Did not become law. It stopped in the Senate's Finance Committee on January 31, 2017. The 2017 session has ended.
2017 Regular Session
Senate Bill 2457
Deferred Retirement Option Program (DROP); create.
What it does
The synopsis the Legislature published with the bill.
AN ACT TO AUTHORIZE MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO HAVE REACHED THEIR NORMAL RETIREMENT DATE TO PARTICIPATE IN A DEFERRED RETIREMENT OPTION PROGRAM (DROP) UNDER WHICH THE EMPLOYEE MAY RETIRE AND CONTINUE WORKING FOR A SPECIFIED PERIOD AND RECEIVE HIS OR HER REGULAR SALARY, WHILE HAVING THE RETIREMENT BENEFIT HE OR SHE WOULD HAVE OTHERWISE RECEIVED PAID INTO AN ACCOUNT FOR THE MEMBER'S BENEFIT; TO PROVIDE THAT MONEY IN SUCH ACCOUNT WILL BE PAID TO THE MEMBER UPON COMPLETION OF THE DROP PERIOD; TO PROVIDE THAT THE MEMBER MUST ELECT TO PARTICIPATE IN THE PROGRAM WITHIN 12 MONTHS IMMEDIATELY FOLLOWING THE DATE UPON WHICH THE MEMBER REACHED HIS OR HER NORMAL RETIREMENT DATE; TO PROVIDE THAT THE DROP PERIOD MAY BE FOR ANY TIME NOT EXCEEDING FIVE YEARS; TO PROVIDE THAT THE DECISION TO PARTICIPATE IN THE DROP PROGRAM IS IRREVOCABLE ONCE IT IS MADE; TO PROVIDE THAT THE DROP ACCOUNT FOR THE BENEFIT OF THE MEMBER SHALL BE HELD IN RESERVE UNTIL THE END OF THE DROP PERIOD; TO PROVIDE THAT REGULAR INTEREST SHALL BE PAID ON MONIES IN THE DROP ACCOUNT DURING THE TIME THAT THE MEMBER PARTICIPATES IN THE DROP PROGRAM AND UNTIL THE MONIES ARE PAID TO THE MEMBER; TO PROVIDE THAT THE MEMBER SHALL RECEIVE THE ACCUMULATED MONIES IN THE DROP ACCOUNT IN ADDITION TO THE REGULAR RETIREMENT ALLOWANCE AT THE END OF THE DROP PERIOD; TO PROVIDE THAT ANY MEMBER PARTICIPATING IN THE DROP PROGRAM SHALL NOT BE AN ACTIVE MEMBER OF THE RETIREMENT SYSTEM AND SHALL NOT RECEIVE ANY CREDITABLE SERVICE FOR THE PERIOD OF PARTICIPATION IN THE PROGRAM; TO AMEND SECTIONS 25-11-105, 25-11-109, 25-11-117 AND 25-11-127, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; 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 16 to January 31, 2017, 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 16 to Jan 31 · stopped15 days
FinanceJan 16 to Jan 31 · 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.