MS HB1517

Removes the maximum cumulative cap of 64.4% on annual cost-of-living increases for current and future retired members of Biloxi's General Municipal Employees' Retirement System and their beneficiaries.

Eliminates the restriction limiting cost-of-living increases to a 20-fiscal-year period, allowing retirees to continue receiving annual increases indefinitely after the twentieth year.

Retains requirement that cost-of-living increases cannot exceed 3% annually and must be approved by city governing authorities based on actuarial soundness of the retirement system.

Authorizes city governing authorities to provide additional annual cost-of-living increases beyond the original twenty-year limit if municipal finances permit and the retirement system remains actuarially sound.

Maintains provisions allowing city to suspend or reduce cost-of-living increases if necessary to preserve the actuarial soundness of the retirement system.