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To: State Affairs;
Appropriations A
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Currie

HOUSE BILL NO. 1016

AN ACT TO AMEND SECTIONS 25-11-103, 25-11-109, 25-11-111, 1
25-11-112, 25-11-114, 25-11-115, 25-11-117, 25-11-123 AND 2
25-11-147, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT LAW 3
ENFORCEMENT OFFICERS, FIREFIGHTERS, EMERGENCY MEDICAL SERVICES 4
PROVIDERS, EMERGENCY MANAGEMENT PERSONNEL, AND PUBLIC SAFETY 5
TELECOMMUNICATORS WHO BECOME MEMBERS OF THE PUBLIC EMPLOYEES' 6
RETIREMENT SYSTEM ON OR AFTER MARCH 1, 2026, SHALL BE ENTITLED TO 7
RECEIVE A RETIREMENT ALLOWANCE AFTER 25 YEARS OF SERVICE 8
REGARDLESS OF AGE; TO ESTABLISH A COST-OF-LIVING ADJUSTMENT (COLA) 9
TIED TO THE CONSUMER PRICE INDEX FOR URBAN WAGE EARNERS AND 10
CLERICAL WORKERS(CPI-W) FOR SUCH FIRST RESPONDERS; AND FOR RELATED 11
PURPOSES. 12
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 13
SECTION 1. Section 25-11-103, Mississippi Code of 1972, is 14
amended as follows: 15
25-11-103. (1) The following words and phrases as used in 16
Articles 1 and 3, unless a different meaning is plainly required 17
by the context, have the following meanings: 18
(a) "Accumulated contributions" means the sum of all 19
the amounts deducted from the compensation of a member and 20
credited to his or her individual account in the annuity savings 21
account, together with regular interest as provided in Section 22
25-11-123. 23
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(b) "Actuarial cost" means the amount of funds 24
presently required to provide future benefits as determined by the 25
board based on applicable tables and formulas provided by the 26
actuary. 27
(c) "Actuarial equivalent" means a benefit of equal 28
value to the accumulated contributions, annuity or benefit, as the 29
case may be, when computed upon the basis of such mortality tables 30
as adopted by the board of trustees, and regular interest. 31
(d) "Actuarial tables" mean such tables of mortality 32
and rates of interest as adopted by the board in accordance with 33
the recommendation of the actuary. 34
(e) "Agency" means any governmental body employing 35
persons in the state service. 36
(f) "Average compensation" means, for persons who 37
became members of the system before March 1, 2026, and for first 38
responders who became members of the system on or after March 1, 39
2026, the average of the four (4) highest years of earned 40
compensation reported for an employee in a fiscal or calendar year 41
period, or combination thereof that do not overlap, or the last 42
forty-eight (48) consecutive months of earned compensation 43
reported for an employee. The four (4) years need not be 44
successive or joined years of service. "Average compensation" 45
means, for persons who became members of the system on or after 46
March 1, 2026, except for first responders who became members of 47
the system on or after March 1, 2026, the average of the eight (8) 48
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highest consecutive years of earned compensation reported for an 49
employee in a fiscal or calendar year period, or of the last 50
ninety-six (96) consecutive months of earned compensation reported 51
for an employee, whichever is greater. 52
In computing the average compensation for retirement, 53
disability or survivor benefits, any amount lawfully paid in a 54
lump sum for personal leave or major medical leave shall be 55
included in the calculation to the extent that the amount does not 56
exceed an amount that is equal to thirty (30) days of earned 57
compensation and to the extent that it does not cause the 58
employee's earned compensation to exceed the maximum reportable 59
amount specified in paragraph (k) of this subsection; however, 60
this thirty-day limitation shall not prevent the inclusion in the 61
calculation of leave earned under federal regulations before July 62
1, 1976, and frozen as of that date as referred to in Section 63
25-3-99. In computing the average compensation, no amounts shall 64
be used that are in excess of the amount on which contributions 65
were required and paid, and no nontaxable amounts paid by the 66
employer for health or life insurance premiums for the employee 67
shall be used. If any member who is or has been granted any 68
increase in annual salary or compensation of more than eight 69
percent (8%) retires within twenty-four (24) months from the date 70
that the increase becomes effective, then the board shall exclude 71
that part of the increase in salary or compensation that exceeds 72
eight percent (8%) in calculating that member's average 73
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compensation for retirement purposes. The board may enforce this 74
provision by rule or regulation. However, increases in 75
compensation in excess of eight percent (8%) per year granted 76
within twenty-four (24) months of the date of retirement may be 77
included in the calculation of average compensation if 78
satisfactory proof is presented to the board showing that the 79
increase in compensation was the result of an actual change in the 80
position held or services rendered, or that the compensation 81
increase was authorized by the State Personnel Board or was 82
increased as a result of statutory enactment, and the employer 83
furnishes an affidavit stating that the increase granted within 84
the last twenty-four (24) months was not contingent on a promise 85
or agreement of the employee to retire. Nothing in Section 86
25-3-31 shall affect the calculation of the average compensation 87
of any member for the purposes of this article. The average 88
compensation of any member who retires before July 1, 1992, shall 89
not exceed the annual salary of the Governor. 90
(g) "Beneficiary" means any person entitled to receive 91
a retirement allowance, an annuity or other benefit as provided by 92
Articles 1 and 3. The term "beneficiary" may also include an 93
organization, estate, trust or entity; however, a beneficiary 94
designated or entitled to receive monthly payments under an 95
optional settlement based on life contingency or under a statutory 96
monthly benefit may only be a natural person. In the event of the 97
death before retirement of any member who became a member of the 98
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system before July 1, 2007, and whose spouse and/or children are 99
not entitled to a retirement allowance on the basis that the 100
member has less than four (4) years of membership service credit, 101
or who became a member of the system on or after July 1, 2007, and 102
whose spouse and/or children are not entitled to a retirement 103
allowance on the basis that the member has less than eight (8) 104
years of membership service credit, and/or has not been married 105
for a minimum of one (1) year or the spouse has waived his or her 106
entitlement to a retirement allowance under Section 25-11-114, the 107
lawful spouse of a member at the time of the death of the member 108
shall be the beneficiary of the member unless the member has 109
designated another beneficiary after the date of marriage in 110
writing, and filed that writing in the office of the executive 111
director of the board of trustees. No designation or change of 112
beneficiary shall be made in any other manner. 113
(h) "Board" means the board of trustees provided in 114
Section 25-11-15 to administer the retirement system created under 115
this article. 116
(i) "Creditable service" means "prior service," 117
"retroactive service" and all lawfully credited unused leave not 118
exceeding the accrual rates and limitations provided in Section 119
25-3-91 et seq., as of the date of withdrawal from service plus 120
"membership service" and other service for which credit is 121
allowable as provided in Section 25-11-109. Except to limit 122
creditable service reported to the system for the purpose of 123
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computing an employee's retirement allowance or annuity or 124
benefits provided in this article, nothing in this paragraph shall 125
limit or otherwise restrict the power of the governing authority 126
of a municipality or other political subdivision of the state to 127
adopt such vacation and sick leave policies as it deems necessary. 128
(j) "Child" means either a natural child of the member, 129
a child that has been made a child of the member by applicable 130
court action before the death of the member, or a child under the 131
permanent care of the member at the time of the latter's death, 132
which permanent care status shall be determined by evidence 133
satisfactory to the board. For purposes of this paragraph, a 134
natural child of the member is a child of the member that is 135
conceived before the death of the member. 136
(k) "Earned compensation" means the full amount earned 137
during a fiscal year by an employee not to exceed the employee 138
compensation limit set pursuant to Section 401(a)(17) of the 139
Internal Revenue Code for the calendar year in which the fiscal 140
year begins and proportionately for less than one (1) year of 141
service. Except as otherwise provided in this paragraph, the 142
value of maintenance furnished to an employee shall not be 143
included in earned compensation. Earned compensation shall not 144
include any amounts paid by the employer for health or life 145
insurance premiums for an employee. Earned compensation shall be 146
limited to the regular periodic compensation paid, exclusive of 147
litigation fees, bond fees, performance-based incentive payments, 148
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and other similar extraordinary nonrecurring payments. In 149
addition, any member in a covered position, as defined by Public 150
Employees' Retirement System laws and regulations, who is also 151
employed by another covered agency or political subdivision shall 152
have the earnings of that additional employment reported to the 153
Public Employees' Retirement System regardless of whether the 154
additional employment is sufficient in itself to be a covered 155
position. In addition, computation of earned compensation shall 156
be governed by the following: 157
(i) In the case of constables, the net earnings 158
from their office after deduction of expenses shall apply, except 159
that in no case shall earned compensation be less than the total 160
direct payments made by the state or governmental subdivisions to 161
the official. 162
(ii) In the case of chancery or circuit clerks, 163
the net earnings from their office after deduction of expenses 164
shall apply as expressed in Section 25-11-123(f)(4). 165
(iii) In the case of members of the State 166
Legislature, all remuneration or amounts paid, except mileage 167
allowance, shall apply. 168
(iv) The amount by which an eligible employee's 169
salary is reduced under a salary reduction agreement authorized 170
under Section 25-17-5 shall be included as earned compensation 171
under this paragraph, provided this inclusion does not conflict 172
with federal law, including federal regulations and federal 173
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administrative interpretations under the federal law, pertaining 174
to the Federal Insurance Contributions Act or to Internal Revenue 175
Code Section 125 cafeteria plans. 176
(v) Compensation in addition to an employee's base 177
salary that is paid to the employee under the vacation and sick 178
leave policies of a municipality or other political subdivision of 179
the state that employs him or her that exceeds the maximums 180
authorized by Section 25-3-91 et seq. shall be excluded from the 181
calculation of earned compensation under this article. 182
(vi) The maximum salary applicable for retirement 183
purposes before July 1, 1992, shall be the salary of the Governor. 184
(vii) Nothing in Section 25-3-31 shall affect the 185
determination of the earned compensation of any member for the 186
purposes of this article. 187
(viii) The value of maintenance furnished to an 188
employee before July 1, 2013, for which the proper amount of 189
employer and employee contributions have been paid, shall be 190
included in earned compensation. From and after July 1, 2013, the 191
value of maintenance furnished to an employee shall be reported as 192
earned compensation only if the proper amount of employer and 193
employee contributions have been paid on the maintenance and the 194
employee was receiving maintenance and having maintenance reported 195
to the system as of June 30, 2013. The value of maintenance when 196
not paid in money shall be fixed by the employing state agency, 197
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and, in case of doubt, by the board of trustees as defined in 198
Section 25-11-15. 199
(ix) Except as otherwise provided in this 200
paragraph, the value of any in-kind benefits provided by the 201
employer shall not be included in earned compensation. As used in 202
this subparagraph, "in-kind benefits" shall include, but not be 203
limited to, group life insurance premiums, health or dental 204
insurance premiums, nonpaid major medical and personal leave, 205
employer contributions for social security and retirement, tuition 206
reimbursement or educational funding, day care or transportation 207
benefits. 208
(l) "Employee" means any person legally occupying a 209
position in the state service, and shall include the employees of 210
the retirement system created under this article. 211
(m) "Employer" means the State of Mississippi or any of 212
its departments, agencies or subdivisions from which any employee 213
receives his or her compensation. 214
(n) "Executive director" means the secretary to the 215
board of trustees, as provided in Section 25-11-15(9), and the 216
administrator of the Public Employees' Retirement System and all 217
systems under the management of the board of trustees. Wherever 218
the term "Executive Secretary of the Public Employees' Retirement 219
System" or "executive secretary" appears in this article or in any 220
other provision of law, it shall be construed to mean the 221
Executive Director of the Public Employees' Retirement System. 222
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(o) "Fiscal year" means the period beginning on July 1 223
of any year and ending on June 30 of the next succeeding year. 224
(p) "Medical board" means the board of physicians or 225
any governmental or nongovernmental disability determination 226
service designated by the board of trustees that is qualified to 227
make disability determinations as provided for in Section 228
25-11-119. 229
(q) "Member" means any person included in the 230
membership of the system as provided in Section 25-11-105. For 231
purposes of Sections 25-11-103, 25-11-105, 25-11-109, 25-11-111, 232
25-11-113, 25-11-114, 25-11-115 and 25-11-117, if a member of the 233
system withdrew from state service and received a refund of the 234
amount of the accumulated contributions to the credit of the 235
member in the annuity savings account before July 1, 2007, and the 236
person reenters state service and becomes a member of the system 237
again on or after July 1, 2007, and repays all or part of the 238
amount received as a refund and interest in order to receive 239
creditable service for service rendered before July 1, 2007, the 240
member shall be considered to have become a member of the system 241
on or after July 1, 2007, subject to the eight-year membership 242
service requirement, as applicable in those sections. For 243
purposes of Sections 25-11-103, 25-11-111, 25-11-114 and 244
25-11-115, if a member of the system withdrew from state service 245
and received a refund of the amount of the accumulated 246
contributions to the credit of the member in the annuity savings 247
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account before July 1, 2011, and the person reenters state service 248
and becomes a member of the system again on or after July 1, 2011, 249
and repays all or part of the amount received as a refund and 250
interest in order to receive creditable service for service 251
rendered before July 1, 2011, the member shall be considered to 252
have become a member of the system on or after July 1, 2011. If a 253
member of the system withdrew from state service and received a 254
refund of the amount of the accumulated contributions to the 255
credit of the member in the annuity savings account before March 256
1, 2026, and the person reenters state service and becomes a 257
member of the system again on or after March 1, 2026, the member 258
shall be considered to have become a member of the system on or 259
after March 1, 2026, and may not receive creditable service for 260
service rendered before March 1, 2026. 261
(r) "Membership service" means service as an employee 262
in a covered position rendered while a contributing member of the 263
retirement system. 264
(s) "Position" means any office or any employment in 265
the state service, or two (2) or more of them, the duties of which 266
call for services to be rendered by one (1) person, including 267
positions jointly employed by federal and state agencies 268
administering federal and state funds. The employer shall 269
determine upon initial employment and during the course of 270
employment of an employee who does not meet the criteria for 271
coverage in the Public Employees' Retirement System based on the 272
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position held, whether the employee is or becomes eligible for 273
coverage in the Public Employees' Retirement System based upon any 274
other employment in a covered agency or political subdivision. If 275
or when the employee meets the eligibility criteria for coverage 276
in the other position, then the employer must withhold 277
contributions and report wages from the noncovered position in 278
accordance with the provisions for reporting of earned 279
compensation. Failure to deduct and report those contributions 280
shall not relieve the employee or employer of liability thereof. 281
The board shall adopt such rules and regulations as necessary to 282
implement and enforce this provision. 283
(t) "Prior service" means: 284
(i) For persons who became members of the system 285
before July 1, 2007, service rendered before February 1, 1953, for 286
which credit is allowable under Sections 25-11-105 and 25-11-109, 287
and which shall allow prior service for any person who is now or 288
becomes a member of the Public Employees' Retirement System and 289
who does contribute to the system for a minimum period of four (4) 290
years. 291
(ii) For persons who became members of the system 292
on or after July 1, 2007, service rendered before February 1, 293
1953, for which credit is allowable under Sections 25-11-105 and 294
25-11-109, and which shall allow prior service for any person who 295
is now or becomes a member of the Public Employees' Retirement 296
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System and who does contribute to the system for a minimum period 297
of eight (8) years. 298
(u) "Regular interest" means interest compounded 299
annually at such a rate as determined by the board in accordance 300
with Section 25-11-121. 301
(v) "Retirement allowance" means an annuity for life as 302
provided in this article, payable each year in twelve (12) equal 303
monthly installments beginning as of the date fixed by the board. 304
The retirement allowance shall be calculated in accordance with 305
Section 25-11-111. However, any spouse who received a spouse 306
retirement benefit in accordance with Section 25-11-111(d) before 307
March 31, 1971, and those benefits were terminated because of 308
eligibility for a social security benefit, may again receive his 309
or her spouse retirement benefit from and after making application 310
with the board of trustees to reinstate the spouse retirement 311
benefit. 312
(w) "Retroactive service" means service rendered after 313
February 1, 1953, for which credit is allowable under Section 314
25-11-105(b) and Section 25-11-105(k). 315
(x) "System" means the Public Employees' Retirement 316
System of Mississippi established and described in Section 317
25-11-101. 318
(y) "State" means the State of Mississippi or any 319
political subdivision thereof or instrumentality of the state. 320
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(z) "State service" means all offices and positions of 321
trust or employment in the employ of the state, or any political 322
subdivision or instrumentality of the state, that elect to 323
participate as provided by Section 25-11-105(f), including the 324
position of elected or fee officials of the counties and their 325
deputies and employees performing public services or any 326
department, independent agency, board or commission thereof, and 327
also includes all offices and positions of trust or employment in 328
the employ of joint state and federal agencies administering state 329
and federal funds and service rendered by employees of the public 330
schools. Effective July 1, 1973, all nonprofessional public 331
school employees, such as bus drivers, janitors, maids, 332
maintenance workers and cafeteria employees, shall have the option 333
to become members in accordance with Section 25-11-105(b), and 334
shall be eligible to receive credit for services before July 1, 335
1973, provided that the contributions and interest are paid by the 336
employee in accordance with that section; in addition, the county 337
or municipal separate school district may pay the employer 338
contribution and pro rata share of interest of the retroactive 339
service from available funds. "State service" shall not include 340
the President of the Mississippi Lottery Corporation and personnel 341
employed by the Mississippi Lottery Corporation. From and after 342
July 1, 1998, retroactive service credit shall be purchased at the 343
actuarial cost in accordance with Section 25-11-105(b). 344
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(aa) "Withdrawal from service" or "termination from 345
service" means complete severance of employment in the state 346
service of any member by resignation, dismissal or discharge. 347
(bb) "First responder" means a law enforcement officer, 348
firefighter, emergency medical services provider, emergency 349
management personnel, or public safety telecommunicator. 350
(cc) "Law enforcement officer" means any of the 351
following persons who are authorized to carry a firearm while in 352
the performance of their official duties and who have met the 353
minimum educational and training standards established by the 354
Board on Law Enforcement Officer Standards and Training for 355
permanent, full-time law enforcement officers and have received a 356
certificate from that board: 357
(i) Municipal police officers and narcotics 358
agents, but not officers who are engaged only in administrative or 359
civil duties; 360
(ii) Sheriffs and deputy sheriffs, but not deputy 361
sheriffs who are engaged only in administrative or civil duties; 362
(iii) Constables; 363
(iv) Conservation officers of the Department of 364
Wildlife, Fisheries and Parks; 365
(v) Enforcement officers of the Department of 366
Marine Resources; 367
(vi) Agents and inspectors of the Alcoholic 368
Beverage Control Division of the Department of Revenue; 369
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(vii) Commercial transportation inspection station 370
employees, enforcement officers, field inspectors, railroad 371
inspectors and other inspectors of the Department of Public 372
Safety; 373
(viii) Capitol Police officers of the Department 374
of Public Safety; 375
(ix) State correctional facility guards and 376
enforcement officers of the Department of Corrections; 377
(x) Municipal or county jail officers, guards and 378
enforcement officers; and 379
(xi) Any other full-time officer or employee of 380
the state or any county, municipality or other political 381
subdivision of the state, not listed in subparagraphs (i) through 382
(x) of this paragraph, who is authorized to carry a firearm while 383
in the performance of his or her official duties and who has met 384
the minimum educational and training standards established by the 385
Board on Law Enforcement Officer Standards and Training for 386
permanent, full-time law enforcement officers and has received a 387
certificate from that board. However, the term "law enforcement 388
officer" does not include any person who is an active member of 389
the Mississippi Highway Safety Patrol Retirement System. 390
(dd) "Firefighter" means a person who is trained for 391
the prevention and control of loss of life and property from fire 392
or other emergencies, who is assigned to firefighting activity and 393
is required to respond to alarms and perform emergency actions at 394
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the location of a fire, hazardous materials or other emergency 395
incident, who is employed full time by the state or any county, 396
municipality or other political subdivision of the state, and who 397
has met the minimum educational and training standards established 398
by the Mississippi Fire Personnel Minimum Standards and 399
Certification Board for permanent, full-time firefighters and has 400
received a certificate from that board. 401
(ee) "Emergency medical services provider" means a 402
person who is certified by the State Department of Health as one 403
of the types of emergency medical services personnel under Section 404
41-59-1 et seq., and who is employed full time by the state or any 405
county, municipality or other political subdivision of the state. 406
This term also includes 911 dispatchers who are employed full time 407
by the state or any county, municipality or other political 408
subdivision of the state. 409
(ff) "Emergency management personnel" means any 410
full-time employee of the state, or any county, municipality, or 411
political subdivision of the state, whose primary duties involve 412
planning for, coordinating, or supporting emergency management 413
functions under the Mississippi Emergency Management Law, Section 414
33-15-1 et seq., including preparedness response, recovery, 415
mitigation, and emergency operations center activities. 416
(gg) "Public safety telecommunicator" means any 417
full-time employee of the state, or any county, municipality, or 418
other political subdivision of the state, who is engaged in 419
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receiving, processing, or dispatching requests for emergency 420
services for a public safety, fire, or emergency medical agency, 421
and who provides or relays emergency-related information by 422
telephone, radio, or other communication systems. 423
( * * *hh) The masculine pronoun, wherever used, 424
includes the feminine pronoun. 425
(2) For purposes of this article, the term "political 426
subdivision" shall have the meaning ascribed to such term in 427
Section 25-11-5 and shall also include public charter schools. 428
SECTION 2. Section 25-11-109, Mississippi Code of 1972, is 429
amended as follows: 430
25-11-109. (1) Under such rules and regulations as the 431
board of trustees shall adopt, each person who becomes a member of 432
this retirement system, as provided in Section 25-11-105, on or 433
before July 1, 1953, or who became a member of the system before 434
July 1, 2007, and contributes to the system for a minimum period 435
of four (4) years, or who became a member of the system on or 436
after July 1, 2007, and contributes to the system for a minimum 437
period of eight (8) years, shall receive credit for all state 438
service rendered before February 1, 1953. To receive that credit, 439
the member shall file a detailed statement of all services as an 440
employee rendered by him or her in the state service before 441
February 1, 1953. For any member who joined the system after July 442
1, 1953, and before July 1, 2007, any creditable service for which 443
the member is not required to make contributions shall not be 444
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of service.
credited to the member until the member has contributed to the 445
system for a minimum period of at least four (4) years. For any 446
member who joined the system on or after July 1, 2007, but before 447
March 1, 2026, or for any first responder who became a member of 448
the system on or after March 1, 2026, any creditable service for 449
which the member is not required to make contributions shall not 450
be credited to the member until the member has contributed to the 451
system for a minimum period of at least eight (8) years. 452
(2) (a) (i) In the computation of creditable service for 453
service rendered before July 1, 2017, under the provisions of this 454
article, the total months of accumulative service during any 455
fiscal year shall be calculated in accordance with the schedule as 456
follows: ten (10) or more months of creditable service during any 457
fiscal year shall constitute a year of creditable service; seven 458
(7) months to nine (9) months inclusive, three-quarters (3/4) of a 459
year of creditable service; four (4) months to six (6) months 460
inclusive, one-half (1/2) year of creditable service; one (1) 461
month to three (3) months inclusive, one-quarter (1/4) of a year 462
of creditable service. 463
(ii) In the computation of creditable service 464
rendered on or after July 1, 2017, under the provisions of this 465
article, service credit shall be awarded in monthly increments in 466
a manner prescribed by regulations of the board. 467
(b) In no case shall credit be allowed for any period 468
of absence without compensation except for disability while in 469
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may receive retirement allowance after 25 years
of service.
receipt of a disability retirement allowance, nor shall less than 470
fifteen (15) days of service in any month, or service less than 471
the equivalent of one-half (1/2) of the normal working load for 472
the position and less than one-half (1/2) of the normal 473
compensation for the position in any month, constitute a month of 474
creditable service, nor shall more than one (1) year of service be 475
creditable for all services rendered in any one (1) fiscal year; 476
however, for a school employee, substantial completion of the 477
legal school term when and where the service was rendered shall 478
constitute a year of service credit. Any state or local elected 479
official shall be deemed a full-time employee for the purpose of 480
creditable service. However, an appointed or elected official 481
compensated on a per diem basis only shall not be allowed 482
creditable service for terms of office. 483
(c) In the computation of any retirement allowance or 484
any annuity or benefits provided in this article, any fractional 485
period of service of less than one (1) year shall be taken into 486
account and a proportionate amount of such retirement allowance, 487
annuity or benefit shall be granted for any such fractional period 488
of service. 489
(d) (i) In the computation of unused leave for 490
creditable service authorized in Section 25-11-103, the following 491
shall govern for members who retire before July 1, 2017: 492
twenty-one (21) days of unused leave shall constitute one (1) 493
month of creditable service and in no case shall credit be allowed 494
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may receive retirement allowance after 25 years
of service.
for any period of unused leave of less than fifteen (15) days. 495
The number of months of unused leave shall determine the number of 496
quarters or years of creditable service in accordance with the 497
above schedule for membership and prior service. 498
(ii) In the computation of unused leave for 499
creditable service authorized in Section 25-11-103, the following 500
shall govern for members who retire on or after July 1, 2017: 501
creditable service for unused leave shall be calculated in monthly 502
increments in which one (1) month of service credit shall be 503
awarded for each twenty-one (21) days of unused leave, except that 504
the first fifteen (15) to fifty-seven (57) days of leave shall 505
constitute three (3) months of service for those who became a 506
member of the system before July 1, 2017. 507
(iii) In order for the member to receive 508
creditable service for the number of days of unused leave under 509
this paragraph, the system must receive certification from the 510
governing authority. 511
(iv) For anyone who becomes a member of the system 512
on or after March 1, 2026, except for a first responder who became 513
a member of the system on or after March 1, 2026, no service 514
credit shall be awarded for unused leave. 515
(e) For the purposes of this subsection, members of the 516
system who retire on or after July 1, 2010, shall receive credit 517
for one-half (1/2) day of leave for each full year of membership 518
service accrued after June 30, 2010. The amount of leave received 519
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may receive retirement allowance after 25 years
of service.
by a member under this paragraph shall be added to the lawfully 520
credited unused leave for which creditable service is provided 521
under Section 25-11-103(i). 522
(f) For the purpose of this subsection, for members of 523
the system who are elected officers and who retire on or after 524
July 1, 1987, the following shall govern: 525
(i) For service before July 1, 1984, the members 526
shall receive credit for leave (combined personal and major 527
medical) for service as an elected official before that date at 528
the rate of thirty (30) days per year. 529
(ii) For service on and after July 1, 1984, the 530
member shall receive credit for personal and major medical leave 531
beginning July 1, 1984, at the rates authorized in Sections 532
25-3-93 and 25-3-95, computed as a full-time employee. 533
(iii) If a member is employed in a covered 534
nonelected position and a covered elected position simultaneously, 535
that member may not receive service credit for accumulated unused 536
leave for both positions at retirement for the period during which 537
the member was dually employed. During the period during which 538
the member is dually employed, the member shall only receive 539
credit for leave as provided for in this paragraph for an elected 540
official. 541
(iv) For any elected official who becomes a member 542
of the system on or after March 1, 2026, except for an elected 543
official who is a first responder and who became a member of the 544
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may receive retirement allowance after 25 years
of service.
system on or after March 1, 2026, no service credit shall be 545
awarded for leave. 546
(3) Subject to the above restrictions and to such other 547
rules and regulations as the board may adopt, the board shall 548
verify, as soon as practicable after the filing of such statements 549
of service, the services therein claimed. 550
(4) Upon verification of the statement of prior service, the 551
board shall issue a prior service certificate certifying to each 552
member the length of prior service for which credit shall have 553
been allowed on the basis of his or her statement of service. So 554
long as membership continues, a prior service certificate shall be 555
final and conclusive for retirement purposes as to such service, 556
provided that any member may within five (5) years from the date 557
of issuance or modification of such certificate request the board 558
of trustees to modify or correct his or her prior service 559
certificate. Any modification or correction authorized shall only 560
apply prospectively. 561
When membership ceases, such prior service certificates shall 562
become void. Should the employee again become a member, he or she 563
shall enter the system as an employee not entitled to prior 564
service credit except as provided in Sections 25-11-105(I), 565
25-11-113 and 25-11-117. 566
(5) Creditable service at retirement, on which the 567
retirement allowance of a member shall be based, shall consist of 568
the membership service rendered by him or her since he or she last 569
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may receive retirement allowance after 25 years
of service.
became a member, and also, if he or she has a prior service 570
certificate that is in full force and effect, the amount of the 571
service certified on his or her prior service certificate. 572
(6) Any member who served on active duty in the Armed Forces 573
of the United States, who served in the Commissioned Corps of the 574
United States Public Health Service before 1972 or who served in 575
maritime service during periods of hostility in World War II, 576
shall be entitled to creditable service at no cost for his or her 577
service on active duty in the Armed Forces, in the Commissioned 578
Corps of the United States Public Health Service before 1972 or in 579
such maritime service, provided he or she entered state service 580
after his or her discharge from the Armed Forces or entered state 581
service after he completed such maritime service. The maximum 582
period for such creditable service for all military service as 583
defined in this subsection (6) shall not exceed four (4) years 584
unless positive proof can be furnished by such person that he was 585
retained in the Armed Forces during World War II or in maritime 586
service during World War II by causes beyond his control and 587
without opportunity of discharge. The member shall furnish proof 588
satisfactory to the board of trustees of certification of military 589
service or maritime service records showing dates of entrance into 590
active duty service and the date of discharge. From and after 591
July 1, 1993, no creditable service shall be granted for any 592
military service or maritime service to a member who qualifies for 593
a retirement allowance in another public retirement system 594
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may receive retirement allowance after 25 years
of service.
administered by the Board of Trustees of the Public Employees' 595
Retirement System based, in whole or in part, on such military or 596
maritime service. In no case shall the member receive creditable 597
service if the member received a dishonorable discharge from the 598
Armed Forces of the United States. 599
(7) (a) Any member of the Public Employees' Retirement 600
System whose membership service is interrupted as a result of 601
qualified military service within the meaning of Section 414(u)(5) 602
of the Internal Revenue Code, and who has received the maximum 603
service credit available under subsection (6) of this section, 604
shall receive creditable service for the period of qualified 605
military service that does not qualify as creditable service under 606
subsection (6) of this section upon reentering membership service 607
in an amount not to exceed five (5) years if: 608
(i) The member pays the contributions he or she 609
would have made to the retirement system if he or she had remained 610
in membership service for the period of qualified military service 611
based upon his or her salary at the time his or her membership 612
service was interrupted; 613
(ii) The member returns to membership service 614
within ninety (90) days of the end of his or her qualified 615
military service; and 616
(iii) The employer at the time the member's 617
service was interrupted and to which employment the member returns 618
pays the contributions it would have made into the retirement 619
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may receive retirement allowance after 25 years
of service.
system for such period based on the member's salary at the time 620
the service was interrupted. 621
(b) The payments required to be made in paragraph 622
(a)(i) of this subsection may be made over a period beginning with 623
the date of return to membership service and not exceeding three 624
(3) times the member's qualified military service; however, in no 625
event shall such period exceed five (5) years. 626
(c) The member shall furnish proof satisfactory to the 627
board of trustees of certification of military service showing 628
dates of entrance into qualified service and the date of discharge 629
as well as proof that the member has returned to active employment 630
within the time specified. 631
(8) Any member of the Public Employees' Retirement System 632
who became a member of the system before July 1, 2007, and who has 633
at least four (4) years of membership service credit, or who 634
became a member of the system on or after July 1, 2007, but before 635
March 1, 2026, or any first responder who became a member of the 636
system on or after March 1, 2026, and who has at least eight (8) 637
years of membership service credit, shall be entitled to receive a 638
maximum of five (5) years' creditable service for service rendered 639
in another state as a public employee of such other state, or a 640
political subdivision, public education system or other 641
governmental instrumentality thereof, or service rendered as a 642
teacher in American overseas dependent schools conducted by the 643
Armed Forces of the United States for children of citizens of the 644
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may receive retirement allowance after 25 years
of service.
United States residing in areas outside the continental United 645
States, provided that: 646
(a) The member shall furnish proof satisfactory to the 647
board of trustees of certification of such services from the 648
state, public education system, political subdivision or 649
retirement system of the state where the services were performed 650
or the governing entity of the American overseas dependent school 651
where the services were performed; and 652
(b) The member is not receiving or will not be entitled 653
to receive from the public retirement system of the other state or 654
from any other retirement plan, including optional retirement 655
plans, sponsored by the employer, a retirement allowance including 656
such services; and 657
(c) The member shall pay to the retirement system on 658
the date he or she is eligible for credit for such out-of-state 659
service or at any time thereafter before the date of retirement 660
the actuarial cost as determined by the actuary for each year of 661
out-of-state creditable service. The provisions of this 662
subsection are subject to the limitations of Section 415 of the 663
Internal Revenue Code and regulations promulgated under that 664
section. 665
(9) Any member of the Public Employees' Retirement System 666
who became a member of the system before July 1, 2007, and has at 667
least four (4) years of membership service credit, or who became a 668
member of the system on or after July 1, 2007, but before March 1, 669
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ST: PERS; first responders hired after 3-1-26
may receive retirement allowance after 25 years
of service.
2026, or any first responder who became a member of the system on 670
or after March 1, 2026, and who has at least eight (8) years of 671
membership service credit, and who receives, or has received, 672
professional leave without compensation for professional purposes 673
directly related to the employment in state service shall receive 674
creditable service for the period of professional leave without 675
compensation provided: 676
(a) The professional leave is performed with a public 677
institution or public agency of this state, or another state or 678
federal agency; 679
(b) The employer approves the professional leave 680
showing the reason for granting the leave and makes a 681
determination that the professional leave will benefit the 682
employee and employer; 683
(c) Such professional leave shall not exceed two (2) 684
years during any ten-year period of state service; 685
(d) The employee shall serve the employer on a 686
full-time basis for a period of time equivalent to the 687
professional leave period granted immediately following the 688
termination of the leave period; 689
(e) The contributing member shall pay to the retirement 690
system the actuarial cost as determined by the actuary for each 691
year of professional leave. The provisions of this subsection are 692
subject to the regulations of the Internal Revenue Code 693
limitations; 694
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may receive retirement allowance after 25 years
of service.
(f) Such other rules and regulations consistent 695
herewith as the board may adopt and in case of question, the board 696
shall have final power to decide the questions. 697
Any actively contributing member participating in the School 698
Administrator Sabbatical Program established in Section 37-9-77 699
shall qualify for continued participation under this subsection 700
(9). 701
(10) Any member of the Public Employees' Retirement System 702
who became a member of the system before July 1, 2007, and has at 703
least four (4) years of credited membership service, or who became 704
a member of the system on or after July 1, 2007, but before March 705
1, 2026, or any first responder who became a member of the system 706
on or after March 1, 2026, and who has at least eight (8) years of 707
credited membership service, shall be entitled to receive a 708
maximum of ten (10) years creditable service for: 709
(a) Any service rendered as an employee of any 710
political subdivision of this state, or any instrumentality 711
thereof, that does not participate in the Public Employees' 712
Retirement System; or 713
(b) Any service rendered as an employee of any 714
political subdivision of this state, or any instrumentality 715
thereof, that participates in the Public Employees' Retirement 716
System but did not elect retroactive coverage; or 717
(c) Any service rendered as an employee of any 718
political subdivision of this state, or any instrumentality 719
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may receive retirement allowance after 25 years
of service.
thereof, for which coverage of the employee's position was or is 720
excluded; provided that the member pays into the retirement system 721
the actuarial cost as determined by the actuary for each year, or 722
portion thereof, of such service. After a member has made full 723
payment to the retirement system for all or any part of such 724
service, the member shall receive creditable service for the 725
period of such service for which full payment has been made to the 726
retirement system. 727
SECTION 3. Section 25-11-111, Mississippi Code of 1972, is 728
amended as follows: 729
25-11-111. (a) (1) Any member who became a member of the 730
system before July 1, 2007, upon withdrawal from service upon or 731
after attainment of the age of sixty (60) years who has completed 732
at least four (4) years of membership service, or any member who 733
became a member of the system before July 1, 2011, or any first 734
responder who became a member of the system on or after March 1, 735
2026, upon withdrawal from service regardless of age who has 736
completed at least twenty-five (25) years of creditable service, 737
shall be entitled to receive a retirement allowance, which shall 738
begin on the first of the month following the date the member's 739
application for the allowance is received by the board, but in no 740
event before withdrawal from service. 741
(2) Any member who became a member of the system on or 742
after July 1, 2007, but before March 1, 2026, or any first 743
responder who became a member of the system on or after March 1, 744
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may receive retirement allowance after 25 years
of service.
2026, upon withdrawal from service upon or after attainment of the 745
age of sixty (60) years who has completed at least eight (8) years 746
of membership service, or any member who became a member of the 747
system on or after July 1, 2011, but before March 1, 2026, upon 748
withdrawal from service regardless of age who has completed at 749
least thirty (30) years of creditable service, shall be entitled 750
to receive a retirement allowance, which shall begin on the first 751
of the month following the date the member's application for the 752
allowance is received by the board, but in no event before 753
withdrawal from service. 754
(3) Any member who became a member of the system on or 755
after March 1, 2026, except for a first responder who became a 756
member of the system on or after March 1, 2026, upon withdrawal 757
from service upon or after attainment of the age of sixty-two (62) 758
years who has completed at least eight (8) years of membership 759
service, or upon withdrawal from service regardless of age who has 760
completed at least thirty-five (35) years of creditable service, 761
shall be entitled to receive a retirement allowance, which shall 762
begin on the first of the month following the date the member's 763
application for the allowance is received by the board, but in no 764
event before withdrawal from service. 765
(b) (1) Any member who became a member of the system before 766
July 1, 2007, whose withdrawal from service occurs before 767
attaining the age of sixty (60) years who has completed four (4) 768
or more years of membership service and has not received a refund 769
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may receive retirement allowance after 25 years
of service.
of his or her accumulated contributions, shall be entitled to 770
receive a retirement allowance, beginning upon his or her 771
attaining the age of sixty (60) years, of the amount earned and 772
accrued at the date of withdrawal from service. The retirement 773
allowance shall begin on the first of the month following the date 774
the member's application for the allowance is received by the 775
board, but in no event before withdrawal from service. 776
(2) Any member who became a member of the system on or 777
after July 1, 2007, but before March 1, 2026, or any first 778
responder who became a member of the system on or after March 1, 779
2026, whose withdrawal from service occurs before attaining the 780
age of sixty (60) years who has completed eight (8) or more years 781
of membership service and has not received a refund of his or her 782
accumulated contributions, shall be entitled to receive a 783
retirement allowance, beginning upon his or her attaining the age 784
of sixty (60) years, of the amount earned and accrued at the date 785
of withdrawal from service. The retirement allowance shall begin 786
on the first of the month following the date the member's 787
application for the allowance is received by the board, but in no 788
event before withdrawal from service. 789
(3) Any member who became a member of the system on or 790
after March 1, 2026, except for a first responder who became a 791
member of the system on or after March 1, 2026, whose withdrawal 792
from service occurs before attaining the age of sixty-two (62) 793
years who has completed eight (8) or more years of membership 794
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may receive retirement allowance after 25 years
of service.
service and has not received a refund of his or her accumulated 795
contributions, shall be entitled to receive a retirement 796
allowance, beginning upon his or her attaining the age of 797
sixty-two (62) years, of the amount earned and accrued at the date 798
of withdrawal from service. The retirement allowance shall begin 799
on the first of the month following the date the member's 800
application for the allowance is received by the board, but in no 801
event before withdrawal from service. 802
(c) Any member in service who has qualified for retirement 803
benefits may select any optional method of settlement of 804
retirement benefits by notifying the Executive Director of the 805
Board of Trustees of the Public Employees' Retirement System in 806
writing, on a form prescribed by the board, of the option he or 807
she has selected and by naming the beneficiary of the option and 808
furnishing necessary proof of age. The option, once selected, may 809
be changed at any time before actual retirement or death, but upon 810
the death or retirement of the member, the optional settlement 811
shall be placed in effect upon proper notification to the 812
executive director. 813
(d) Any member who became a member of the system before July 814
1, 2011, or any first responder who became a member of the system 815
on or after March 1, 2026, shall be entitled to an annual 816
retirement allowance which shall consist of: 817
(1) A member's annuity, which shall be the actuarial 818
equivalent of the accumulated contributions of the member at the 819
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may receive retirement allowance after 25 years
of service.
time of retirement computed according to the actuarial table in 820
use by the system; and 821
(2) An employer's annuity, which, together with the 822
member's annuity provided above, shall be equal to two percent 823
(2%) of the average compensation for each year of service up to 824
and including twenty-five (25) years of creditable service, and 825
two and one-half percent (2-1/2%) of the average compensation for 826
each year of service exceeding twenty-five (25) years of 827
creditable service. 828
(3) Any retired member or beneficiary thereof who was 829
eligible to receive a retirement allowance before July 1, 1991, 830
and who is still receiving a retirement allowance on July 1, 1992, 831
shall receive an increase in the annual retirement allowance of 832
the retired member equal to one-eighth of one percent (1/8 of 1%) 833
of the average compensation for each year of state service in 834
excess of twenty-five (25) years of membership service up to and 835
including thirty (30) years. The maximum increase shall be 836
five-eighths of one percent (5/8 of 1%). In no case shall a 837
member who has been retired before July 1, 1987, receive less than 838
Ten Dollars ($10.00) per month for each year of creditable service 839
and proportionately for each quarter year thereof. Persons 840
retired on or after July 1, 1987, shall receive at least Ten 841
Dollars ($10.00) per month for each year of service and 842
proportionately for each quarter year thereof reduced for the 843
option selected. However, such Ten Dollars ($10.00) minimum per 844
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may receive retirement allowance after 25 years
of service.
month for each year of creditable service shall not apply to a 845
retirement allowance computed under Section 25-11-114 based on a 846
percentage of the member's average compensation. 847
(e) Any member who became a member of the system on or after 848
July 1, 2011, but before March 1, 2026, shall be entitled to an 849
annual retirement allowance which shall consist of: 850
(1) A member's annuity, which shall be the actuarial 851
equivalent of the accumulated contributions of the member at the 852
time of retirement computed according to the actuarial table in 853
use by the system; and 854
(2) An employer's annuity, which, together with the 855
member's annuity provided above, shall be equal to two percent 856
(2%) of the average compensation for each year of service up to 857
and including thirty (30) years of creditable service, and two and 858
one-half percent (2-1/2%) of average compensation for each year of 859
service exceeding thirty (30) years of creditable service. 860
(f) Any member who became a member of the system on or after 861
July 1, 2011, but before March 1, 2026, upon withdrawal from 862
service upon or after attaining the age of sixty (60) years who 863
has completed at least eight (8) years of membership service, or 864
any such member upon withdrawal from service regardless of age who 865
has completed at least thirty (30) years of creditable service, 866
shall be entitled to receive a retirement allowance computed in 867
accordance with the formula set forth in subsection (e) of this 868
section. In the case of the retirement of any member who has 869
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may receive retirement allowance after 25 years
of service.
attained age sixty (60) but who has not completed at least thirty 870
(30) years of creditable service, the retirement allowance shall 871
be computed in accordance with the formula set forth in subsection 872
(e) of this section except that the total annual retirement 873
allowance shall be reduced by an actuarial equivalent factor for 874
each year of creditable service below thirty (30) years or the 875
number of years in age that the member is below age sixty-five 876
(65), whichever is less. 877
(g) Any member who became a member of the system on or after 878
March 1, 2026, except for a first responder who became a member of 879
the system on or after March 1, 2026, upon withdrawal from service 880
upon or after attainment of the age of sixty-five (65) years who 881
has completed at least eight (8) years of membership service, or 882
upon withdrawal from service at the age of sixty-two (62) who has 883
completed at least thirty (30) years of creditable service, or 884
upon withdrawal from service regardless of age who has completed 885
at least thirty-five (35) years of creditable service, shall be 886
entitled to an annual retirement allowance which shall consist of 887
a member's annuity, which annuity shall be equal to one percent 888
(1%) of the average compensation for each year of creditable 889
service. In the case of the retirement of any member who has 890
attained the age of sixty-two (62) but has not completed at least 891
thirty (30) years of creditable service, the total annual 892
retirement allowance specified in this subsection (g) shall be 893
reduced by an actuarial equivalent factor for each year of 894
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of service.
creditable service below thirty (30) years or the number of years 895
in age that the member is below age sixty-five (65), whichever is 896
less. 897
(h) No member, except members excluded by the Age 898
Discrimination in Employment Act Amendments of 1986 (Public Law 899
99-592), under either Article 1 or Article 3 in state service 900
shall be required to retire because of age. 901
(i) No payment on account of any benefit granted under the 902
provisions of this section shall become effective or begin to 903
accrue until January 1, 1953. 904
(j) (1) A retiree or beneficiary may, on a form prescribed 905
by and filed with the retirement system, irrevocably waive all or 906
a portion of any benefits from the retirement system to which the 907
retiree or beneficiary is entitled. The waiver shall be binding 908
on the heirs and assigns of any retiree or beneficiary and the 909
same must agree to forever hold harmless the Public Employees' 910
Retirement System of Mississippi from any claim to the waived 911
retirement benefits. 912
(2) Any waiver under this subsection shall apply only 913
to the person executing the waiver. A beneficiary shall be 914
entitled to benefits according to the option selected by the 915
member at the time of retirement. However, a beneficiary may, at 916
the option of the beneficiary, execute a waiver of benefits under 917
this subsection. 918
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may receive retirement allowance after 25 years
of service.
(3) The retirement system shall retain in the annuity 919
reserve account amounts that are not used to pay benefits because 920
of a waiver executed under this subsection. 921
(4) The board of trustees may provide rules and 922
regulations for the administration of waivers under this 923
subsection. 924
SECTION 4. Section 25-11-112, Mississippi Code of 1972, is 925
amended as follows: 926
25-11-112. (1) Any member who became a member of the system 927
before March 1, 2026, or any first responder who became a member 928
of the system on or after March 1, 2026, and who is receiving a 929
retirement allowance for service or disability retirement, or any 930
beneficiary thereof, who has received a monthly benefit for at 931
least one (1) full fiscal year, shall be eligible to receive an 932
additional benefit, on December 1 or July 1 of the year as 933
provided in subsection (3) of this section, equal to an amount 934
calculated under paragraph (a), * * * (b) or (c) below: 935
(a) For any member who became a member of the system 936
before July 1, 2011, the sum of: 937
(i) An amount equal to three percent (3%) of the 938
annual retirement allowance multiplied by the number of full 939
fiscal years in retirement before the end of the fiscal year in 940
which the member reaches age fifty-five (55), plus 941
(ii) An additional amount equal to three percent 942
(3%) compounded by the number of full fiscal years in retirement 943
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may receive retirement allowance after 25 years
of service.
beginning with the fiscal year in which the member reaches age 944
fifty-five (55), multiplied by the amount of the annual retirement 945
allowance. 946
(b) For any member who became a member of the system on 947
or after July 1, 2011, but before March 1, 2026, the sum of: 948
(i) An amount equal to three percent (3%) of the 949
annual retirement allowance multiplied by the number of full 950
fiscal years in retirement before the end of the fiscal year in 951
which the member reaches age sixty (60), plus 952
(ii) An additional amount equal to three percent 953
(3%) compounded by the number of full fiscal years in retirement 954
beginning with the fiscal year in which the member reaches age 955
sixty (60), multiplied by the amount of the annual retirement 956
allowance. 957
(c) For any first responder who became a member of the 958
system on or after March 1, 2026, the sum of: 959
(i) An amount equal to a certain percent of the 960
annual retirement allowance, as specified in the last paragraph of 961
this subsection, multiplied by the number of full fiscal years in 962
retirement before the end of the fiscal year in which the member 963
reaches age fifty-five (55), plus 964
(ii) An additional amount equal to a certain 965
percent of the annual retirement allowance, as specified in the 966
last paragraph of this subsection (1), compounded by the number of 967
full fiscal years in retirement beginning with the fiscal year in 968
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may receive retirement allowance after 25 years
of service.
which the member reaches age fifty-five (55), multiplied by the 969
amount of the annual retirement allowance. 970
The percentage of the annual retirement allowance that shall 971
be used in the calculations made in subparagraphs (i) and (ii) of 972
this paragraph (c) shall be the average Consumer Price Index for 973
Urban Wage Earners and Clerical Workers (CPI-W) for the 974
twelve-month period ending with the preceding June. If the CPI-W 975
is zero or less, there will be no additional benefit paid from the 976
assets of the system. However, for any year in which the CPI-W is 977
zero or less, the Legislature may appropriate or transfer 978
additional funds to the system for the payment of an additional 979
benefit to retired members for that year. 980
(2) The calculation of the beneficiary's additional benefit 981
under subsection (1)(a) * * *, (b) or (c) of this section shall be 982
based on the member's age and full fiscal years in retirement as 983
if the member had lived. 984
(3) (a) The additional benefit provided for under this 985
section shall be paid in one (1) payment in December of each year 986
to those persons who are receiving a retirement allowance on 987
December 1 of that year, unless an election is made under this 988
subsection. However, if a retiree who is receiving a retirement 989
allowance that will terminate upon the retiree's death is 990
receiving the additional benefit in one (1) payment and dies on or 991
after July 1 but before December 1, the beneficiary designated on 992
the retirement application, if any, shall receive in a single 993
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may receive retirement allowance after 25 years
of service.
payment a fractional part of the additional benefit based on the 994
number of months in which a retirement allowance was received 995
during the fiscal year. Likewise, if a retiree is receiving a 996
retirement allowance that will terminate upon his or her death in 997
two (2) to six (6) monthly installments, any remaining payments of 998
the additional benefit will be paid in a lump sum to the 999
beneficiary designated on the application, or if none, pursuant to 1000
Section 25-11-117.1(1). Any similar remaining payments of 1001
additional benefits payable under this section to a deceased 1002
beneficiary who was receiving a monthly benefit shall be payable 1003
in accordance with the provisions of Section 25-11-117.1(2). If 1004
the additional monthly benefit is being received in one (1) 1005
payment, the additional benefit shall also be prorated based on 1006
the number of months in which a retirement allowance was received 1007
during the fiscal year when (i) the monthly benefit payable to a 1008
beneficiary terminates due to the expiration of an option, 1009
remarriage or cessation of dependent status or due to the 1010
retiree's return to covered employment, and (ii) the monthly 1011
benefit terminates on or after July 1 and before December 1. The 1012
board may, in its discretion, allow a retired member or a 1013
beneficiary thereof who is receiving the additional annual payment 1014
in the manner provided for in this paragraph to change the manner 1015
in which the additional annual payment is received to that 1016
provided for in paragraph (b) of this subsection if the retired 1017
member or beneficiary submits satisfactory documentation that the 1018
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may receive retirement allowance after 25 years
of service.
continued receipt of the additional annual payment as provided for 1019
in this paragraph will cause a financial hardship to the retired 1020
member or beneficiary. 1021
(b) Retired members or beneficiaries thereof who on 1022
July 1, 1999, or July 1 of any fiscal year thereafter, are 1023
receiving a retirement allowance, may elect by an irrevocable 1024
agreement in writing filed in the Office of the Public Employees' 1025
Retirement System no less than thirty (30) days before July 1 of 1026
the appropriate year, to begin receiving the additional benefit 1027
provided for under this section in twelve (12) equal monthly 1028
installments beginning July 1, 1999, or July 1 of any fiscal year 1029
thereafter. This irrevocable agreement shall be binding on the 1030
member and subsequent beneficiaries. Payment of those monthly 1031
installments shall not extend beyond the month in which a 1032
retirement allowance is due and payable. The board may, in its 1033
discretion, allow a retired member or a beneficiary thereof who is 1034
receiving the additional annual payment in the manner provided for 1035
in this paragraph to change the manner in which the additional 1036
annual payment is received to that provided for in paragraph (a) 1037
of this subsection if the retired member or beneficiary submits 1038
satisfactory documentation that the continued receipt of the 1039
additional annual payment as provided for in this paragraph will 1040
cause a financial hardship to the retired member or beneficiary. 1041
(4) The additional payment or payments provided for under 1042
this section are for the fiscal year in which they are paid. 1043
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of service.
(5) (a) The amount provided for under subsection (1) 1044
(a)(ii) of this section is calculated using the following formula: 1045
[(1.03)n - 1] x [annual retirement allowance], 1046
where n is the number of full fiscal years in retirement beginning 1047
with the fiscal year in which the member reaches age fifty-five 1048
(55). 1049
(b) The amount provided for under subsection (1)(b)(ii) 1050
of this section is calculated using the following formula: 1051
[(1.03)n - 1] x [annual retirement allowance], 1052
where n is the number of full fiscal years in retirement beginning 1053
with the fiscal year in which the member reaches age sixty (60). 1054
(c) The amount provided for under subsection (1)(c)(ii) 1055
of this section is calculated using the following formula: 1056
[(1 + CPI-W)n - 1] x [annual retirement allowance], 1057
where "CPI-W" means the average Consumer Price Index for Urban 1058
Wage Earners and Clerical Workers for the twelve-month period 1059
ending with the preceding June, and n is the number of full fiscal 1060
years in retirement beginning with the fiscal year in which the 1061
member reaches age fifty-five (55). 1062
(6) Any retired member or beneficiary thereof who has 1063
previously elected to receive the additional annual payment in 1064
monthly installments may elect, upon application on a form 1065
prescribed by the board of trustees, to have that payment made in 1066
one (1) additional payment each year. This written election must 1067
be filed in the Office of the Public Employees' Retirement System 1068
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may receive retirement allowance after 25 years
of service.
before June 1, 2000, and shall be effective for the fiscal year 1069
beginning July 1, 2000. 1070
(7) In the event of death of a retired member or a 1071
beneficiary thereof who is receiving the additional annual payment 1072
in two (2) to six (6) monthly installments pursuant to an election 1073
made before July 1, 1999, and who would otherwise be eligible to 1074
receive the additional benefit provided for under this section in 1075
one (1) payment in December of the current fiscal year, any 1076
remaining amounts shall be paid in a lump sum to the designated 1077
beneficiary. 1078
(8) When a member retires after July 1 and has previously 1079
received a retirement allowance for one or more full fiscal years, 1080
the retired member shall be eligible immediately for the 1081
additional benefit. The additional benefit shall be based on the 1082
current retirement allowance and the number of full fiscal years 1083
in retirement and shall be prorated and paid in monthly 1084
installments based on the number of months a retirement allowance 1085
is paid during the fiscal year. 1086
(9) A member who became a member of the system on or after 1087
March 1, 2026, except for a first responder who became a member of 1088
the system on or after March 1, 2026, is not entitled to the 1089
additional annual benefit under this section; however, the 1090
Legislature may provide an additional benefit for a specific year. 1091
SECTION 5. Section 25-11-114, Mississippi Code of 1972, is 1092
amended as follows: 1093
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may receive retirement allowance after 25 years
of service.
25-11-114. (1) The applicable benefits provided in 1094
subsections (2) and (3) of this section shall be paid to eligible 1095
beneficiaries of any member who became a member of the system 1096
before July 1, 2007, and has completed four (4) or more years of 1097
membership service, or who became a member of the system on or 1098
after July 1, 2007, and has completed eight (8) or more years of 1099
membership service, and who dies before retirement and who has not 1100
filed a Pre-Retirement Optional Retirement Form as provided in 1101
Section 25-11-111. 1102
(2) (a) The surviving spouse of a member who dies before 1103
retirement shall receive a monthly benefit computed in accordance 1104
with paragraph (d) of this subsection (2) as if the member had 1105
nominated his or her spouse as beneficiary if: 1106
(i) The member completed the requisite minimum 1107
number of years of membership service to qualify for a retirement 1108
allowance at age sixty (60), for any member who became a member of 1109
the system before March 1, 2026, or for any first responder who 1110
became a member of the system on or after March 1, 2026, or at age 1111
sixty-two (62), for any member who became a member of the system 1112
on or after March 1, 2026, except for any first responder who 1113
became a member of the system on or after March 1, 2026; 1114
(ii) The spouse has been married to the member for 1115
not less than one (1) year preceding the death of the member; 1116
(iii) The member has not exercised any other 1117
option. 1118
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may receive retirement allowance after 25 years
of service.
(b) If, at the time of the member's death, there are no 1119
dependent children, and the surviving spouse, who otherwise would 1120
receive the annuity under this subsection (2), has filed with the 1121
system a signed written waiver of his or her rights to the annuity 1122
and that waiver was in effect at the time of the member's death, a 1123
lump-sum distribution of the deceased member's accumulated 1124
contributions shall be refunded in accordance with Section 1125
25-11-117. 1126
(c) The spouse annuity shall begin on the first day of 1127
the month following the date of the member's death, but in case of 1128
late filing, retroactive payments will be made for a period of not 1129
more than one (1) year. 1130
(d) The spouse of a member who is eligible to receive a 1131
monthly benefit under paragraph (a) of this subsection (2) shall 1132
receive a benefit for life equal to the higher of the following: 1133
(i) The greater of twenty percent (20%) of the 1134
deceased member's average compensation as defined in Section 1135
25-11-103 at the time of death or Fifty Dollars ($50.00) monthly; 1136
or 1137
(ii) Benefits calculated under Option 2 of Section 1138
25-11-115. The method of calculating the retirement benefits 1139
shall be on the same basis as provided in Section 25-11-111(d), 1140
(e) or (g), as applicable. However, if the member dies before 1141
being qualified for a full, unreduced retirement allowance, then 1142
the benefits shall be reduced by an actuarially determined 1143
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may receive retirement allowance after 25 years
of service.
percentage or factor based on the lesser of either the number of 1144
years of service credit or the number of years in age required to 1145
qualify for a full, unreduced retirement allowance in Section 1146
25-11-111(d), (e) or (g), as applicable. 1147
(e) The surviving spouse of a deceased member who 1148
previously received spouse retirement benefits under paragraph 1149
(d)(i) of this subsection from and after July 1, 1992, and whose 1150
benefits were terminated before July 1, 2004, because of 1151
remarriage, may again receive the retirement benefits authorized 1152
under paragraph (d)(i) of this subsection by making application 1153
with the board to reinstate those benefits. Any reinstatement of 1154
the benefits shall be prospective only and shall begin after the 1155
first of the month following the date of the application for 1156
reinstatement, but no earlier than July 1, 2004. From and after 1157
July 1, 2010, any spouse who chose Option 2 from and after July 1, 1158
1992, but before July 1, 2004, where the benefit, although payable 1159
for life, was less than the benefit available under the 1160
calculation in paragraph (d)(i) of this subsection shall have his 1161
or her benefit increased to the amount which provides the greater 1162
benefit. 1163
(3) (a) Subject to the maximum limitation provided in this 1164
paragraph, the member's dependent children each shall receive an 1165
annuity of the greater of ten percent (10%) of the member's 1166
average compensation as defined in Section 25-11-103 at the time 1167
of the death of the member or Fifty Dollars ($50.00) monthly; 1168
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may receive retirement allowance after 25 years
of service.
however, if there are more than three (3) dependent children, each 1169
dependent child shall receive an equal share of a total annuity 1170
equal to thirty percent (30%) of the member's average 1171
compensation, provided that the total annuity shall not be less 1172
than One Hundred Fifty Dollars ($150.00) per month for all 1173
children. 1174
(b) A child shall be considered to be a dependent child 1175
until marriage, or the attainment of age nineteen (19), whichever 1176
comes first; however, this age limitation shall be extended beyond 1177
age nineteen (19), but in no event beyond the attainment of age 1178
twenty-three (23), as long as the child is a student regularly 1179
pursuing a full-time course of resident study or training in an 1180
accredited high school, trade school, technical or vocational 1181
institute, junior or community college, college, university or 1182
comparable recognized educational institution duly licensed by a 1183
state. A student child who is receiving a retirement allowance as 1184
of June 30, 2016, whose birthday falls during the school year 1185
(September 1 through June 30) is considered not to reach age 1186
twenty-three (23) until the July 1 following the actual 1187
twenty-third birthday. A full-time course of resident study or 1188
training means a day or evening noncorrespondence course that 1189
includes school attendance at the rate of at least thirty-six (36) 1190
weeks per academic year or other applicable period with a subject 1191
load sufficient, if successfully completed, to attain the 1192
educational or training objective within the period generally 1193
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may receive retirement allowance after 25 years
of service.
accepted as minimum for completion, by a full-time day student, of 1194
the academic or training program concerned. Any child who is 1195
physically or mentally incompetent, as adjudged by either a 1196
Mississippi court of competent jurisdiction or by the board, shall 1197
receive benefits for as long as the incompetency exists. 1198
(c) If there are more than three (3) dependent 1199
children, upon a child's ceasing to be a dependent child, his or 1200
her annuity shall terminate and there shall be a redetermination 1201
of the amounts payable to any remaining dependent children. 1202
(d) Annuities payable under this subsection (3) shall 1203
begin the first day of the month following the date of the 1204
member's death or in case of late filing, retroactive payments 1205
will be made for a period of not more than one (1) year. Those 1206
benefits may be paid to a surviving parent or the lawful custodian 1207
of a dependent child for the use and benefit of the child without 1208
the necessity of appointment as guardian. 1209
(4) (a) Death benefits in the line of duty. Regardless of 1210
the number of years of the member's creditable service, the spouse 1211
and/or the dependent children of an active member who is killed or 1212
dies as a direct result of a physical injury sustained from an 1213
accident or a traumatic event caused by external violence or 1214
physical force occurring in the line of performance of duty shall 1215
qualify, on approval of the board, for a retirement allowance on 1216
the first of the month following the date of death, but in the 1217
case of late filing, retroactive payments will be made for a 1218
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may receive retirement allowance after 25 years
of service.
period of not more than one (1) year. The spouse shall receive a 1219
retirement allowance for life equal to one-half (1/2) of the 1220
average compensation as defined in Section 25-11-103. In addition 1221
to the retirement allowance for the spouse, or if there is no 1222
surviving spouse, the member's dependent child shall receive a 1223
retirement allowance in the amount of one-fourth (1/4) of the 1224
member's average compensation as defined in Section 25-11-103; 1225
however, if there are two (2) or more dependent children, each 1226
dependent child shall receive an equal share of a total annuity 1227
equal to one-half (1/2) of the member's average compensation. If 1228
there are more than two (2) dependent children, upon a child's 1229
ceasing to be a dependent child, his or her annuity shall 1230
terminate and there shall be a redetermination of the amounts 1231
payable to any remaining dependent children. Those benefits shall 1232
cease to be paid for the support and maintenance of each child 1233
upon the child attaining the age of nineteen (19) years; however, 1234
the spouse shall continue to be eligible for the aforesaid 1235
retirement allowance. Those benefits may be paid to a surviving 1236
parent or lawful custodian of the children for the use and benefit 1237
of the children without the necessity of appointment as guardian. 1238
Any spouse who received spouse retirement benefits under this 1239
paragraph (a) from and after April 4, 1984, and whose benefits 1240
were terminated before July 1, 2004, because of remarriage, may 1241
again receive the retirement benefits authorized under this 1242
paragraph (a) by making application with the board to reinstate 1243
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may receive retirement allowance after 25 years
of service.
those benefits. Any reinstatement of the benefits shall be 1244
prospective only and shall begin after the first of the month 1245
following the date of the application for reinstatement, but not 1246
earlier than July 1, 2004. 1247
(b) A child shall be considered to be a dependent child 1248
until marriage, or the attainment of age nineteen (19), whichever 1249
comes first; however, this age limitation shall be extended beyond 1250
age nineteen (19), but in no event beyond the attainment of age 1251
twenty-three (23), as long as the child is a student regularly 1252
pursuing a full-time course of resident study or training in an 1253
accredited high school, trade school, technical or vocational 1254
institute, junior or community college, college, university or 1255
comparable recognized educational institution duly licensed by a 1256
state. A student child who is receiving a retirement allowance as 1257
of June 30, 2016, whose birthday falls during the school year 1258
(September 1 through June 30) is considered not to reach age 1259
twenty-three (23) until the July 1 following the actual 1260
twenty-third birthday. A full-time course of resident study or 1261
training means a day or evening noncorrespondence course that 1262
includes school attendance at the rate of at least thirty-six (36) 1263
weeks per academic year or other applicable period with a subject 1264
load sufficient, if successfully completed, to attain the 1265
educational or training objective within the period generally 1266
accepted as minimum for completion, by a full-time day student, of 1267
the academic or training program concerned. Any child who is 1268
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may receive retirement allowance after 25 years
of service.
physically or mentally incompetent, as adjudged by either a 1269
Mississippi court of competent jurisdiction or by the board, shall 1270
receive benefits for as long as the incompetency exists. 1271
(5) If all the annuities provided for in this section 1272
payable on account of the death of a member terminate before there 1273
has been paid an aggregate amount equal to the member's 1274
accumulated contributions standing to the member's credit in the 1275
annuity savings account at the time of the member's death, the 1276
difference between the accumulated contributions and the aggregate 1277
amount of annuity payments shall be paid to the person that the 1278
member has nominated by written designation duly executed and 1279
filed with the board. If there is no designated beneficiary 1280
surviving at termination of benefits, the difference shall be 1281
payable under Section 25-11-117.1(1). 1282
(6) Regardless of the number of years of creditable service, 1283
upon the application of a member or employer, any active member 1284
who becomes disabled as a direct result of a physical injury 1285
sustained from an accident or traumatic event caused by external 1286
violence or physical force occurring in the line of performance of 1287
duty, provided that the medical board or other designated 1288
governmental agency after a medical examination certifies that the 1289
member is mentally or physically incapacitated for the further 1290
performance of duty and the incapacity is likely to be permanent, 1291
may be retired by the board of trustees on the first of the month 1292
following the date of filing the application but in no event shall 1293
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may receive retirement allowance after 25 years
of service.
the retirement allowance begin before the termination of state 1294
service. If a member who has been approved for a retirement 1295
allowance under this subsection does not terminate state service 1296
within ninety (90) days after the approval, the retirement 1297
allowance and the application for the allowance shall be void. 1298
The retirement allowance shall equal the allowance on disability 1299
retirement as provided in Section 25-11-113 but shall not be less 1300
than fifty percent (50%) of average compensation. Line of duty 1301
disability benefits under this section shall be administered in 1302
accordance with the provisions of Section 25-11-113(1)(b), (c), 1303
(d), (e) and (f), (3), (4), (5) and (6). 1304
(7) For purposes of determining death or disability benefits 1305
under this section, the following shall apply: 1306
(a) Death or permanent and total disability resulting 1307
from a cardiovascular, pulmonary or musculoskeletal condition that 1308
was not a direct result of a physical injury sustained from an 1309
accident or a traumatic event caused by external violence or 1310
physical force occurring in the performance of duty shall be 1311
deemed a natural death or an ordinary disability. 1312
(b) A mental disability based exclusively on employment 1313
duties occurring on an ongoing basis shall be deemed an ordinary 1314
disability. 1315
(8) If the deceased or disabled member has less than four 1316
(4) years of membership service, the average compensation as 1317
defined in Section 25-11-103 shall be the average of all annual 1318
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earned compensation in state service for the purposes of benefits 1319
provided in this section. 1320
(9) In case of death or total and permanent disability under 1321
subsection (4) or subsection (6) of this section and before the 1322
board shall consider any application for a retirement allowance, 1323
the employer must certify to the board that the member's death or 1324
disability was a direct result of an accident or a traumatic event 1325
occurring during and as a result of the performance of the regular 1326
and assigned duties of the employee and that the death or 1327
disability was not the result of the willful negligence of the 1328
employee. 1329
(10) The application for the retirement allowance must be 1330
filed within one (1) year after death of an active member who is 1331
killed in the line of performance of duty or dies as a direct 1332
result of an accident occurring in the line of performance of duty 1333
or traumatic event; but the board of trustees may consider an 1334
application for disability filed after the one-year period if it 1335
can be factually demonstrated to the satisfaction of the board of 1336
trustees that the disability is due to the accident and that the 1337
filing was not accomplished within the one-year period due to a 1338
delayed manifestation of the disability or to circumstances beyond 1339
the control of the member. However, in case of late filing, 1340
retroactive payments will be made for a period of not more than 1341
one (1) year only. 1342
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(11) (a) Notwithstanding any other section of this article 1343
and in lieu of any payments to a designated beneficiary for a 1344
refund of contributions under Section 25-11-117, the spouse and/or 1345
children shall be eligible for the benefits payable under this 1346
section, and the spouse may elect, for both the spouse and/or 1347
children, to receive benefits in accordance with either 1348
subsections (2) and (3) or subsection (4) of this section; 1349
otherwise, the contributions to the credit of the deceased member 1350
shall be refunded in accordance with Section 25-11-117. 1351
(b) Notwithstanding any other section of this article, 1352
a spouse who is entitled to receive a monthly benefit under either 1353
subsection (2) or (4) of this section and who is also the named 1354
beneficiary for a refund of accumulated contributions in the 1355
member's annuity savings account, may, after the death of the 1356
member, elect to receive a refund of accumulated contributions in 1357
lieu of a monthly allowance, provided that there are no dependent 1358
children entitled to benefits under subsection (3) of this 1359
section. 1360
(12) If the member has previously received benefits from the 1361
system to which he or she was not entitled and has not repaid in 1362
full all amounts payable by him or her to the system, the annuity 1363
amounts otherwise provided by this section shall be withheld and 1364
used to effect repayment until the total of the withholdings 1365
repays in full all amounts payable by him or her to the system. 1366
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SECTION 6. Section 25-11-115, Mississippi Code of 1972, is 1367
amended as follows: 1368
25-11-115. (1) Upon application for superannuation or 1369
disability retirement, any member may elect to receive his or her 1370
benefit in a retirement allowance payable throughout life with no 1371
further payments to anyone at the member's death, except that if 1372
the member's total retirement payments under this article do not 1373
equal the member's total contributions under this article, the 1374
named beneficiary shall receive the difference in cash at the 1375
member's death. Or the member may elect upon retirement, or upon 1376
becoming eligible for retirement, to receive the actuarial 1377
equivalent subject to the provisions of subsection (3) of this 1378
section of his or her retirement allowance in a reduced retirement 1379
allowance payable throughout life with the provision that: 1380
Option 1. If the retired member dies before he or she has 1381
received in annuity payment the value of the member's annuity 1382
savings account as it was at the time of the member's retirement, 1383
the balance shall be paid to the legal representative or to such 1384
person as the member has nominated by written designation duly 1385
acknowledged and filed with the board; 1386
Option 2. Upon the retired member's death, his or her 1387
reduced retirement allowance shall be continued throughout the 1388
life of, and paid to, such person as the member has nominated by 1389
written designation duly acknowledged and filed with the board of 1390
trustees at the time of his or her retirement; 1391
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Option 3. Upon the retired member's death, one-half (1/2) of 1392
his or her reduced retirement allowance shall be continued 1393
throughout the life of, and paid to, such person as the member has 1394
nominated by written designation duly acknowledged and filed with 1395
the board of trustees at the time of his or her retirement, and 1396
the other one-half (1/2) of his or her reduced retirement 1397
allowance to some other designated beneficiary; 1398
Option 4. Upon the retired member's death, three-fourths 1399
(3/4) of his or her reduced retirement allowance, or such other 1400
specified amount, shall be continued throughout the life of, and 1401
paid to, such person as the member has nominated by written 1402
designation duly acknowledged and filed with the board of trustees 1403
at the time of his or her retirement; 1404
Option 4-A. Upon the retired member's death, one-half (1/2) 1405
of his or her reduced retirement allowance, or such other 1406
specified amount, shall be continued throughout the life of, and 1407
paid to, such person as the member has nominated by written 1408
designation duly acknowledged and filed with the board of trustees 1409
at the time of his or her retirement; 1410
Option 4-B. A reduced retirement allowance shall be 1411
continued throughout the life of the retirant, but with the 1412
further guarantee of payments to the named beneficiary or 1413
beneficiaries for a specified number of years certain. If the 1414
retired member or the last designated beneficiary both die before 1415
receiving all guaranteed payments due, the actuarial equivalent of 1416
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the remaining payments shall be paid to the successors of the 1417
retired member under Section 25-11-117.1(1); 1418
Option 6. Any member who became a member of the system 1419
before July 1, 2007, and who has at least twenty-eight (28) years 1420
of creditable service at the time of retirement or who is at least 1421
sixty-three (63) years of age and eligible to retire, may select 1422
the maximum retirement benefit or an optional benefit as provided 1423
in this subsection together with a partial lump-sum distribution. 1424
Any member who became a member of the system on or after July 1, 1425
2007, but before July 1, 2011, and who has at least twenty-eight 1426
(28) years of creditable service at the time of retirement may 1427
select the maximum retirement benefit or any optional benefit as 1428
provided in this subsection together with a partial lump-sum 1429
distribution. Any member who became a member of the system on or 1430
after July 1, 2011, but before March 1, 2026, or any first 1431
responder who became a member of the system on or after March 1, 1432
2026, and who has at least thirty-three (33) years of creditable 1433
service at the time of retirement may select the maximum 1434
retirement benefit or any optional benefit as provided in this 1435
subsection together with a partial lump-sum distribution. Any 1436
member who became a member of the system on or after March 1, 1437
2026, except for a first responder who became a member of the 1438
system on or after March 1, 2026, shall not be eligible for a 1439
partial lump-sum distribution. The amount of the lump-sum 1440
distribution under this option shall be equal to the maximum 1441
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monthly benefit multiplied by twelve (12), twenty-four (24) or 1442
thirty-six (36) as selected by the member. The maximum retirement 1443
benefit shall be actuarially reduced to reflect the amount of the 1444
lump-sum distribution selected and further reduced for any other 1445
optional benefit selected. The annuity and lump-sum distribution 1446
shall be computed to result in no actuarial loss to the system. 1447
The lump-sum distribution shall be made as a single payment 1448
payable at the time the first monthly annuity payment is paid to 1449
the retiree. The amount of the lump-sum distribution shall be 1450
deducted from the member's annuity savings account in computing 1451
what contributions remain at the death of the retiree and/or a 1452
beneficiary. The lump-sum distribution option may be elected only 1453
once by a member upon initial retirement, and may not be elected 1454
by a retiree, by members applying for a disability retirement 1455
annuity, or by survivors. 1456
(2) No change in the option selected shall be permitted 1457
after the member's death or after the member has received his or 1458
her first retirement check except as provided in subsections (3) 1459
and (4) of this section and in Section 25-11-127. Members who are 1460
pursuing a disability retirement allowance and simultaneously or 1461
later elect to begin to receive a service retirement allowance 1462
while continuing to pursue a disability retirement allowance, 1463
shall not be eligible to select Option 6 and that option may not 1464
be selected at a later time if the application for a disability 1465
retirement allowance is voided or denied. However, any retired 1466
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member who is receiving a retirement allowance under Option 2 or 1467
Option 4-A upon July 1, 1992, and whose designated beneficiary 1468
predeceased him or her or whose marriage to a spouse who is his or 1469
her designated beneficiary is terminated by divorce or other 1470
dissolution, upon written notification to the retirement system of 1471
the death of the designated beneficiary or of the termination of 1472
the retired member's marriage to the designated beneficiary, the 1473
retirement allowance payable to the member after receipt of that 1474
notification by the retirement system shall be equal to the 1475
retirement allowance that would have been payable if the member 1476
had not elected the option. In addition, any retired member who 1477
is receiving the maximum retirement allowance for life, a 1478
retirement allowance under Option 1 or who is receiving a 1479
retirement allowance under Option 2 or Option 4-A on July 1, 1992, 1480
may elect to provide survivor benefits under Option 2 or Option 1481
4-A to a spouse who was not previously the member's beneficiary 1482
and whom the member married before July 1, 1992. 1483
(3) Any retired member who is receiving a reduced retirement 1484
allowance under Option 2, Option 4 or Option 4-A whose designated 1485
beneficiary predeceases him or her, or whose marriage to a spouse 1486
who is his or her designated beneficiary is terminated by divorce 1487
or other dissolution, may elect to cancel the reduced retirement 1488
allowance and receive the maximum retirement allowance for life in 1489
an amount equal to the amount that would have been payable if the 1490
member had not elected Option 2, Option 4 or Option 4-A. That 1491
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election must be made in writing to the office of the executive 1492
director of the system on a form prescribed by the board. Any 1493
such election shall be effective the first of the month following 1494
the date the election is received by the system; however, the 1495
election may be applied retroactively for not more than three (3) 1496
months but no earlier than the first of the month following the 1497
date of the death of the beneficiary. 1498
(4) Any retired member who is receiving the maximum 1499
retirement allowance for life, or a retirement allowance under 1500
Option 1, and who marries after his or her retirement may elect to 1501
cancel the maximum retirement allowance and receive a reduced 1502
retirement allowance under Option 2, Option 4 or Option 4-A to 1503
provide continuing lifetime benefits to his or her spouse. That 1504
election must be made in writing to the office of the executive 1505
director of the system on a form prescribed by the board not 1506
earlier than the date of the marriage and not later than one (1) 1507
year from the date of the marriage. Any such election shall be 1508
effective the first of the month following the date the election 1509
is received by the system. 1510
(5) (a) Except as otherwise provided in this subsection, if 1511
the election of an optional benefit is made after the member has 1512
attained the age of sixty-five (65) years, the actuarial 1513
equivalent factor shall be used to compute the reduced retirement 1514
allowance as if the election had been made on his or her 1515
sixty-fifth birthday; however, from and after January 1, 2003, if 1516
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there is an election of Option 6 after the member has attained the 1517
age of sixty-five (65) years, the actuarial equivalent factor 1518
based on the retiree's age at the time of retirement shall be used 1519
to compute the reduced maximum monthly retirement allowance. 1520
However, if a retiree marries or remarries after retirement and 1521
elects either Option 2 or Option 4-A as provided in subsection (2) 1522
or (4) of this section, the actuarial equivalent factor used to 1523
compute the reduced retirement allowance shall be the factor for 1524
the age of the retiree and his or her beneficiary at the time such 1525
election for recalculation of benefits is made. 1526
(b) For members who retire on or after July 1, 2012, 1527
the actuarial equivalent factor used to compute the reduced 1528
retirement allowance at retirement or upon any subsequent 1529
recalculation of the benefit shall be the factor for the age of 1530
the retiree and his or her beneficiary at the time of retirement 1531
or at the time an election for recalculation of benefits is made. 1532
(6) Notwithstanding any provision of Section 25-11-1 et 1533
seq., no payments may be made for a retirement allowance on a 1534
monthly basis for a period of time in excess of that allowed by 1535
federal law. 1536
(7) If a retirant and his or her eligible beneficiary, if 1537
any, both die before they have received in annuity payments a 1538
total amount equal to the accumulated contributions standing to 1539
the retirant's credit in the annuity savings account at the time 1540
of his or her retirement, the difference between the accumulated 1541
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contributions and the total amount of annuities received by them 1542
shall be paid to such persons as the retirant has nominated by 1543
written designation duly executed and filed in the office of the 1544
executive director. If no designated person survives the retirant 1545
and his or her beneficiary, the difference, if any, shall be paid 1546
under Section 25-11-117.1(1). 1547
(8) Any retired member who retired on Option 2(5) or 4-A(5) 1548
before July 1, 1992, who is still receiving a retirement allowance 1549
on July 1, 1994, shall receive an increase in the annual 1550
retirement allowance effective July 1, 1994, equal to the amount 1551
they would have received under Option 2 or Option 4-A without a 1552
reduction for Option 5 based on the ages at retirement of the 1553
retiree and beneficiary and option factors in effect on July 1, 1554
1992. That increase shall be prospective only. 1555
SECTION 7. Section 25-11-117, Mississippi Code of 1972, is 1556
amended as follows: 1557
25-11-117. (1) A member may be paid a refund of the amount 1558
of accumulated contributions to the credit of the member in the 1559
annuity savings account, provided that the member has withdrawn 1560
from state service and has not returned to state service on the 1561
date the refund of the accumulated contributions would be paid. 1562
That refund of the contributions to the credit of the member in 1563
the annuity savings account shall be paid within ninety (90) days 1564
from receipt in the office of the retirement system of the 1565
properly completed form requesting the payment. In the event of 1566
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of service.
death before retirement of any member whose spouse and/or children 1567
are not entitled to a retirement allowance, the accumulated 1568
contributions to the credit of the deceased member in the annuity 1569
savings account shall be paid to the designated beneficiary on 1570
file in writing in the office of the executive director of the 1571
board of trustees within ninety (90) days from receipt of a 1572
properly completed form requesting the payment. If there is no 1573
such designated beneficiary on file for the deceased member in the 1574
office of the system, upon the filing of a proper request with the 1575
board, the contributions to the credit of the deceased member in 1576
the annuity savings account shall be refunded under Section 1577
25-11-117.1(1). The payment of the refund shall discharge all 1578
obligations of the retirement system to the member on account of 1579
any creditable service rendered by the member before the receipt 1580
of the refund. By the acceptance of the refund, the member shall 1581
waive and relinquish all accrued rights in the system. 1582
(2) Under the Unemployment Compensation Amendments of 1992 1583
(Public Law 102-318 (UCA)), a member or the spouse of a member who 1584
is an eligible beneficiary entitled to a refund under this section 1585
may elect, on a form prescribed by the board under rules and 1586
regulations established by the board, to have an eligible rollover 1587
distribution of accumulated contributions payable under this 1588
section paid directly to an eligible retirement plan, as defined 1589
under applicable federal law, or an individual retirement account. 1590
If the member or the spouse of a member who is an eligible 1591
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of service.
beneficiary makes that election and specifies the eligible 1592
retirement plan or individual retirement account to which the 1593
distribution is to be paid, the distribution will be made in the 1594
form of a direct trustee-to-trustee transfer to the specified 1595
eligible retirement plan. A nonspouse beneficiary may elect to 1596
have an eligible rollover distribution paid in the form of a 1597
direct trustee-to-trustee transfer to an individual retirement 1598
account established to receive the distribution on behalf of the 1599
nonspouse beneficiary. Flexible rollovers under this subsection 1600
shall not be considered assignments under Section 25-11-129. 1601
(3) (a) If any person who has received a refund, reenters 1602
the state service and again becomes a member of the system before 1603
July 1, 2007, the member may repay all or part of the amounts 1604
previously received as a refund, together with regular interest 1605
covering the period from the date of refund to the date of 1606
repayment; however, the amounts that are repaid by the member and 1607
the creditable service related thereto shall not be used in any 1608
benefit calculation or determination until the member has remained 1609
a contributor to the system for a period of at least four (4) 1610
years after the member's reentry into state service. Repayment 1611
for that time shall be made beginning with the most recent service 1612
for which refund has been made. Upon the repayment of all or part 1613
of that refund and interest, the member shall again receive credit 1614
for the period of creditable service for which full repayment has 1615
been made to the system. 1616
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(b) If any person who has received a refund, reenters 1617
the state service and again becomes a member of the system on or 1618
after July 1, 2007, but before March 1, 2026, or if any first 1619
responder who became a member of the system on or after March 1, 1620
2026, has received a refund, reenters the state service and again 1621
becomes a member of the system, the member may repay all or part 1622
of the amounts previously received as a refund, together with 1623
regular interest covering the period from the date of refund to 1624
the date of repayment; however, the amounts that are repaid by the 1625
member and the creditable service related thereto shall not be 1626
used in any benefit calculation or determination until the member 1627
has remained a contributor to the system for a period of at least 1628
eight (8) years after the member's reentry into state service. 1629
Repayment for that time shall be made beginning with the most 1630
recent service for which refund has been made. Upon the repayment 1631
of all or part of that refund and interest, the member shall again 1632
receive credit for the period of creditable service for which full 1633
repayment has been made to the system. 1634
(c) If any person who has received a refund reenters 1635
state service and again becomes a member of the system on or after 1636
March 1, 2026, except for a first responder who became a member of 1637
the system on or after March 1, 2026, the member shall not be 1638
eligible to repay any portion of amounts previously received as a 1639
refund and may not receive creditable service for service rendered 1640
before March 1, 2026. 1641
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(4) (a) In order to provide a source of income to members 1642
who have applied for disability benefits under Section 25-11-113 1643
or 25-11-114, the board may provide, at the employee's election, a 1644
temporary benefit to be paid from the member's accumulated 1645
contributions, if any, without forfeiting the right to pursue 1646
disability benefits, provided that the member has exhausted all 1647
personal and medical leave and has terminated his or her 1648
employment. The board may prescribe rules and regulations for 1649
carrying out the provisions of this subsection (4). 1650
(b) If a member who has elected to receive temporary 1651
benefits under this subsection later applies for a refund of his 1652
or her accumulated contributions, all amounts paid under this 1653
subsection shall be deducted from the accumulated contributions 1654
and the balance will be paid to the member. If a member who has 1655
elected to receive temporary benefits under this subsection is 1656
later approved for a disability retirement allowance, and a 1657
service retirement allowance or survivor benefits are paid on the 1658
account, the board shall adjust the benefits in such a manner that 1659
no more than the actuarial equivalent of the benefits to which the 1660
member or beneficiary was or is entitled shall be paid. 1661
(c) The board may study, develop and propose a 1662
disability benefit structure, including short- and long-term 1663
disability benefits, provided that it is the actuarial equivalent 1664
of the benefits currently provided in Section 25-11-113 or 1665
25-11-114. 1666
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of service.
SECTION 8. Section 25-11-123, Mississippi Code of 1972, is 1667
amended as follows: 1668
25-11-123. All of the assets of the system shall be credited 1669
according to the purpose for which they are held to one (1) of 1670
four (4) reserves; namely, the annuity savings account, the 1671
annuity reserve, the employer's accumulation account, and the 1672
expense account; however, any employee who became a member of the 1673
system on or after March 1, 2026, except for a first responder who 1674
became a member of the system on or after March 1, 2026, shall 1675
also have a defined contribution plan administered by the system, 1676
as provided in Section 25-11-147. 1677
(a) Annuity savings account. In the annuity savings 1678
account shall be accumulated the contributions made by members to 1679
provide for their annuities, including interest thereon which 1680
shall be posted monthly. Credits to and charges against the 1681
annuity savings account shall be made as follows: 1682
(1) Beginning July 1, 2010, except as otherwise 1683
provided in Section 25-11-126, the employer shall cause to be 1684
deducted from the salary of each member on each and every payroll 1685
of the employer for each and every payroll period nine percent 1686
(9%) of earned compensation as defined in Section 25-11-103; 1687
however, for any employee who became a member of the system on or 1688
after March 1, 2026, except for a first responder who became a 1689
member of the system on or after March 1, 2026, only four percent 1690
(4%) of such earned compensation shall be deposited into the 1691
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annuity savings account, with the remaining five percent (5%), to 1692
be deposited into the employee's defined contribution account 1693
authorized in Section 25-11-147. Future contributions shall be 1694
fixed biennially by the board on the basis of the liabilities of 1695
the retirement system for the various allowances and benefits as 1696
shown by actuarial valuation; however, any member earning at a 1697
rate less than Sixteen Dollars and Sixty-seven Cents ($16.67) per 1698
month, or Two Hundred Dollars ($200.00) per year, shall contribute 1699
not less than One Dollar ($1.00) per month, or Twelve Dollars 1700
($12.00) per year. 1701
(2) The deductions provided in paragraph (1) of 1702
this subsection shall be made notwithstanding that the minimum 1703
compensation provided by law for any member is reduced by the 1704
deduction. Every member shall be deemed to consent and agree to 1705
the deductions made and provided for in paragraph (1) of this 1706
subsection and shall receipt for his or her full salary or 1707
compensation, and payment of salary or compensation less the 1708
deduction shall be a full and complete discharge and acquittance 1709
of all claims and demands whatsoever for the services rendered by 1710
the person during the period covered by the payment, except as to 1711
the benefits provided under Articles 1 and 3. The board shall 1712
provide by rules for the methods of collection of contributions 1713
from members and the employer. The board shall have full 1714
authority to require the production of evidence necessary to 1715
verify the correctness of amounts contributed. 1716
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(b) Annuity reserve. The annuity reserve shall be the 1717
account representing the actuarial value of all annuities in 1718
force, and to it shall be charged all annuities and all benefits 1719
in lieu of annuities, payable as provided in this article. If a 1720
beneficiary retired on account of disability is restored to active 1721
service with a compensation not less than his or her average final 1722
compensation at the time of his or her last retirement, the 1723
remainder of his or her contributions shall be transferred from 1724
the annuity reserve to the annuity savings account and credited to 1725
his or her individual account therein, and the balance of his or 1726
her annuity reserve shall be transferred to the employer's 1727
accumulation account. 1728
(c) Employer's accumulation account. The employer's 1729
accumulation account shall represent the accumulation of all 1730
reserves for the payment of all retirement allowances and other 1731
benefits payable from contributions made by the employer, and 1732
against this account shall be charged all retirement allowances 1733
and other benefits on account of members. Credits to and charges 1734
against the employer's accumulation account shall be made as 1735
follows: 1736
(1) On account of each member who became a member 1737
of the system before March 1, 2026, and each first responder who 1738
became a member of the system on or after March 1, 2026, there 1739
shall be paid monthly into the employer's accumulation account by 1740
the employers for the preceding fiscal year an amount equal to a 1741
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may receive retirement allowance after 25 years
of service.
certain percentage of the total earned compensation, as defined in 1742
Section 25-11-103, of each member. From and after May 9, 2024, 1743
the increase in the employer's contribution rate scheduled to take 1744
effect on July 1, 2024, is rescinded and shall not take effect; 1745
however, on July 1 of each year from 2024 through 2028, the 1746
employer's contribution rate shall be increased by one-half 1747
percent (1/2%). For each member who became a member of the system 1748
on or after March 1, 2026, except for a first responder who became 1749
a member of the system on or after March 1, 2026, and except as 1750
provided in Section 25-11-147, the employer's monthly payment 1751
under this paragraph (1) shall be applied to the accrued liability 1752
contribution fund. 1753
(2) For the public good, any recommendation by the 1754
board to adjust the employer contributions may be accompanied by 1755
at least two (2) assessments from actuaries who are independent 1756
from each other and the retirement plan. The actuaries shall 1757
analyze the economic impact of any such recommendation to the 1758
system and state, including, but not limited to, information 1759
showing the fiscal impact to every agency and arm of the state, 1760
including, but not limited to, state agencies, cities, counties 1761
and school districts. The actuarial assessments, with any such 1762
recommendation to adjust the employer contributions, shall be 1763
submitted to the Lieutenant Governor, Speaker of the House, 1764
Chairman of the Senate Appropriations Committee and Chairman of 1765
the House Appropriations Committee. 1766
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of service.
(3) The board shall have the authority to make 1767
recommendations regarding additional funding sources for the 1768
retirement plan, including employer contribution increases, based 1769
on the assets and liabilities of the retirement plan, and the 1770
analyses required by paragraph (2) of this subsection (c). The 1771
Legislature shall have the sole authority to implement any such 1772
recommendations. It is the intent of the Legislature that, in the 1773
2025 Regular Session, a law be enacted to create a new tier for 1774
future members of the system, in furtherance of the system's 1775
continued financial stability and sustainability. 1776
(4) This section shall not be construed to provide 1777
authority to reduce or eliminate any earned benefits to be 1778
provided by the state to persons who, before July 1, 2025, are 1779
drawing a retirement allowance or are members of the system. 1780
(5) On the basis of regular interest and of such 1781
mortality and other tables as are adopted by the board of 1782
trustees, the actuary engaged by the board to make each valuation 1783
required by this article during the period over which the accrued 1784
liability contribution is payable, immediately after making that 1785
valuation, shall determine the uniform and constant percentage of 1786
the earnable compensation of each member which, if contributed by 1787
the employer on the basis of compensation of the member throughout 1788
his or her entire period of membership service, would be 1789
sufficient to provide for the payment of any retirement allowance 1790
payable on his or her account for that service. The percentage 1791
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of service.
rate so determined shall be known as the "normal contribution 1792
rate." After the accrued liability contribution has ceased to be 1793
payable, the normal contribution rate shall be the percentage rate 1794
of the salary of all members obtained by deducting from the total 1795
liabilities on account of membership service the amount in the 1796
employer's accumulation account, and dividing the remainder by one 1797
percent (1%) of the present value of the prospective future 1798
salaries of all members as computed on the basis of the mortality 1799
and service tables adopted by the board of trustees and regular 1800
interest. The normal rate of contributions shall be determined by 1801
the actuary after each valuation. 1802
(6) The total amount payable in each year to the 1803
employer's accumulation account shall not be less than the sum of 1804
the percentage rate known as the "normal contribution rate" and 1805
the "accrued liability contribution rate" of the total 1806
compensation earnable by all members during the preceding year, 1807
provided that the payment by the employer shall be sufficient, 1808
when combined with the amounts in the account, to provide the 1809
allowances and other benefits chargeable to this account during 1810
the year then current. 1811
(7) The accrued liability contribution shall be 1812
discontinued as soon as the accumulated balance in the employer's 1813
accumulation account shall equal the present value, computed on 1814
the basis of the normal contribution rate then in force, or the 1815
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of service.
prospective normal contributions to be received on account of all 1816
persons who are at that time members. 1817
(8) All allowances and benefits in lieu thereof, 1818
with the exception of those payable on account of members who 1819
receive no prior service credit, payable from contributions of the 1820
employer, shall be paid from the employer's accumulation account. 1821
(9) Upon the retirement of a member, an amount 1822
equal to his or her retirement allowance shall be transferred from 1823
the employer's accumulation account to the annuity reserve. 1824
(10) The employer's accumulation account shall be 1825
credited with any assets authorized by law to be credited to the 1826
account. 1827
(d) Expense account. The expense account shall be the 1828
account to which the expenses of the administration of the system 1829
shall be charged, exclusive of amounts payable as retirement 1830
allowances and as other benefits provided herein. The Legislature 1831
shall make annual appropriations in amounts sufficient to 1832
administer the system, which shall be credited to this account. 1833
There shall be transferred to the State Treasury from this 1834
account, not less than once per month, an amount sufficient for 1835
payment of the estimated expenses of the system for the succeeding 1836
thirty (30) days. Any interest earned on the expense account 1837
shall accrue to the benefit of the system. However, 1838
notwithstanding the provisions of Sections 25-11-15(10) and 1839
25-11-105(f)(v)5, all expenses of the administration of the system 1840
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shall be paid from the interest earnings, provided the interest 1841
earnings are in excess of the actuarial interest assumption as 1842
determined by the board, and provided the present cost of the 1843
administrative expense fee of two percent (2%) of the 1844
contributions reported by the political subdivisions and 1845
instrumentalities shall be reduced to one percent (1%) from and 1846
after July 1, 1983, through June 30, 1984, and shall be eliminated 1847
thereafter. 1848
(e) Collection of contributions. The employer shall 1849
cause to be deducted on each and every payroll of a member for 1850
each and every payroll period, beginning subsequent to January 31, 1851
1953, the contributions payable by the member as provided in 1852
Articles 1 and 3. 1853
The employer shall make deductions from salaries of employees 1854
as provided in Articles 1 and 3 and shall transmit monthly, or at 1855
such time as the board of trustees designates, the amount 1856
specified to be deducted to the Executive Director of the Public 1857
Employees' Retirement System. The executive director, after 1858
making a record of all those receipts, shall deposit such amounts 1859
as provided by law. 1860
(f) (1) The sum of the normal contribution rate and 1861
the accrued liability contribution rate shall be known as the 1862
"employer's contribution rate." 1863
(2) The amount payable by the employer on account 1864
of normal and accrued liability contributions shall be determined 1865
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of service.
by applying the employer's contribution rate to the amount of 1866
compensation earned by employees who are members of the system. 1867
Monthly, or at such time as the board of trustees designates, each 1868
department or agency shall compute the amount of the employer's 1869
contribution payable, with respect to the salaries of its 1870
employees who are members of the system, and shall cause that 1871
amount to be paid to the board of trustees from the personal 1872
service allotment of the amount appropriated for the operation of 1873
the department or agency, or from funds otherwise available to the 1874
agency, for the payment of salaries to its employees. 1875
(3) Except as otherwise provided in Section 1876
25-11-106: 1877
(i) Constables shall pay employer and 1878
employee contributions on their net fee income as well as the 1879
employee contributions on all direct treasury or county payroll 1880
income. 1881
(ii) The county shall be responsible for the 1882
employer contribution on all direct treasury or county payroll 1883
income of constables. 1884
(4) Except as otherwise provided in Section 1885
25-11-106.1, chancery and circuit clerks shall be responsible for 1886
both the employer and employee share of contributions on the 1887
proportionate share of net income attributable to fees, as well as 1888
the employee share of net income attributable to direct treasury 1889
or county payroll income, and the employing county shall be 1890
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of service.
responsible for the employer contributions on the net income 1891
attributable to direct treasury or county payroll income. 1892
(5) Once each year, under procedures established 1893
by the system, each employer shall submit to the Public Employees' 1894
Retirement System a copy of their report to Social Security of all 1895
employees' earnings. 1896
(6) The board shall provide by rules for the 1897
methods of collection of contributions of employers and members. 1898
The amounts determined due by an agency to the various funds as 1899
specified in Articles 1 and 3 are made obligations of the agency 1900
to the board and shall be paid as provided herein. Failure to 1901
deduct those contributions shall not relieve the employee and 1902
employer from liability thereof. Delinquent employee 1903
contributions and any accrued interest shall be the obligation of 1904
the employee and delinquent employer contributions and any accrued 1905
interest shall be the obligation of the employer. The employer 1906
may, in its discretion, elect to pay any or all of the interest on 1907
delinquent employee contributions. From and after July 1, 1996, 1908
under rules and regulations established by the board, all 1909
employers are authorized and shall transfer all funds due to the 1910
Public Employees' Retirement System electronically and shall 1911
transmit any wage or other reports by computerized reporting 1912
systems. 1913
SECTION 9. Section 25-11-147, Mississippi Code of 1972, is 1914
amended as follows: 1915
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of service.
25-11-147. (1) Each person becoming a member of the system 1916
on or after March 1, 2026, except for a first responder who became 1917
a member of the system on or after March 1, 2026, shall have, in 1918
addition to the defined benefit plan under this article, a defined 1919
contribution plan meeting the requirements of Section 401(a) of 1920
the Internal Revenue Code. A portion of the employee's 1921
contributions shall be deposited into the employee's defined 1922
contribution account, as provided in Section 25-11-123, and in 1923
addition, the employer may elect to contribute an amount up to the 1924
maximum pretax amount allowable under federal law for plans under 1925
Section 401(a) of the Internal Revenue Code. Members shall be 1926
vested immediately in the defined contribution plan. 1927
(2) (a) Pursuant to Section 401(a) of the Internal Revenue 1928
Code, the board may establish a defined contribution, qualified 1929
plan under which a portion of the employee's mandatory 1930
contributions shall be deposited and which meets all requirements 1931
under federal and state law. To the extent state law conflicts 1932
with federal law, federal law shall govern the plan document to 1933
maintain the federal tax qualified status. The board, in its 1934
fiduciary capacity, may seek approval from the Internal Revenue 1935
Service. 1936
(b) The administration of the defined contribution plan 1937
shall be under the direction of the system. The defined 1938
contribution plan shall be operated in accordance with the 1939
guidelines established by the Internal Revenue Service for Section 1940
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of service.
401(a) plans as reflected in the plan document, as may be modified 1941
from time to time by the board of trustees, and including optional 1942
variable employer contributions and a process for hardship 1943
withdrawals by members. Payroll reductions shall be made, in each 1944
instance, by the appropriate payroll officer. The administrator 1945
of the defined contribution plan may contract with a private 1946
corporation or institution for providing consolidated billing and 1947
other administrative services if deemed necessary by the 1948
administrator. 1949
(c) The board of trustees may assess the employer an 1950
amount, out of the employer's contribution rate under Section 1951
25-11-123, up to two-tenths percent (0.2%) of the participant's 1952
total earned compensation as defined in Section 25-11-103 to 1953
provide for the administrative expenses of operating the defined 1954
contribution plan, including, but not limited to, the services of 1955
auditors, consultants, money managers and third-party 1956
administrators. 1957
(3) Each participating member shall direct the investment of 1958
the individual's accumulated employer and employee contributions 1959
and earnings to one or more investment choices within available 1960
categories of investment provided by the board. The board shall 1961
provide an investment menu of investment options. In establishing 1962
the investment options, the board shall: 1963
(a) Include predetermined investment portfolio options 1964
constructed to reflect different risk profiles that automatically 1965
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reallocate and rebalance contributions as a participating member 1966
ages; and 1967
(b) Allow a participating member to construct an 1968
investment portfolio using some or all of the investment options. 1969
SECTION 10. This act shall take effect and be in force from 1970
and after March 1, 2026. 1971