Supplemental Legislative Retirement Plan; new legislators not members and current members do not earn additional credit.
The most significant impact of this legislation is on the retirement benefits for state legislators. Current members who were part of the plan prior to the cutoff date will continue participating and earning benefits as per the existing guidelines. However, the provisions introduced by HB 866 signal a major shift in the support structure for future legislators, possibly influencing who chooses to run for office due to altered financial incentives associated with public service. By ceasing contributions for new members, the bill may also have long-term implications for the stability and funding of the retirement system.
House Bill 866 amends the Mississippi Code of 1972 to establish changes to the Supplemental Legislative Retirement Plan, focusing on the membership eligibility for state legislators and the President of the Senate. The bill stipulates that any individual who becomes a member of the state legislature or the president for the first time on or after July 1, 2024, will not be able to join the Supplemental Legislative Retirement Plan. This change intends to alter the existing framework for legislative retirement benefits, effectively preventing new members from accruing additional benefits under the plan.
Discussions surrounding HB 866 may center on its implications for future governance and legislative engagement. Critics could argue that removing the option for new legislators to participate in the retirement plan could discourage public service and deter qualified individuals from running for office. Additionally, supporters may contend that these changes aim to manage public funds more sustainably and adapt the legislative retirement system to modern fiscal realities, ensuring the long-term viability of state resources.