City of Meridian; authorize 2% increase in monthly benefits for certain retired police, firemen and employees every year.
Impact
The legislation impacts the provisions made for the payment of minimum monthly benefits, ensuring that eligible persons receive no less than $400. Additionally, retirees who were already receiving benefits as of June 30, 2022, will be subject to this annual increase, thereby directly benefiting those in retirement and enhancing their financial stability. The bill also stipulates that the Meridian General Municipal Employee Retirement Fund must remain actuarially sound for these increases to be established, reinforcing the need for careful financial management of the fund.
Summary
House Bill 1672 authorizes the governing authorities of the City of Meridian, Mississippi, to increase the monthly benefits for individuals receiving assistance from the Meridian Police and Fire Disability and Relief Fund and the Meridian General Municipal Employee Retirement Fund. This bill specifically allows for an annual 2% increase in these benefits, starting from July 1, 2022. It is a significant legislative step aiming to provide financial support to retired public safety employees and city workers who are eligible for these benefits based on their service.
Contention
While there may not be overt contention in the legislative text, concerns may arise regarding the funding mechanism for the continuous benefit increases and whether local governments will be able to sustain these financial obligations in the long term. The bill permits the governing authorities to levy additional taxes necessary to maintain the retirement fund, which may lead to discussions about local taxation and fiscal responsibility. The reference to actuarial soundness ensures that any increase is justified by the fund's capability to support such amendments, ultimately adding layers of accountability.
Provides a minimum benefit increase for certain retirees, beneficiaries, and survivors of the Teachers' Retirement System of Louisiana, Louisiana State Employees' Retirement System, Louisiana School Employees' Retirement System, and State Police Retirement System. (6/30/21) (2/3 CA10s29(F)) (EN INCREASE APV)
Police Pension and Retirement System; increasing minimum employee contribution for certain members; increasing computation of certain monthly benefits; increasing employer contribution; updating statutory language.
Increases monthly minimum benefit for a spouse, domestic partner, former spouse. Grant a 2.89% COLA for eligible retirees. Provided a modification reducing federal AGI for public pension benefits from the RI employees retirement system.
Increases monthly minimum benefit for a spouse, domestic partner, former spouse. Grant a 2.89% COLA for eligible retirees. Provided a modification reducing federal AGI for public pension benefits from the RI employees retirement system.