The Public Employees’ Retirement System of Mississippi (PERS) is sponsoring the following bills that have recently been filed for consideration by the Mississippi Legislature during the 2016 Regular Session. Questions regarding PERS-sponsored legislation should be directed to PERS at 601-359-3589 or 800-444-7377. Tues., Feb. 23 is the deadline for committees to take action on these bills.
House Bill 880 (pending before House Appropriations Committee) and Senate Bill 2017 (pending before Senate Finance Committee) are companion bills related to vesting that, if enacted as introduced, would change the number of years required to vest in PERS from eight years to four years for all members of PERS, regardless of the date upon which they became a member. PERS contends that a shorter vesting period might facilitate public employee recruitment and retention.
House Bill 899 (pending before House Appropriations Committee) and Senate Bill 2087 (pending before Senate Finance Committee) are companion bills related to the administration of PERS that, if enacted as introduced, would make numerous technical amendments to PERS law. One of the most significant proposed amendments within these bills provides that for periods of time after July 1, 2017, creditable service would be awarded in monthly increments rather than quarterly increments, and, for members who retire on or after July 1, 2017, creditable service for unused leave would likewise be awarded in monthly increments rather than quarterly increments. Most of the other proposed amendments seek to clarify the law to conform with agency practice and procedure and/or current regulations.
House Bill 903 (pending before House Appropriations Committee) and Senate Bill 2086 (pending before Senate Finance Committee) are companion bills related to the Government Employees’ Deferred Compensation Plan law that, if enacted as introduced, would (1) define certain terms, (2) clarify investment options, and (3) clarify the administration of the Mississippi Deferred Compensation Plan and Trust, as well as the administration of any other deferred compensation plan authorized under the applicable law. This legislation appears to have little affect on plan participants.