Bill Text: MS HB866 | 2024 | Regular Session | Introduced
Bill Title: Supplemental Legislative Retirement Plan; new legislators not members and current members do not earn additional credit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2024-03-05 - Died In Committee [HB866 Detail]
Download: Mississippi-2024-HB866-Introduced.html
MISSISSIPPI LEGISLATURE
2024 Regular Session
To: Appropriations A
By: Representative Evans
House Bill 866
AN ACT TO AMEND SECTION 25-11-305, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ALL PERSONS WHO BECOME MEMBERS OF THE STATE LEGISLATURE FOR THE FIRST TIME ON OR AFTER JULY 1, 2024, AND THE PERSONS WHO BECOME THE PRESIDENT OF THE SENATE FOR THE FIRST TIME ON OR AFTER JULY 1, 2024, SHALL NOT BECOME MEMBERS OF THE SUPPLEMENTAL LEGISLATIVE RETIREMENT PLAN; TO PROVIDE THAT FROM AND AFTER JULY 1, 2024, THE MEMBERS OF THE STATE LEGISLATURE AND THE PRESIDENT OF THE SENATE SHALL NOT EARN ANY ADDITIONAL CREDITABLE SERVICE AS A MEMBER OF THE STATE LEGISLATURE OR AS THE PRESIDENT OF THE SENATE FOR THE PURPOSES OF THE PLAN; TO AMEND SECTION 25-11-307, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT FROM AND AFTER JULY 1, 2024, THE MEMBERS OF THE PLAN WILL NOT PAY THE EMPLOYEE'S CONTRIBUTION AND THE STATE LEGISLATURE WILL NOT PAY THE EMPLOYER'S CONTRIBUTION FOR MEMBERS OF THE PLAN; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 25-11-305, Mississippi Code of 1972, is amended as follows:
25-11-305. (1) The membership of the Supplemental Legislative Retirement Plan shall be composed as follows:
(a) All members of the
State Legislature who are currently serving in the capacity of an elected
official of the State Legislature and the person currently serving as President
of the Senate shall become members of * * *
the Supplemental Legislative Retirement Plan on July 1, 1989, unless
they file with the board within thirty (30) days after July 1, 1989, on a form
prescribed by the board, a notice of election not to be covered in the
membership of the Supplemental Legislative Retirement Plan and a duly executed
waiver of all present and prospective benefits which would otherwise inure to
them on account of their participation in the plan.
(b) All members of the State Legislature and the President of the Senate who are elected after July 1, 1989, except as provided in subsection (3) of this section.
(2) Any state legislators who would have otherwise qualified for membership in the plan under subsection (1) of this section but who were excluded from membership by other provisions of this section as it read before March 26, 1991, shall become members of the plan upon March 26, 1991, and shall receive creditable service in the plan for the period from July 1, 1989, to March 26, 1991, upon payment of the proper employee and employer contributions for that period.
(3) All persons who become members of the State Legislature for the first time on or after July 1, 2024, and the persons who become the President of the Senate for the first time on or after July 1, 2024, shall not become members of the plan. All members of the State Legislature and the President of the Senate who were members of the plan before July 1, 2024, shall remain as members of the plan until their membership in the plan ceases as provided in subsection (5) of this section.
(4) From and after July 1, 2024, the members of the State Legislature and the President of the Senate who are members of the plan shall not earn any additional creditable service as a member of the State Legislature or as the President of the Senate for the purposes of the plan, but this shall not affect any creditable service that was earned before that date.
( * * *5) Membership in the plan shall cease
by a member withdrawing his accumulated contributions, or by a member
withdrawing from active service with a retirement allowance, or by death of the
member.
( * * *6) No benefits under the plan shall
accrue or otherwise be payable to any person who does not qualify for
membership in the plan under subsection (1) of this section.
SECTION 2. Section 25-11-307, Mississippi Code of 1972, is amended as follows:
25-11-307. (1) The Board
of Trustees of the Public Employees' Retirement System of Mississippi shall act
as custodian of the funds for members of the State Legislature and the
President of the Senate, and shall receive to the credit of * * * the fund all donations, bequests,
appropriations, and all funds available as an employer's contribution thereto
from any source whatsoever. Through June 30, 2024, the State
Legislature shall each month deduct from the compensation of each member three
percent (3%) thereof, and shall pay the amount so deducted to the board of
trustees to be credited to the fund for the members. The compensation of each
member shall include all remuneration or amounts paid, except mileage
allowance. From the funds credited to this account, the board of trustees
shall pay retirement allowances, disability benefits, survivors' benefits and
expenses, and shall refund contributions as provided. The fund for the
Supplemental Legislative Retirement Plan shall be maintained as a separate
fund, separate from all other funds held by the board of trustees and shall be
used only for the payment of benefits provided for by the plan, or amendments
thereto.
(2) Through June 30, 2024,
on account of each member there shall be paid monthly into the fund for members
of the Supplemental Legislative Retirement Plan by the State Legislature from
funds available an amount equal to a certain percentage of the compensation of
each member to be known as the "normal contributions," and an
additional amount equal to a percentage of his compensation to be known as the "accrued
liability contribution." The percentage rate of * * *
the contributions shall be fixed by the board of trustees on the basis
of the liabilities of the plan for the various allowances and benefits as shown
by the actuarial valuation. Until changed by the board of trustees, the
contribution rate shall be six and one-third percent (6-1/3%) of the annual
compensation of all members, which shall include all remuneration or amounts
paid, except mileage allowance.
(3) The board of trustees
is * * * authorized to deduct two percent (2%) of
all employer's contributions paid into the fund for members of the State
Legislature and the President of the Senate to be transferred to the expense
fund of the Public Employees' Retirement System of Mississippi to defray the
cost of administering this fund.
SECTION 3. This act shall take effect and be in force from and after July 1, 2024.
