE KNOWN AS THE UNIFORM MANAGEMENT OF PUBLIC EMPLOYEE RETIREMENT SYSTEMS; TO PROVIDE THAT THE ACT APPLIES TO ALL RETIREMENT PROGRAMS AND RETIREMENT SYSTEMS MAINTAINED BY THE STATE OR ANY POLITICAL SUBDIVISION OR INSTRUMENTALITY OF THE STATE, WITH CERTAIN EXCEPTIONS; TO PROVIDE THAT ALL ASSETS OF A RETIREMENT SYSTEM ARE HELD IN TRUST, AND THE TRUSTEE OF THE RETIREMENT SYSTEM HAS THE EXCLUSIVE AUTHORITY TO INVEST AND MANAGE THOSE ASSETS; TO AUTHORIZE THE TRUSTEE TO ESTABLISH AN ADMINISTRATIVE BUDGET SUFFICIENT TO PERFORM THE TRUSTEE'S DUTIES AND DRAW UPON ASSETS OF THE RETIREMENT SYSTEM TO FUND THE BUDGET; TO AUTHORIZE THE TRUSTEE TO OBTAIN BY EMPLOYMENT OR CONTRACT THE SERVICES NECESSARY TO EXERCISE THE TRUSTEE'S POWERS AND PERFORM THE TRUSTEE'S DUTIES; TO AUTHORIZE THE TRUSTEE TO DELEGATE CERTAIN FUNCTIONS; TO PRESCRIBE THE GENERAL DUTIES OF THE TRUSTEE AND PRESCRIBE THE DUTIES OF THE TRUSTEE IN INVESTING AND MANAGING THE ASSETS OF THE RETIREMENT SYSTEM; TO PROVIDE THAT A TRUSTEE WHO BREACHES A DUTY IMPOSED BY THIS ACT IS PERSONALLY LIABLE TO A RETIREMENT SYSTEM FOR ANY LOSSES RESULTING FROM THE BREACH AND ANY PROFITS MADE BY THE TRUSTEE THROUGH USE OF ASSETS OF THE SYSTEM BY THE TRUSTEE; TO PROVIDE THAT AN AGREEMENT THAT PURPORTS TO LIMIT THE LIABILITY OF A TRUSTEE FOR A BREACH OF DUTY UNDER THIS ACT IS VOID; TO REQUIRE THE ADMINISTRATOR OF A RETIREMENT SYSTEM TO DISSEMINATE TO THE PUBLIC A SUMMARY PLAN DESCRIPTION, ANNUAL DISCLOSURE OF FINANCIAL AND ACTUARIAL STATUS, AND AN ANNUAL REPORT; TO REQUIRE THE ADMINISTRATOR OF A RETIREMENT SYSTEM TO FURNISH TO EACH PARTICIPANT AND BENEFICIARY WHO IS RECEIVING BENEFITS UNDER A RETIREMENT PROGRAM CERTAIN INFORMATION ABOUT THE PROGRAM; TO REQUIRE THE ADMINISTRATOR OF A RETIREMENT SYSTEM TO FILE CERTAIN INFORMATION WITH THE RETIREMENT SYSTEM; TO AUTHORIZE ENFORCEMENT OF THE PROVISIONS OF THIS ACT BY AN ACTION MAINTAINED BY THE STATE OR A POLITICAL SUBDIVISION OF THE STATE OR BY A PARTICIPANT OR BENEFICIARY; TO BRING FORWARD SECTIONS 25-11-15, 25-11-101, 25-11-121, 25-11-123, 25-11-129, 25-11-133, 25-11-317, 25-11-319, 25-13-25, 25-13-31, 25-13-33, 21-29-11, 21-29-107, 21-29-125, 21-29-209, 21-29-227, 21-29-257 AND 21-29-307, MISSISSIPPI CODE OF 1972, FOR THE PURPOSES OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the Senate
Sponsor
Its course
January 19 to February 3, 2015, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action2 actions on 2 days
In the SenateJan 19 to Feb 3 · stopped15 days
FinanceJan 19 to Feb 3 · stopped15 days
Text
Each version as the Legislature printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the Legislature published it is below.