MS HB859

Allows retired members of the Public Employees' Retirement System (PERS) receiving a reduced retirement allowance under Option 4 to cancel that option and receive the maximum retirement allowance if their designated beneficiary dies or their marriage to the beneficiary is terminated by divorce or dissolution.

Permits retired PERS members receiving the maximum retirement allowance or Option 1 benefits who marry after retirement to elect a reduced retirement allowance under Option 2, Option 4, or Option 4-A to provide continuing lifetime benefits to their spouse.

For PERS members retiring on or after July 1, 2012, requires the actuarial equivalent factor used to compute reduced retirement allowances to be based on the ages of both the retiree and beneficiary at the time of retirement or when the election for benefit recalculation is made.

Adds a new Option 4 to the Mississippi Highway Safety Patrol Retirement System (MHSPRS) providing that three-fourths of a retired member's reduced retirement allowance continues to a designated beneficiary upon the member's death, with the same modification provisions as PERS.

Effective July 1, 2011.