SB 2905

AN ACT TO CREATE NEW SECTION 25-11-126.1, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT PERSONS WHO ARE RECEIVING A RETIREMENT ALLOWANCE FROM THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHO ARE ELECTED AS A MEMBER OF THE LEGISLATURE AFTER RETIREMENT, AND MEMBERS OF THE LEGISLATURE WHO ARE ELIGIBLE TO RECEIVE A RETIREMENT ALLOWANCE FROM THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHILE SERVING AS A MEMBER OF THE LEGISLATURE, MAY RECEIVE A RETIREMENT ALLOWANCE FROM THE SYSTEM WHILE SERVING AS A MEMBER OF THE LEGISLATURE IN ADDITION TO RECEIVING THE REGULAR COMPENSATION FOR MEMBERS OF THE LEGISLATURE; TO PROVIDE THAT THOSE PERSONS SHALL NOT BE ACTIVE MEMBERS OF THE RETIREMENT SYSTEM AND SHALL NOT RECEIVE ANY CREDITABLE SERVICE FOR THE PERIOD DURING WHICH THEY RECEIVE A RETIREMENT ALLOWANCE WHILE SERVING AS A MEMBER OF THE LEGISLATURE; TO AMEND SECTION 25-11-105, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PROVISIONS OF THIS ACT; TO AMEND SECTION 25-11-127, MISSISSIPPI CODE OF 1972, TO REQUIRE THOSE PERSONS TO PAY THE FULL AMOUNT OF THE EMPLOYEE'S CONTRIBUTIONS ON THE AMOUNT OF COMPENSATION RECEIVED FOR SERVING AS A MEMBER OF THE LEGISLATURE; TO PROVIDE THAT THOSE PERSONS WILL NOT RECEIVE ANY ADDITIONAL CREDITABLE SERVICE IN THE RETIREMENT SYSTEM AS A RESULT OF THE PAYMENT OF THE EMPLOYEE'S CONTRIBUTION; AND FOR RELATED PURPOSES.