Retirement; create separate system for state and local law enforcement officers and firefighters.
Impact
The bill outlines various provisions for employee and employer contributions, establishing a framework for disability and superannuation retirement benefits, in addition to death benefits for beneficiaries. By creating this standalone system, the legislation seeks to ensure that law enforcement officers and firefighters receive adequate financial support during retirement, which is critical given the hazardous nature of their work. Additionally, the new system's financial commitments, including the establishment of actuarial reserves for future liabilities, will require strategic funding from the state to maintain solvency over time.
Summary
House Bill 455 establishes a separate retirement system specifically for law enforcement officers and firefighters in Mississippi. This retirement system, managed by the Board of Trustees of the Public Employees' Retirement System, is designed to provide more favorable retirement allowances and benefits for these individuals, acknowledging the unique risks associated with their professions. The system plans to commence operations on July 1, 2022, and aims to supplement existing provisions under the Public Employees' Retirement Law of 1952, enhancing overall retirement benefits for eligible members.
Contention
There have been concerns regarding the potential financial burden of this separate retirement system on state budgets and the implications for existing retirement frameworks within the state. Some lawmakers fear that the creation of this system may divert necessary funds from other public services or from the existing Public Employees' Retirement System. Additionally, the eligibility criteria for membership and the contributions required from both employees and employers may elicit debate on fairness and equity in state employment benefits.
To Amend Retirement Eligibility Requirements Under Various Public Retirement Systems Of The State Of Arkansas For Police Officers, Firefighters, Public Safety Members, And Sheriffs.
Retirement System, firefighters, law enforcement officers, and correctional officers, hazardous duty time, removing the time limit for purchasing for prior eligible service, Sec. 36-27-59 am'd.
Public retirement systems; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date; emergency.
Public retirement systems; distribution; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date; emergency.