H. B. No. 517
*HR12/R560*
G1/212/HR12/R560PAGE 1
(RF\DO)
To: Appropriations
MISSISSIPPI LEGISLATURE REGULAR SESSION 2012By: Representative FriersonHOUSE BILL NO. 517AN ACT TO AMEND SECTION 25-11-103, MISSISSIPPI CODE OF 1972,1TO REVISE CERTAIN DEFINITIONS RELATING TO THE LAWS GOVERNING THE2PUBLIC EMPLOYEES' RETIREMENT SYSTEM; TO REVISE THE DEFINITION OF3THE TERM "BENEFICIARY" TO MAKE IT CLEAR THAT, IF A MEMBER OF THE4PUBLIC EMPLOYEES' RETIREMENT SYSTEM DIES BEFORE RETIREMENT AND THE5SPOUSE AND/OR CHILDREN ARE NOT ENTITLED TO A RETIREMENT ALLOWANCE6ON THE BASIS THAT THE DECEASED MEMBER DID NOT HAVE THE REQUISITE7NUMBER OF YEARS OF SERVICE, THE TYPE OF SERVICE TO WHICH IS8REFERRED IS MEMBERSHIP SERVICE; TO REVISE THE DEFINITION OF THE9TERM "CHILD" TO CLARIFY THAT A NATURAL CHILD OF A MEMBER OF THE10PUBLIC EMPLOYEES' RETIREMENT SYSTEM IS ONE THAT IS CONCEIVED11BEFORE THE DEATH OF THE MEMBER; TO REVISE THE DEFINITION OF THE12TERM "EARNED COMPENSATION" TO EXCLUDE FROM EARNED COMPENSATION THE13VALUE OF MAINTENANCE FURNISHED AFTER JULY 1, 2012, UNLESS THE14MEMBER WAS BEING FURNISHED SUCH MAINTENANCE AS OF JUNE 30, 2012,15AND TO EXCLUDE THE VALUE OF ANY IN-KIND BENEFITS FROM THE16COMPUTATION OF EARNED COMPENSATION; TO AMEND SECTION 25-11-109,17MISSISSIPPI CODE OF 1972, TO PROVIDE THAT CREDITABLE SERVICE FOR18MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM FOR PERIODS OF19TIME AFTER JULY 1, 2013, SHALL BE AWARDED IN MONTHLY INCREMENTS;20TO PROVIDE THAT THE COMPUTATION OF UNUSED LEAVE FOR CREDITABLE21SERVICE FOR MEMBERS WHO RETIRE ON OR AFTER JULY 1, 2013, SHALL BE22CALCULATED IN MONTHLY INCREMENTS; TO MAKE IT CLEAR THAT LEAVE23CREDIT FOR ELECTED OFFICIALS WHO ARE MEMBERS OF THE PUBLIC24EMPLOYEES' RETIREMENT SYSTEM IS IN LIEU OF, AND NOT IN ADDITION25TO, LEAVE EARNED WHILE SIMULTANEOUSLY EMPLOYED IN A NONELECTED26POSITION IN THE SYSTEM; TO AMEND SECTION 25-11-113, MISSISSIPPI27CODE OF 1972, TO PROVIDE THAT A MEMBER OF THE PUBLIC EMPLOYEES'28RETIREMENT SYSTEM WHO APPLIES FOR A DISABILITY RETIREMENT29ALLOWANCE MUST PROVIDE SUFFICIENT OBJECTIVE MEDICAL EVIDENCE IN30SUPPORT OF THE CLAIM AND TO DEFINE "OBJECTIVE MEDICAL EVIDENCE";31TO AMEND SECTION 25-11-114, MISSISSIPPI CODE OF 1972, TO MAKE IT32CLEAR THAT IF A MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM33DIES BEFORE BEING QUALIFIED FOR A FULL, UNREDUCED RETIREMENT34ALLOWANCE, THE REDUCTION FACTOR FOR THE ANNUITY OF THE SURVIVING35SPOUSE SHALL BE BASED ON THE NUMBER OF YEARS THAT WOULD HAVE BEEN36REQUIRED FOR THE DECEASED MEMBER TO QUALIFY FOR A FULL, UNREDUCED37RETIREMENT ALLOWANCE; TO MAKE IT CLEAR THAT IN ORDER FOR BENEFITS38FOR A DEATH OR DISABILITY THAT OCCURS IN THE PERFORMANCE OF DUTY39TO BE PAYABLE, THE DEATH OR DISABILITY MUST HAVE BEEN AS A DIRECT40RESULT OF A PHYSICAL INJURY SUSTAINED FROM AN ACCIDENT OR A41TRAUMATIC EVENT CAUSED BY EXTERNAL VIOLENCE OR PHYSICAL FORCE42OCCURRING IN THE PERFORMANCE OF DUTY; TO AMEND SECTION 25-11-119,43MISSISSIPPI CODE OF 1972, TO AUTHORIZE DISCLOSURE OF CERTAIN44CONFIDENTIAL MEMBER INFORMATION TO THE MEMBER'S CURRENT OR FORMER45EMPLOYER; TO AMEND SECTION 25-11-121, MISSISSIPPI CODE OF 1972, TO46
H. B. No. 517
*HR12/R560*
12/HR12/R560PAGE 2
(RF\DO)
REVISE THE INVESTMENT OPTIONS FOR EXCESS FUNDS OF THE PUBLIC47EMPLOYEES' RETIREMENT SYSTEM TO REFLECT THE CURRENT INVESTMENT48ENVIRONMENT; TO AMEND SECTION 25-13-11, MISSISSIPPI CODE OF 1972,49TO REVISE THE EARLY RETIREMENT FORMULA FOR THE MISSISSIPPI HIGHWAY50SAFETY PATROL RETIREMENT SYSTEM TO PROVIDE THAT THE RETIREMENT51ANNUITY SHALL BE REDUCED BY AN ACTUARIALLY DETERMINED PERCENTAGE52OR FACTOR, RATHER THAN 3% AS IN CURRENT LAW, FOR EACH YEAR OF AGE53BELOW 55 OR FOR EACH YEAR OF SERVICE BELOW 25, WHICHEVER IS THE54LESSER; TO AMEND SECTIONS 25-11-111.1, 25-13-11.1 AND 21-29-325,55MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE PUBLIC EMPLOYEES'56RETIREMENT SYSTEM TO MAKE PAYMENTS OF RETIREMENT BENEFITS TO57MEMBERS OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM, THE58MISSISSIPPI HIGHWAY SAFETY PATROL RETIREMENT SYSTEM AND THE59MUNICIPAL RETIREMENT SYSTEMS IT ADMINISTERS, BY WHATEVER MEANS IT60DEEMS MOST APPROPRIATE AND TO AUTHORIZE ALTERNATE MEANS OF PAYMENT61IF THE MEMBER OR BENEFICIARY CAN DEMONSTRATE THAT PAYMENT BY THE62PRESCRIBED MEANS WILL CAUSE UNDUE HARDSHIP; TO AMEND SECTION6325-9-120, MISSISSIPPI CODE OF 1972, TO EXEMPT ACTUARIAL OR64INVESTMENT MANAGEMENT SERVICES CONTRACTS ENTERED INTO BY THE BOARD65OF TRUSTEES OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM FROM THE66RULES AND REGULATIONS OF THE PERSONAL SERVICE CONTRACT REVIEW67BOARD THAT GOVERN SOLICITATION AND SELECTION OF CONTRACTUAL68SERVICES PERSONNEL; AND FOR RELATED PURPOSES.69BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:70
SECTION 1.
Section 25-11-103, Mississippi Code of 1972, is71amended as follows:7225-11-103. The following words and phrases as used in73Articles 1 and 3, unless a different meaning is plainly required74by the context, have the following meanings:75(a) "Accumulated contributions" means the sum of all76the amounts deducted from the compensation of a member and77credited to his or her individual account in the annuity savings78account, together with regular interest as provided in Section7925-11-123.80(b) "Actuarial cost" means the amount of funds81presently required to provide future benefits as determined by the82board based on applicable tables and formulas provided by the83actuary.84(c) "Actuarial equivalent" means a benefit of equal85value to the accumulated contributions, annuity or benefit, as the86case may be, when computed upon the basis of such mortality tables87as adopted by the board of trustees, and regular interest.88
H. B. No. 517
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(RF\DO)
(d) "Actuarial tables" means such tables of mortality89and rates of interest as adopted by the board in accordance with90the recommendation of the actuary.91(e) "Agency" means any governmental body employing92persons in the state service.93(f) "Average compensation" means the average of the94four (4) highest years of earned compensation reported for an95employee in a fiscal or calendar year period, or combination96thereof that do not overlap, or the last forty-eight (48)97consecutive months of earned compensation reported for an98employee. The four (4) years need not be successive or joined99years of service. In computing the average compensation for100retirement, disability or survivor benefits, any amount lawfully101paid in a lump sum for personal leave or major medical leave shall102be included in the calculation to the extent that the amount does103not exceed an amount that is equal to thirty (30) days of earned104compensation and to the extent that it does not cause the105employee's earned compensation to exceed the maximum reportable106amount specified in paragraph (k) of this section; however, this107thirty-day limitation shall not prevent the inclusion in the108calculation of leave earned under federal regulations before July1091, 1976, and frozen as of that date as referred to in Section11025-3-99. In computing the average compensation, no amounts shall111be used that are in excess of the amount on which contributions112were required and paid, and no nontaxable amounts paid by the113employer for health or life insurance premiums for the employee114shall be used. If any member who is or has been granted any115increase in annual salary or compensation of more than eight116percent (8%) retires within twenty-four (24) months from the date117that the increase becomes effective, then the board shall exclude118that part of the increase in salary or compensation that exceeds119eight percent (8%) in calculating that member's average120compensation for retirement purposes. The board may enforce this121
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