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MS SB3067
Bill
AI Summary
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Authorizes the City of Meridian governing authorities to increase monthly benefits by 2% every July 1 beginning July 1, 2022, for persons receiving retirement benefits from the Meridian Police and Fire Disability and Relief Fund as of June 30, 2022
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Authorizes the City of Meridian governing authorities to increase monthly benefits by 2% every July 1 beginning July 1, 2022, for persons receiving retirement benefits from the Meridian General Municipal Employee Retirement Fund as of June 30, 2022
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Allows Meridian to levy additional millage as necessary to fund the benefit increases and maintain both retirement funds on a sound actuarial basis, with exemption from the 10% tax increase limitation in the first year
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Requires that benefit increases can only be implemented if both retirement funds are actuarially sound, as certified by the most recent actuarial study and the actuarial firm
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Takes effect upon passage
Legislative Description
City of Meridian; authorize 2% increase in monthly benefits for certain retired police, firemen and employees every year.
Last Action
Approved by Governor
4/8/2022