The following is a recap of House Bill 1301 (PERS technical amendments bill) from the 2017 Regular Session of the Mississippi Legislature:
- Amends Miss. Code Ann. § 25-11-105(f) effective July 1, 2017, to remove specific statutory language related to a community hospital that is no longer covered under PERS;
- Amends Miss. Code Ann. §§ 25-11-117(3) and 25-11-311(3) effective July 1, 2017, to clarify that for those who enter or reenter state service on or after July 1, 2007, eight years of membership service is required before creditable service related to repaid refunded years can be used in any benefit calculation;
- Amends Miss. Code Ann. §§ 25-11-115(1) Option 4B and 25-13-16(1) Option 4B effective July 1, 2017, to clarify to whom the actuarial equivalent of any remaining payments shall be paid in the event of the death of the retired member and of the last designated beneficiary;
- Amends Miss. Code. Ann §§ 25-11-105(k), 25-11-109(10)(c), 25-11-117(3)(a) and (3)(b), 25-11-311(3)(a) and (3)(b), and 25-13-21 effective July 1, 2017, to simplify purchase of service statutory language by removing language that specifies the increments in which the payment for such service credit must be made so that the PERS Board may set those increments via regulation; and
- Amends Miss. Code. Ann § 25-3-39(1)(a) effective July 1, 2018, to exempt the salaries of the PERS Executive Director and the PERS Chief Investment Officer from the 150 percent of the Governor’s salary cap, which will allow the PERS Board of Trustees to establish more competitive salaries for those positions.
In addition, House Bill 899 (Regular Session 2016) amends Miss. Code. Ann § 25-11-109(2) effective July 1, 2017, to prospectively change the method of granting service credit from quarterly to monthly increments and to provide that, for members who retire on or after July 1, 2017, creditable service for unused leave will be awarded in monthly rather than quarterly increments, with every 21 days of unused leave counting as one month of service.
Click here for PERS-related updates during the legislative session.