HB1590 - PERS; reconstitute membership of board and rescind scheduled employer's contribution increase.

1 Co-Sponsor

An Act To Amend Section 25-11-15, Mississippi Code Of 1972, To Reconstitute The Board Of Trustees Of The Public Employees' Retirement System; To Provide That The Board Shall Consist Of The State Treasurer, The Commissioner Of Revenue, Four Appointees Of The Governor, Three Appointees Of The Lieutenant Governor, One Retired Member Receiving A Retirement Allowance From The System And Elected By The Retired Members Or Beneficiaries Receiving A Retirement Allowance From The Systems Administered By The Board, And One Member Of The System Having At Least 10 Years Of Creditable Service And Elected By The Members Of The Retirement Systems Administered By The Board; To Provide For Staggered Terms Of Four Years For Trustees After The Initial Terms; To Provide Qualifications For The Appointed And Elected Trustees; To Provide That The Governor's And Lieutenant Governor's Appointments Be Subject To The Advice And Consent Of The Senate; To Amend Section 25-11-123, Mississippi Code Of 1972, To Provide That The Increase In The Employer's Contribution Rate That Is Scheduled To Take Effect On July 1, 2024, Is Rescinded And Shall Not Take Effect, And The Board Shall Not Provide For Any Increase In The Employer's Contribution Rate Through June 30, 2024; And For Related Purposes.