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 this article 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.
Structure Mississippi Code
Title 25 - Public Officers and Employees; Public Records
Chapter 11 - Social Security and Public Employees' Retirement and Disability Benefits
Article 3 - Additional State Retirement and Disability Benefits
§ 25-11-101. Public employees' retirement system established
§ 25-11-107. Civilian employees of Mississippi National Guard as a coverage group
§ 25-11-109. Creditable service
§ 25-11-111. Superannuation retirement
§ 25-11-112. Additional annual payment to retirees and beneficiaries
§ 25-11-113. Disability retirement
§ 25-11-115.1. Designation of new spouse as beneficiary under Option 4-A; benefits payable to spouse
§ 25-11-123. Crediting of assets; financing
§ 25-11-127. Benefits upon reemployment of retired persons
§ 25-11-133. Guaranty; vested right to benefits; maximum annual retirement allowance
§ 25-11-135. Former laws remain in force
§ 25-11-139. Payment, commencement of benefits
§ 25-11-141. Group life and health benefits for retired persons