Bill Text: MS HB1714 | 2019 | Regular Session | Enrolled
Bill Title: City of Hattiesburg; increase maximum amount of additional annual payments to fire/police retirees.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2019-04-03 - Approved by Governor [HB1714 Detail]
Download: Mississippi-2019-HB1714-Enrolled.html
MISSISSIPPI LEGISLATURE
2019 Regular Session
To: Local and Private Legislation
By: Representative McGee
House Bill 1714
(As Sent to Governor)
AN ACT TO AMEND CHAPTER 907, LOCAL AND PRIVATE LAWS OF 1990, AS LAST AMENDED BY CHAPTER 927, LOCAL AND PRIVATE LAWS OF 2009, TO INCREASE THE MAXIMUM AMOUNT OF THE ADDITIONAL ANNUAL PAYMENTS MADE TO RETIRED MEMBERS AND BENEFICIARIES OF THE HATTIESBURG POLICE AND FIRE DISABILITY AND RELIEF FUND FROM THIRTY PERCENT TO THIRTY-TWO PERCENT OF THE ANNUAL RETIREMENT OR DISABILITY ALLOWANCE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Chapter 907, Local and Private Laws of 1990, as
amended by Chapter 833, Local and Private Laws of 1991, as amended
by Chapter 833, Local and Private Laws of 1992, as amended by Chapter 1012, Local and Private Laws of 1994, as amended by Chapter 1022, Local and Private Laws of 1999, as amended by Chapter 952, Local and Private Laws of 2003, as amended by Chapter 927, Local and Private Laws of 2009, is amended as follows:
Section 1. (1) Subject to the provisions of subsection (2)
of this section, the governing authorities of the City of
Hattiesburg, Mississippi, in their discretion, are hereby
authorized to establish the payment of one (1) additional payment
each year from monies accumulated in the Hattiesburg Police and
Fire Disability and Relief Fund to all retired members of such
disability and relief fund or beneficiaries thereof who on
December 1 of each year are
receiving a retirement or disability allowance under any provision of Section
21-29-101 et seq., Mississippi Code of 1972. The amount of such payment shall
be two and one-half percent (2-1/2%) of the annual retirement or disability
allowance for each full fiscal year after June 30, 1990, that the retired
member or beneficiary has actually drawn retirement or disability payments from
the date of retirement. Such additional payments shall not exceed * * * thirty-two percent
(32%) of the annual retirement or disability allowance.
(2) Payment of the additional payments authorized under
subsection (1) of this section shall not be established unless the
Hattiesburg Police and Fire Disability and Relief Fund is
actuarially sound, as shown by the most recent actuarial study
required by Section 21-29-119, Mississippi Code of 1972, and the
fund will remain actuarially sound if the additional payments
authorized under subsection (1) of this section are made, as shown
by a certified statement from the actuarial firm that prepared the
most recent actuarial study.
(3) After the governing authorities of the City of
Hattiesburg have adopted a resolution to establish the additional
payments authorized under subsection (1) of this section and the
advisory board provided for in Section 21-29-105, Mississippi Code
of 1972, has adopted a resolution supporting the establishment of
the additional payments, and after the Board of Trustees of the
Public Employees' Retirement System has received these resolutions
and received the most recent actuarial study of the disability and
relief fund and the certified statement from the actuarial firm
that the fund will remain actuarially sound if the additional
payments are made, then the board of trustees shall make the
payments directly to the persons authorized and entitled to
receive the payments.
(4) Persons eligible to receive the payments authorized
under this section shall receive such payments in one (1)
additional payment, except that such person may elect by an
irrevocable agreement on a form prescribed by the Board of
Trustees of the Public Employees' Retirement System to receive
such payments in not less than equal monthly installments not to
exceed six (6) months during the remaining months of the current
fiscal year. In the event of death of a person or a beneficiary
thereof receiving monthly benefits, any remaining amounts shall be
paid in a lump sum to the designated beneficiary.
SECTION 2. This act shall take effect and be in force from and after its passage.
