Senate Bill 2730 - First Responders' Retirement System

• Establishes a separate retirement system for full-time firefighters and law enforcement officers employed by Mississippi state and political subdivisions, administered by the Public Employees' Retirement System board, effective July 1, 2016.

• Members contribute 7.25% of compensation monthly; employers contribute normal and accrued liability percentages determined biennially by actuarial valuation; board may deduct 2% of employer contributions for administrative costs.

• Provides disability retirement benefits equal to 50% of average compensation for service-connected injuries and superannuation retirement benefits calculated at 2.5% of average compensation per year of service, with 3% annual cost-of-living adjustments for retirees.

• Establishes death benefits for active members killed in line of duty providing spouses 50% of average compensation and children 25% per child (up to 50% total); surviving spouses of retired members receive 50% of member's retirement benefit.

• Amends state leave laws to exempt first responders injured in line of duty from using earned personal leave and major medical leave during recovery periods.