Legislature; allow certain retired PERS members to receive a retirement allowance while serving as a member of.
The bill seeks to amend various sections of the Mississippi Code to allow for this dual benefit arrangement while ensuring that individuals receiving a retirement allowance under this new provision will not be active members of the PERS or the Supplemental Legislative Retirement Plan. Importantly, it specifies that those taking advantage of this allowance will not accrue additional creditable service during their legislative tenure when receiving this dual compensation, which signifies a careful balance between providing legislative opportunities for retired individuals and managing the sustainability of the retirement system.
House Bill 833 proposes an amendment to the Mississippi Code, specifically creating a new section (25-11-126) that allows certain retired members of the Public Employees' Retirement System (PERS) to receive their retirement allowances while serving as members of the Legislature. The bill stipulates that individuals who have a minimum of twenty-five years of creditable service and are aged seventy or older can choose to continue receiving their retirement benefits alongside their legislative compensation. This provision applies strictly to those elected as legislators after the date of their retirement, with a requirement that their retirement was effective at least ninety days prior to taking office as a legislator.
One of the notable points of contention surrounding HB 833 is the potential financial implications for the PERS, particularly in ensuring that the revolving door of retired legislators receiving retirement benefits does not create an unsustainable financial burden on the system. Critics may argue that allowing retirees to receive dual compensation could discourage fresh talent entering the legislature and may also contribute to the perception of public office being more accessible to those with existing financial advantages. Proponents, however, may argue that this bill encourages experienced individuals to contribute to the legislative process without compromising their financial stability.