MS HB1087

Members of the Public Employees' Retirement System (PERS) and Mississippi Highway Patrol Retirement System (MHPRS) who retire on or after July 1, 2018, will receive their annual cost-of-living adjustment (COLA) in 12 equal monthly installments beginning each July 1, rather than as a single lump-sum payment in December

Members who retired before July 1, 2018, may continue receiving the COLA as a single December payment or elect to switch to monthly installments through an irrevocable written agreement filed at least 30 days before July 1

For members retiring on or after July 1, 2015, the COLA will be calculated based on each full fiscal year the retiree has actually drawn benefits from their retirement date or most recent retirement date

The COLA formula provides 3% of the annual retirement allowance multiplied by years in retirement before age 55 (for pre-2011 members) or age 60 (for post-2011 members), plus an additional 3% compounded amount beginning at those respective ages

Removes the board's previous discretionary authority to allow members to switch between payment methods based on financial hardship claims