MS SB2440

Allows retired PERS members receiving reduced benefits under Option 4 to cancel that option and receive maximum lifetime benefits if their designated beneficiary dies or their marriage dissolves.

Allows retired PERS members receiving maximum lifetime benefits or Option 1 benefits who marry after retirement to elect reduced Option 2, 4, or 4-A benefits to provide spousal survivor benefits.

For PERS members retiring on or after July 1, 2012, requires use of actuarial factors based on the ages of both the retiree and beneficiary at the time of retirement or when benefits are recalculated.

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

Allows retired MHSPRS members who marry after retirement to elect reduced Option 2, 4, or 4-A benefits to provide continuing spousal benefits.