MS SB2140

Amends Section 25-11-112 of the Mississippi Code to change eligibility requirements for additional annual payments (Cost of Living Adjustments) from the Public Employees' Retirement System (PERS) for members retiring on or after July 1, 2014.

Members who began receiving retirement allowances prior to July 1, 2014, retain existing eligibility rules based on their membership date (age 55 for members who joined before July 1, 2011; age 60 for those who joined on or after July 1, 2011).

Members who begin receiving a retirement allowance on or after July 1, 2014, must be at least 65 years of age or older to be eligible for the additional annual benefit payment.

The additional benefit for members age 65 or older retiring after July 1, 2014, is calculated as three percent (3%) compounded annually for each full fiscal year in retirement beginning with the fiscal year the member reaches age 65.

Takes effect July 1, 2014.