MS HB1714

Increases maximum additional annual payments to retired members and beneficiaries of the Hattiesburg Police and Fire Disability and Relief Fund from 30% to 32% of the annual retirement or disability allowance.

Additional payments are calculated at 2.5% of annual retirement or disability allowance for each full fiscal year of actual benefit payments since June 30, 1990.

Additional payments may only be established if the fund is actuarially sound and will remain actuarially sound if payments are made, as certified by an actuarial firm.

Requires adoption of resolutions by both the City of Hattiesburg governing authorities and the fund's advisory board, with approval by the Board of Trustees of the Public Employees' Retirement System.

Eligible recipients may receive the annual additional payment in a lump sum or elect to receive it in equal monthly installments over no more than six months.