HB 517 Summary

• Revises definitions in the Public Employees' Retirement System to clarify that beneficiary eligibility requirements refer to "membership service" and that natural children must be conceived before the member's death.

• Excludes the value of maintenance and in-kind benefits from earned compensation calculations effective July 1, 2012, unless the employee was receiving such maintenance as of June 30, 2012.

• Changes creditable service computation for retirements on or after July 1, 2013, from quarterly increments to monthly increments and clarifies that elected officials cannot receive duplicate leave credit for simultaneous employment in both elected and non-elected positions.

• Requires disability retirement applicants to provide objective medical evidence and redefines "objective medical evidence" to include only documented medical examinations, signs, and laboratory findings, excluding subjective pain descriptions.

• Modifies the early retirement reduction formula for the Mississippi Highway Safety Patrol Retirement System to use an actuarially determined percentage rather than a fixed 3% reduction for each year below age 55 or service below 25 years.

• Authorizes the Public Employees' Retirement System to make benefit payments by any appropriate means, including direct deposit, with alternative payment methods available upon demonstration of undue hardship.