HB 605 — PERS; contribution rates not increased unless authorized by Legislature, and make recommendation on changes to the plan.

however, no credit for prior service will be granted to members who became members of the system before July 1, 2007, until they have contributed to Article 3 of the retirement system for a minimum period of at least four (4) years, or to members who became members of the system on or after July 1, 2007, until they have contributed to Article 3 of the retirement system for a minimum period of at least eight (8) years.

Those members shall receive credit for services performed before January 1, 1953, in employment now covered by Article 3, but no credit shall be granted for retroactive services between January 1, 1953, and the date of their entry into the retirement system, unless the employee pays into the retirement system both the employer's and the employee's contributions on wages paid him during the period H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 5(RF\JAB) from January 31, 1953, to the date of his becoming a contributing member, together with interest at the rate determined by the board of trustees.

Members reentering after withdrawal from service shall qualify for prior service under the provisions of Section 25-11-117.

From and after July 1, 1998, upon eligibility as noted above, the member may receive credit for such retroactive service provided:

(i) The member shall furnish proof satisfactory to the board of trustees of certification of that service from the covered employer where the services were performed;

and (ii) The member shall pay to the retirement system on the date he or she is eligible for that credit or at any time thereafter before the date of retirement the actuarial cost for each year of that creditable service.

The provisions of this subparagraph (ii) shall be subject to the limitations of Section 415 of the Internal Revenue Code and regulations promulgated under Section 415.

Nothing contained in this paragraph (b) shall be construed to limit the authority of the board to allow the correction of reporting errors or omissions based on the payment of the employee and employer contributions plus applicable interest.

(c) All persons who become employees in the state service after January 31, 1953, and who are eligible for membership in any other retirement system shall become members of this retirement system as a condition of their employment, unless H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 6(RF\JAB) they elect at the time of their employment to become a member of that other system.

(d) All persons who are employees in the state service on January 31, 1953, and who are members of any nonfunded retirement system operated by the State of Mississippi, or any of its departments or agencies, shall become members of this system with prior service credit unless, before February 1, 1953, they file a written notice with the board of trustees that they do not elect to become members.

(e) All persons who are employees in the state service on January 31, 1953, and who under existing laws are members of any fund operated for the retirement of employees by the State of Mississippi, or any of its departments or agencies, shall not be entitled to membership in this retirement system unless, before February 1, 1953, any such person indicates by a notice filed with the board, on a form prescribed by the board, his individual election and choice to participate in this system, but no such person shall receive prior service credit unless he becomes a member on or before February 1, 1953.

(f) Each political subdivision of the state and each instrumentality of the state or a political subdivision, or both, is authorized to submit, for approval by the board of trustees, a plan for extending the benefits of this article to employees of any such political subdivision or instrumentality.

Each such plan or any amendment to the plan for extending benefits thereof shall H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 7(RF\JAB) be approved by the board of trustees if it finds that the plan, or the plan as amended, is in conformity with such requirements as are provided in Articles 1 and 3;

however, upon approval of the plan or any such plan previously approved by the board of trustees, the approved plan shall not be subject to cancellation or termination by the political subdivision or instrumentality.

No such plan shall be approved unless:

(i) It provides that all services that constitute employment as defined in Section 25-11-5 and are performed in the employ of the political subdivision or instrumentality, by any employees thereof, shall be covered by the plan, with the exception of municipal employees who are already covered by existing retirement plans;

however, those employees in this class may elect to come under the provisions of this article;

(ii) It specifies the source or sources from which the funds necessary to make the payments required by paragraph (d) of Section 25-11-123 and of paragraph (f)(v)2 and 3 of this section are expected to be derived and contains reasonable assurance that those sources will be adequate for that purpose;

(iii) It provides for such methods of administration of the plan by the political subdivision or instrumentality as are found by the board of trustees to be necessary for the proper and efficient administration thereof;

(iv) It provides that the political subdivision or instrumentality will make such reports, in such form and H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 8(RF\JAB) containing such information, as the board of trustees may from time to time require;

(v) It authorizes the board of trustees to terminate the plan in its entirety in the discretion of the board if it finds that there has been a failure to comply substantially with any provision contained in the plan, the termination to take effect at the expiration of such notice and on such conditions as may be provided by regulations of the board and as may be consistent with applicable federal law.

1.

The board of trustees shall not finally refuse to approve a plan submitted under paragraph (f), and shall not terminate an approved plan without reasonable notice and opportunity for hearing to each political subdivision or instrumentality affected by the board's decision.

The board's decision in any such case shall be final, conclusive and binding unless an appeal is taken by the political subdivision or instrumentality aggrieved by the decision to the Circuit Court of the First Judicial District of Hinds County, Mississippi, in accordance with the provisions of law with respect to civil causes by certiorari.

2.

Each political subdivision or instrumentality as to which a plan has been approved under this section shall pay into the contribution fund, with respect to wages (as defined in Section 25-11-5), at such time or times as the board of trustees may by regulation prescribe, contributions H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 9(RF\JAB) in the amounts and at the rates specified in the applicable agreement entered into by the board.

3.

Every political subdivision or instrumentality required to make payments under paragraph (f)(v)2 of this section is authorized, in consideration of the employees' retention in or entry upon employment after enactment of Articles 1 and 3, to impose upon its employees, as to services that are covered by an approved plan, a contribution with respect to wages (as defined in Section 25-11-5) not exceeding the amount provided in Section 25-11-123(d) if those services constituted employment within the meaning of Articles 1 and 3, and to deduct the amount of the contribution from the wages as and when paid.

Contributions so collected shall be paid into the contribution fund as partial discharge of the liability of the political subdivisions or instrumentalities under paragraph (f)(v)2 of this section.

Failure to deduct the contribution shall not relieve the employee or employer of liability for the contribution.

4.

Any state agency, school, political subdivision, instrumentality or any employer that is required to submit contribution payments or wage reports under any section of this chapter shall be assessed interest on delinquent payments or wage reports as determined by the board of trustees in accordance with rules and regulations adopted by the board and delinquent payments, assessed interest and any other amount certified by the board as owed by an employer, may be recovered by action in a H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 10(RF\JAB) court of competent jurisdiction against the reporting agency liable therefor or may, upon due certification of delinquency and at the request of the board of trustees, be deducted from any other monies payable to the reporting agency by any department or agency of the state.

5.

Each political subdivision of the state and each instrumentality of the state or a political subdivision or subdivisions that submit a plan for approval of the board, as provided in this section, shall reimburse the board for coverage into the expense account, its pro rata share of the total expense of administering Articles 1 and 3 as provided by regulations of the board.

(g) The board may, in its discretion, deny the right of membership in this system to any class of employees whose compensation is only partly paid by the state or who are occupying positions on a part-time or intermittent basis.

The board may, in its discretion, make optional with employees in any such classes their individual entrance into this system.

(h) An employee whose membership in this system is contingent on his own election, and who elects not to become a member, may thereafter apply for and be admitted to membership;

but no such employee shall receive prior service credit unless he becomes a member before July 1, 1953, except as provided in paragraph (b).

H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 11(RF\JAB) (i) If any member of this system changes his employment to any agency of the state having an actuarially funded retirement system, the board of trustees may authorize the transfer of the member's creditable service and of the present value of the member's employer's accumulation account and of the present value of the member's accumulated membership contributions to that other system, provided that the employee agrees to the transfer of his accumulated membership contributions and provided that the other system is authorized to receive and agrees to make the transfer.

If any member of any other actuarially funded system maintained by an agency of the state changes his employment to an agency covered by this system, the board of trustees may authorize the receipt of the transfer of the member's creditable service and of the present value of the member's employer's accumulation account and of the present value of the member's accumulated membership contributions from the other system, provided that the employee agrees to the transfer of his accumulated membership contributions to this system and provided that the other system is authorized and agrees to make the transfer.

(j) Wherever state employment is referred to in this section, it includes joint employment by state and federal agencies of all kinds.

(k) Employees of a political subdivision or instrumentality who were employed by the political subdivision or instrumentality before an agreement between the entity and the H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 12(RF\JAB) Public Employees' Retirement System to extend the benefits of this article to its employees, and which agreement provides for the establishment of retroactive service credit, and who became members of the retirement system before July 1, 2007, and have remained contributors to the retirement system for four (4) years, or who became members of the retirement system on or after July 1, 2007, and have remained contributors to the retirement system for eight (8) years, may receive credit for that retroactive service with the political subdivision or instrumentality, provided that the employee and/or employer, as provided under the terms of the modification of the joinder agreement in allowing that coverage, pay into the retirement system the employer's and employee's contributions on wages paid the member during the previous employment, together with interest or actuarial cost as determined by the board covering the period from the date the service was rendered until the payment for the credit for the service was made.

Those wages shall be verified by the Social Security Administration or employer payroll records.

Effective July 1, 1998, upon eligibility as noted above, a member may receive credit for that retroactive service with the political subdivision or instrumentality provided:

(i) The member shall furnish proof satisfactory to the board of trustees of certification of those services from the political subdivision or instrumentality where the services were H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 13(RF\JAB) rendered or verification by the Social Security Administration;

and (ii) The member shall pay to the retirement system on the date he or she is eligible for that credit or at any time thereafter before the date of retirement the actuarial cost for each year of that creditable service.

The provisions of this subparagraph (ii) shall be subject to the limitations of Section 415 of the Internal Revenue Code and regulations promulgated under Section 415.

Nothing contained in this paragraph (k) shall be construed to limit the authority of the board to allow the correction of reporting errors or omissions based on the payment of employee and employer contributions plus applicable interest.

Payment for that time shall be made beginning with the most recent service.

Upon the payment of all or part of the required contributions, plus interest or the actuarial cost as provided above, the member shall receive credit for the period of creditable service for which full payment has been made to the retirement system.

(l) Through June 30, 1998, any state service eligible for retroactive service credit, no part of which has ever been reported, and requiring the payment of employee and employer contributions plus interest, or, from and after July 1, 1998, any state service eligible for retroactive service credit, no part of which has ever been reported to the retirement system, and requiring the payment of the actuarial cost for that creditable H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 14(RF\JAB) service, may, at the member's option, be purchased in quarterly increments as provided above at the time that its purchase is otherwise allowed.

(m) All rights to purchase retroactive service credit or repay a refund as provided in Section 25-11-101 et seq.

shall terminate upon retirement.

II.

THOSE WHO ARE NOT ELIGIBLE FOR MEMBERSHIP The following classes of employees and officers shall not become members of this retirement system, any other provisions of Articles 1 and 3 to the contrary notwithstanding:

(a) Patient or inmate help in state charitable, penal or correctional institutions;

(b) Students of any state educational institution employed by any agency of the state for temporary, part-time or intermittent work;

(c) Participants of Comprehensive Employment and Training Act of 1973 (CETA) being Public Law 93-203, who enroll on or after July l, 1979;

(d) From and after July 1, 2002, individuals who are employed by a governmental entity to perform professional service on less than a full-time basis who do not meet the criteria established in I(a)(ii) of this section.

III.

TERMINATION OF MEMBERSHIP Membership in this system shall cease by a member withdrawing his accumulated contributions, or by a member withdrawing from H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 15(RF\JAB) active service with a retirement allowance, or by a member's death.

SECTION 3.

In the annuity savings account shall be accumulated the contributions made by members to provide forH. their annuities, including interest thereon which shall be posted monthly.

Credits to and charges against the annuity savings account shall be made as follows:

(1) Beginning July 1, 2010, except as otherwise provided by Section 25-11-126, the employer shall cause to be deducted from the salary of each member on each and every payroll of the employer for each and every payroll period nine percent (9%) of earned compensation as defined in Section 25-11-103.

Future contributions shall be fixed biennially by the board on the basis of the liabilities of the retirement system for the various allowances and benefits as shown by actuarial valuation;

however, any member earning at a rate less than Sixteen Dollars and Sixty-seven Cents ($16.67) per month, or Two Hundred Dollars H.

605 *HR31/R627**HR26/R627CS.1* ~ OFFICIAL ~ 23/HR31/R627G1/2 23/HR26/R627CS.1 PAGE 16(RF\JAB)1 ($200.00)(RF\KW) perfor year,their shallannuities, contributeincluding notinterest lessthereon thanwhich Oneshall Dollarbe ($1.00)posted permonthly. month, or Twelve Dollars ($12.00) per year.

Credits to and charges against the annuity savings account shall be made as follows:

(1) Beginning July 1, 2010, the employer shall cause to be deducted from the salary of each member on each and every payroll of the employer for each and every payroll period nine percent (9%) of earned compensation as defined in Section 25-11-103.

Future contributions shall be * * * determined biennially by the board on the basis of the liabilities of the retirement system for the various allowances and benefits as shown by actuarial valuation;

however, any member earning at a rate less than Sixteen Dollars and Sixty-seven Cents ($16.67) per month, or Two Hundred Dollars ($200.00) per year, shall contribute not less than One Dollar ($1.00) per month, or Twelve Dollars ($12.00) per year.

From and after the effective date of this act, the employee's contribution rate shall not be increased above the rate that was in effect on January 1, 2023, unless authorized by amendment to this section by the Legislature.

Every member shall be deemed to consent and agree to the deductions made and provided for in paragraph (1) of this subsection and shall receipt for his full salary or compensation, and payment of salary or compensation less the deduction shall be aH. full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by the person during the period covered by the payment, except as to the benefits provided under Articles 1 and 3.

B.

No.

605 *HR26/R627CS.1* ~ OFFICIAL ~ 23/HR26/R627CS.1 PAGE 2(RF\KW) a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by the person during the period covered by the payment, except as to the benefits provided under Articles 1 and 3.

If a beneficiary retired on account of disability is restored to active service with a compensation not less than his average final compensation at the time of his last retirement, the remainder of his contributions shall be transferred from the annuity reserve to H.the annuity savings account and credited to his individual account therein, and the balance of his annuity reserve shall be transferred to the employer's accumulation account.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 17(RF\JAB) the annuity savings account and credited to his individual account therein, and the balance of his annuity reserve shall be transferred to the employer's accumulation account.

Credits to and charges againstH. the employer's accumulation account shall be made as follows:

(1) On account of each member there shall be paid monthly into the employer's accumulation account by the employers for the preceding fiscal year an amount equal to a certain percentage of the total earned compensation, as defined in Section 25-11-103, of each member.

The percentage rate of those contributions shall be fixed biennially by the board on the basis of the liabilities of the retirement system for the various allowances and benefits as shown by actuarial valuation.

Beginning January 1, 1990, the rate shall be fixed at nine and three-fourths percent (9-3/4%).

The board shall reduce the employer's contribution rate by one percent (1%) from and after July 1 of the year following the year in which the board determines and the board's actuary certifies that the employer's contribution rate can be reduced by that amount without causing H.

605 *HR31/R627**HR26/R627CS.1* ~ OFFICIAL ~ 23/HR31/R62723/HR26/R627CS.1 PAGE 18(RF\JAB)3(RF\KW) theagainst unfunded accrued actuarial liability amortization period for the retirementemployer's systemaccumulation toaccount exceedshall twentybe (20)made years.as follows:

Political(1) subdivisionsOn joiningaccount Article 3 of theeach Publicmember Employees'there Retirementshall Systembe afterpaid Julymonthly 1,into 1968, may adjust the employer's contributionsaccumulation account by agreement with the Boardemployers offor Trusteesthe ofpreceding thefiscal Publicyear Employees'an Retirementamount Systemequal to providea servicecertain creditspercentage for any period before execution of the agreementtotal basedearned uponcompensation, anas actuarialdefined determinationin ofSection employer's25-11-103, contributionof rates.each member.

(2)The Onpercentage therate basis of regularthose interestcontributions andshall ofbe such* mortality* and* otherdetermined tablesbiennially as are adopted by the board of trustees, the actuary engaged by the board to make each valuation required by this article during the period over which the accrued liability contribution is payable, immediately after making that valuation, shall determine the uniform and constant percentage of the earnable compensation of each member which, if contributed by the employer on the basis of compensation of the memberliabilities throughout his entire period of membershipthe service,retirement wouldsystem be sufficient to provide for the paymentvarious ofallowances anyand retirementbenefits allowanceas payableshown onby hisactuarial accountvaluation. for that service.

The* percentage* rate* soPolitical determinedsubdivisions shalljoining beArticle known3 asof the "normalPublic contributionEmployees' rate."Retirement AfterSystem theafter accruedJuly liability1, contribution1968, hasmay ceasedadjust to be payable, the normalemployer's contributioncontributions rateby shallagreement bewith the percentageBoard rateof Trustees of the salaryPublic ofEmployees' allRetirement membersSystem obtainedto byprovide deductingservice fromcredits thefor totalany liabilitiesperiod onbefore accountexecution of membership service the amountagreement inbased theupon employer'san accumulationactuarial account,determination andof dividingemployer's thecontribution remainderrates. by one percent H.

From and after the effective date of this act, the employer's contribution rate shall not be increased above the rate that was in effect on January 1, 2023, unless authorized by amendment to this section by the Legislature.

(2) On the basis of regular interest and of such mortality and other tables as are adopted by the board of trustees, the actuary engaged by the board to make each valuation required by this article during the period over which the accrued liability contribution is payable, immediately after making that H.

605 *HR31/R627**HR26/R627CS.1* ~ OFFICIAL ~ 23/HR31/R62723/HR26/R627CS.1 PAGE 19(RF\JAB)4(RF\KW) (1%)valuation, ofshall determine the presentuniform valueand constant percentage of the prospectiveearnable futurecompensation salaries of alleach membersmember aswhich, computedif contributed by the employer on the basis of compensation of the mortalitymember andthroughout servicehis tablesentire adoptedperiod byof membership service, would be sufficient to provide for the boardpayment of trusteesany andretirement regularallowance interest.payable on his account for that service.

The percentage rate so determined shall be known as the "normal contribution rate." After the accrued liability contribution has ceased to be payable, the normal contribution rate shall be the percentage rate of the salary of all members obtained by deducting from the total liabilities on account of membership service the amount in the employer's accumulation account, and dividing the remainder by one percent (1%) of the present value of the prospective future salaries of all members as computed on the basis of the mortality and service tables adopted by the board of trustees and regular interest.

(3) TheSubject to the provisions of paragraph (1) of this subsection (c), the total amount payable in each year to the employer's accumulation account shall not be less than the sum of the percentage rate known as the "normal contribution rate" and the "accrued liability contribution rate" of the total compensation earnable by all members during the preceding year, provided that the payment by the employer shall be sufficient, when combined with the amounts in the account, to provide the allowancesH. and other benefits chargeable to this account during the year then current.

(4) The accrued liability contribution shall be discontinued as soon as the accumulated balance in the employer's accumulation account shall equal the present value, computed on the basis of the normal contribution rate then in force, or the prospective normal contributions to be received on account of all persons who are at that time members.

(5) All allowances and benefits in lieu thereof, with the exception of those payable on account of members who receive no prior service credit, payable from contributions of the employer, shall be paid from the employer's accumulation account.

H.

605 *HR31/R627**HR26/R627CS.1* ~ OFFICIAL ~ 23/HR31/R62723/HR26/R627CS.1 PAGE 20(RF\JAB)5(RF\KW) (6)allowances Uponand theother retirementbenefits ofchargeable a member, an amount equal to histhis retirement allowance shall be transferred from the employer's accumulation account toduring the annuityyear reserve.then current.

(4) The accrued liability contribution shall be discontinued as soon as the accumulated balance in the employer's accumulation account shall equal the present value, computed on the basis of the normal contribution rate then in force, or the prospective normal contributions to be received on account of all persons who are at that time members.

(5) All allowances and benefits in lieu thereof, with the exception of those payable on account of members who receive no prior service credit, payable from contributions of the employer, shall be paid from the employer's accumulation account.

(6) Upon the retirement of a member, an amount equal to his retirement allowance shall be transferred from the employer's accumulation account to the annuity reserve.

There shall be transferred to the State Treasury from this account,H. not less than once per month, an amount sufficient for payment of the estimated expenses of the system for the succeeding thirty (30) days.

Any interest earned on the expense account shall accrue to the benefit of the system.

However, notwithstanding the provisions of Sections 25-11-15(10) and 25-11-105(f)(v)5, all expenses of the administration of the system shall be paid from the interest earnings, provided the interest earnings are in excess of the actuarial interest assumption as determined by the board, and provided the present cost of the administrative expense fee of two percent (2%) of the contributions reported by the political subdivisions and instrumentalities shall be reduced to one percent (1%) from and H.

605 *HR31/R627**HR26/R627CS.1* ~ OFFICIAL ~ 23/HR31/R62723/HR26/R627CS.1 PAGE 21(RF\JAB)6(RF\KW) afteraccount, Julynot 1,less 1983,than throughonce Juneper 30,month, 1984,an andamount shallsufficient befor eliminatedpayment thereafter.of the estimated expenses of the system for the succeeding thirty (30) days.

Any interest earned on the expense account shall accrue to the benefit of the system.

However, notwithstanding the provisions of Sections 25-11-15(10) and 25-11-105(f)(v)5, all expenses of the administration of the system shall be paid from the interest earnings, provided the interest earnings are in excess of the actuarial interest assumption as determined by the board, and provided the present cost of the administrative expense fee of two percent (2%) of the contributions reported by the political subdivisions and instrumentalities shall be reduced to one percent (1%) from and after July 1, 1983, through June 30, 1984, and shall be eliminated thereafter.

The executive director, after makingH. a record of all those receipts, shall deposit such amounts as provided by law.

(f) (1) Upon the basis of each actuarial valuation provided herein, the board of trustees shall biennially determine the normal contribution rate and the accrued liability contribution rate as provided in this section.

The sum of these two (2) rates shall be known as the "employer's contribution rate." Beginning on earned compensation effective January 1, 1990, the rate computed as provided in this section shall be nine and three-fourths percent (9-3/4%).

The board shall reduce the employer's contribution rate by one percent (1%) from and after July 1 of the year following the year in which the board determines and the board's actuary certifies that the employer's H.

605 *HR31/R627**HR26/R627CS.1* ~ OFFICIAL ~ 23/HR31/R62723/HR26/R627CS.1 PAGE 22(RF\JAB)7(RF\KW) contributionmaking ratea canrecord beof reducedall bythose thatreceipts, amountshall withoutdeposit causingsuch theamounts unfundedas accruedprovided actuarialby liabilitylaw. amortization period for the retirement system to exceed twenty (20) years.

The(f) percentage(1) rateUpon ofthe thosebasis contributionsof shalleach beactuarial fixedvaluation bienniallyprovided byherein, the board on the basis of thetrustees liabilitiesshall ofbiennially determine the retirementnormal systemcontribution forrate and the variousaccrued allowancesliability andcontribution benefitsrate as shownprovided byin actuarialthis valuation.section.

The sum of these two (2) rates shall be known as the "employer's contribution rate." * * * The percentage rate of those contributions shall be * * * determined biennially by the board on the basis of the liabilities of the retirement system for the various allowances and benefits as shown by actuarial valuation.

From and after the effective date of this act, the employer's contribution rate shall not be increased above the rate that was in effect on January 1, 2023, unless authorized by amendment to this section by the Legislature.

Monthly, or at such time as the board of trustees designates, each department or agency shall compute the amount of the employer's contribution payable, with respect to the salaries of its employees who are members of the system, and shall cause that amount to be paid to the board of trustees from the personal service allotment of the amount appropriated for the operation of theH. department or agency, or from funds otherwise available to the agency, for the payment of salaries to its employees.

B.

No.

605 *HR26/R627CS.1* ~ OFFICIAL ~ 23/HR26/R627CS.1 PAGE 8(RF\KW) the department or agency, or from funds otherwise available to the agency, for the payment of salaries to its employees.

H.(4) Except as otherwise provided in Section 25-11-106.1, chancery and circuit clerks shall be responsible for both the employer and employee share of contributions on the proportionate share of net income attributable to fees, as well as the employee share of net income attributable to direct treasury or county payroll income, and the employing county shall be responsible for the employer contributions on the net income attributable to direct treasury or county payroll income.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 23(RF\JAB) (4) Except as otherwise provided in Section 25-11-106.1, chancery and circuit clerks shall be responsible for both the employer and employee share of contributions on the proportionate share of net income attributable to fees, as well as the employee share of net income attributable to direct treasury or county payroll income, and the employing county shall be responsible for the employer contributions on the net income attributable to direct treasury or county payroll income.

The amounts determined due by an agency to the various funds as specified in Articles 1 and 3 are made obligations of the agency to the board andH. shall be paid as provided herein.

B.

No.

605 *HR26/R627CS.1* ~ OFFICIAL ~ 23/HR26/R627CS.1 PAGE 9(RF\KW) and shall be paid as provided herein.

From and after July 1, 1996, under rules and regulations established by the board, all employers are H.authorized and shall transfer all funds due to the Public Employees' Retirement System electronically and shall transmit any wage or other reports by computerized reporting systems.

B.SECTION 2.

No.Not later than September 1, 2023, the Board of Trustees of the Public Employees' Retirement System shall present its recommendations to the Legislature for making changes to the retirement plan, which would be applicable to persons who become members of the system after a certain future date, that would improve the funded status of the plan and reduce the necessity for periodic increases in the employer's contribution rate.

605SECTION *HR31/R627*3. ~ OFFICIAL ~ 23/HR31/R627 PAGE 24(RF\JAB) authorized and shall transfer all funds due to the Public Employees' Retirement System electronically and shall transmit any wage or other reports by computerized reporting systems.

SECTIONThis 4.act shall take effect and be in force from and after its passage.

Section 25-11-127, Mississippi Code of 1972, is amended as follows:

25-11-127.

(1) (a) No person who is being paid a retirement allowance or a pension after retirement under this article shall be employed or paid for any service by the State of Mississippi, including services as an employee, contract worker, contractual employee or independent contractor, until the retired person has been retired for not less than ninety (90) consecutive days from his or her effective date of retirement.

After the person has been retired for not less than ninety (90) consecutive days from his or her effective date of retirement or such later date as established by the board, he or she may be reemployed while being paid a retirement allowance under the terms and conditions provided in this section or Section 25-11-126.

(b) No retiree of this retirement system who is reemployed or is reelected to office after retirement shall continue to draw retirement benefits while so reemployed, except as provided in this section or Section 25-11-126.

(c) No person employed or elected under the exceptions provided for in this section shall become a member under Article 3 of the retirement system.

605 *HR31/R627**HR26/R627CS.1* ~ OFFICIAL ~ 23/HR31/R62723/HR26/R627CS.1 PAGEST: 25(RF\JAB) (2) Any person who has been retired under the provisions of Article 3 and who is later reemployed in service covered by this article shall cease to receive benefits under this article unless the person chooses to continue to receive a retirement allowance while working as a teacher in a public school district under the authority of Section 25-11-126, and the person shall again become a contributing member of the retirement system.

When the person retires again, if that person has been a contributing member of the retirement system during reemployment and the reemployment exceeds six (6) months, the person shall have his or her benefit recomputed, including service after again becoming a member, provided that the total retirement allowance paid to the retired member in his or her previous retirement shall be deducted from the member's retirement reserve and taken into consideration in recalculating the retirement allowance under a new option selected.

(3) The board shall have the right to prescribe rules and regulations for carrying out the provisions of this section.

(4) The provisions of this section shall not be construed to prohibit any retiree, regardless of age, from being employed and drawing a retirement allowance either:

(a) For a period of time not to exceed one-half (1/2) of the normal working days for the position in any fiscal year during which the retiree will receive no more than one-half (1/2) H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 26(RF\JAB) of the salary in effect for the position at the time of employment, or (b) For a period of time in any fiscal year sufficient in length to permit a retiree to earn not in excess of twenty-five percent (25%) of retiree's average compensation.

To determine the normal working days for a position under paragraph (a) of this subsection, the employer shall determine the required number of working days for the position on a full-time basis and the equivalent number of hours representing the full-time position.

The retiree then may work up to one-half (1/2) of the required number of working days or up to one-half (1/2) of the equivalent number of hours and receive up to one-half (1/2) of the salary for the position.

In the case of employment with multiple employers, the limitation shall equal one-half (1/2) of the number of days or hours for a single full-time position.

Notice shall be given in writing to the executive director, setting forth the facts upon which the employment is being made, and the notice shall be given within five (5) days from the date of employment and also from the date of termination of the employment.

The restrictions on employment after retirement in this subsection shall not apply to persons who choose to continue to receive a retirement allowance under this article while working as a teacher in a public school district as authorized by Section 25-11-126.

H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 27(RF\JAB) (5) Except as otherwise provided in subsection (6) of this section, the employer of any person who is receiving a retirement allowance and who is employed in service covered by subsection (4) of this section as an employee or a contractual employee, and the employer of any person who chooses to continue to receive a retirement allowance under this article while working as a teacher in a public school district as authorized by Section 25-11-126, shall pay to the board the full amount of the employer's contribution on the amount of compensation received by the retiree for his or her employment in accordance with regulations prescribed by the board.

The retiree shall not receive any additional creditable service in the retirement system as a result of the payment of the employer's contribution.

This subsection does not apply to persons who are receiving a retirement allowance and who contract with an employer to provide services as a true independent contractor, as defined by the board through regulation.

(6) (a) A member may retire and continue in municipal or county elective office provided that the member has reached the age and/or service requirement that will not result in a prohibited in-service distribution as defined by the Internal Revenue Service, or a retiree may be elected to a municipal or county office, provided that the person:

(i) Files annually, in writing, in the office of the employer and the office of the executive director of the H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 28(RF\JAB) system before the person takes office or as soon as possible after retirement, a waiver of all salary or compensation and elects to receive in lieu of that salary or compensation a retirement allowance as provided in this section, in which event no salary or compensation shall thereafter be due or payable for those services;

however, any such officer or employee may receive, in addition to the retirement allowance, office expense allowance, mileage or travel expense authorized by any statute of the State of Mississippi;

or (ii) Elects to receive compensation for that elective office in an amount not to exceed twenty-five percent (25%) of the retiree's average compensation.

In order to receive compensation as allowed in this subparagraph, the retiree shall file annually, in writing, in the office of the employer and the office of the executive director of the system, an election to receive, in addition to a retirement allowance, compensation as allowed in this subparagraph.

(b) The municipality or county in which the retired person holds elective office shall pay to the board the amount of the employer's contributions on the full amount of the regular compensation for the elective office that the retired person holds.

(c) As used in this subsection, the term "compensation" does not include office expense allowance, mileage or travel expense authorized by a statute of the State of Mississippi.

H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 PAGE 29(RF\JAB) SECTION 5.

This act shall take effect and be in force from and after July 1, 2023.

H.

B.

No.

605 *HR31/R627* ~ OFFICIAL ~ 23/HR31/R627 ST:

contribution rates not increased PAGE 3010(RF\KW) (RF\JAB) unless authorized by Legislature, and make recommendation on changes to the plan.