MS HB1672

Authorizes City of Meridian governing authorities to increase monthly benefits by 2% every July 1 beginning July 1, 2022, for persons receiving retirement allowances from the Meridian Police and Fire Disability and Relief Fund as of June 30, 2022.

Authorizes City of Meridian governing authorities to increase monthly benefits by 2% every July 1 beginning July 1, 2022, for persons receiving retirement allowances from the Meridian General Municipal Employee Retirement Fund as of June 30, 2022.

Benefit increases may only be implemented if the respective retirement funds are actuarially sound, as certified by an actuarial firm, and will remain actuarially sound after the increases are made.

Authorizes City of Meridian to levy additional millage as necessary to fund the benefit increases and maintain the retirement funds on a sound actuarial basis, with the new millage excluded from the 10% tax increase limitation for the first year only.

City governing authorities and advisory boards must adopt resolutions supporting the benefit increases, and the Board of Trustees of the Public Employees' Retirement System must approve the payments based on actuarial findings.