As Amended
SEC. 25-11-101. Public employees' retirement system established.
A retirement system is hereby established and placed
under the management of the board of trustees for the purpose of providing
retirement allowances and other benefits under the provisions of this article
for officers and employees in the state service and their beneficiaries. The
retirement system provided by Article 3 shall go into operation as of the first
day of the month following the effective date thereof, when contributions by
members shall begin and benefits shall become payable.
This system shall be an agency of the State of
Mississippi having all the powers and privileges of a public corporation and
shall be known as the "Public Employees' Retirement System of
Mississippi." By such name all of its business shall be transacted, all of
its funds invested, and all of its cash and securities and other property held;
but in ordinary correspondence the word "system" may be used instead
of the full title. After appropriation for administrative expenses and after
payment of investment management fees and costs, all funds of the system shall
be held in trust in the custody of the board of trustees as funds of the
beneficiaries of the trust. The Joint Legislative Committee on Performance
Evaluation and Expenditure Review is hereby authorized and directed to have
performed random actuarial evaluations, as necessary, of the funds and expenses
of the Public Employees' Retirement System and to make annual reports to the
Legislature on the financial soundness of the system.
SOURCES: Codes, 1942, Sec. 7446-11; Laws, 1952, ch. 299, Sec. 11; 1989, ch. 513, Sec. 2, eff from and after passage (approved April 4, 1989).