| Subj: | Vested |
| Date: | 2/6/02 11:17:27 AM Central Standard Time |
| From: | |
| To: | mspersmail@pers.state.ms.us |
ANSWERED AND RECEIVED BY PERS OFFICIAL
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Mississippi
Code 25-11-119 (3) - Another secrecy law with taxpayers money
25-11-119. Administration of Article 3.
(1) The board shall keep such data as
shall be necessary for actuarial valuation of the assets and liabilities of the
system and for checking its operating experience.
(2) The board shall keep minutes which shall be open to public inspection.
It shall have the accounts of the system audited annually by the State Audit
Department and shall publish as of the end of each fiscal year a report showing
the fiscal transactions of the system for the preceding fiscal year, the amount
of the accumulated cash and securities of the system, a statement of income and
expenditures, a statement of investments acquired and disposed of, and a balance
sheet showing the financial condition of the system by means of an actuarial
valuation of its assets and liabilities. It shall also publish a synopsis of the
report.
(3)
The board shall establish a general office for the meeting of the board and for
the administrative personnel; provide for the installation of an adequate system
of books, accounts, and records which will give effect to all requirements of
Articles 1 and 3; and credit all assets received by the funds according to the
purposes for which they are held. All books, accounts and records shall be kept
in the general office of the board and shall be public records except for
individual member records. The system shall not disclose the name, address or
contents of any individual member records without the prior written consent of
the individual to whom the record pertains.
(4) The board shall hold regular
meetings at least quarterly in each year and such special meetings as may be
deemed necessary. All meetings shall be open to the public.
(5)
The board shall have power to make contracts, and to sue and be sued, under the
name of the Board of Trustees of the Public Employees' Retirement System of
Mississippi.
(6) Legal advisor. The Attorney General shall be the legal advisor of the
board; and the board may employ counsel when needed.
(7) Medical board. The board may designate a medical
board to be composed of three (3) physicians or may contract with another
governmental agency or non-governmental disability determination service that is
qualified to make disability determinations. If required, other physicians may
be engaged to report on special cases. The medical board or other governmental
or non-governmental disability determination service agency so designated shall
arrange for, and pass upon, all medical examinations required under the
provisions of this article; shall investigate all essential statements and
certificates by or on behalf of a member in connection with an application for
disability retirement; and shall report in writing to the board of trustees its
conclusions and recommendations upon all the matters referred to it.
(8)
Duties of actuary. The board of trustees shall designate an actuary who shall be
the technical advisor of the board on matters regarding the operation of the
system, and shall perform such other duties as are required in connection
therewith.
(9)
At least once in each two-year period, the actuary shall make an actuarial
survey of the mortality, service, withdrawal and compensation experience of the
members and beneficiaries of the retirement system, and shall make a valuation
of the assets and liabilities of the system. Taking into account the result of
such investigation and valuation, the board of trustees shall adopt for the
retirement system such mortality, service, and other tables as shall be deemed
necessary. On the basis of such tables as the board of trustees shall adopt, the
actuary shall make valuations of the assets and liabilities of the funds of the
system.
Sincerely,
Steven A. McCaleb
www.mississippiwebsite.com
STEVEN
A. McCALEB