MS HB1516

Removes the existing 64.4% cumulative maximum limit on annual cost-of-living increases for retired members and beneficiaries of the Biloxi Disability and Relief Fund for Firemen and Policemen.

Allows retired members and beneficiaries to receive cost-of-living increases for more than 20 fiscal years, subject to city council approval and actuarial soundness of the fund.

Maintains requirement that cost-of-living increases cannot exceed 3% annually (or the Consumer Price Index increase, whichever is lower) and must keep the disability and relief fund actuarially sound.

Preserves authority of city governing authorities to suspend or reduce cost-of-living increases if necessary to maintain the fund's actuarial soundness, with prior notice to the city council.

Takes effect upon passage.