Mississippi Senate Bill 2463 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on February 3 2015 - 100% progression
Action: 2015-02-03 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Be Known As The Uniform Management Of Public Employee Retirement Systems; To Provide That The Act Applies To All Retirement Programs And Retirement Systems Maintained By The State Or Any Political Subdivision Or Instrumentality Of The State, With Certain Exceptions; To Provide That All Assets Of A Retirement System Are Held In Trust, And The Trustee Of The Retirement System Has The Exclusive Authority To Invest And Manage Those Assets; To Authorize The Trustee To Establish An Administrative Budget Sufficient To Perform The Trustee's Duties And Draw Upon Assets Of The Retirement System To Fund The Budget; To Authorize The Trustee To Obtain By Employment Or Contract The Services Necessary To Exercise The Trustee's Powers And Perform The Trustee's Duties; To Authorize The Trustee To Delegate Certain Functions; To Prescribe The General Duties Of The Trustee And Prescribe The Duties Of The Trustee In Investing And Managing The Assets Of The Retirement System; To Provide That A Trustee Who Breaches A Duty Imposed By This Act Is Personally Liable To A Retirement System For Any Losses Resulting From The Breach And Any Profits Made By The Trustee Through Use Of Assets Of The System By The Trustee; To Provide That An Agreement That Purports To Limit The Liability Of A Trustee For A Breach Of Duty Under This Act Is Void; To Require The Administrator Of A Retirement System To Disseminate To The Public A Summary Plan Description, Annual Disclosure Of Financial And Actuarial Status, And An Annual Report; To Require The Administrator Of A Retirement System To Furnish To Each Participant And Beneficiary Who Is Receiving Benefits Under A Retirement Program Certain Information About The Program; To Require The Administrator Of A Retirement System To File Certain Information With The Retirement System; To Authorize Enforcement Of The Provisions Of This Act By An Action Maintained By The State Or A Political Subdivision Of The State Or By A Participant Or Beneficiary; To Bring Forward Sections 25-11-15, 25-11-101, 25-11-121, 25-11-123, 25-11-129, 25-11-133, 25-11-317, 25-11-319, 25-13-25, 25-13-31, 25-13-33, 21-29-11, 21-29-107, 21-29-125, 21-29-209, 21-29-227, 21-29-257 And 21-29-307, Mississippi Code Of 1972, For The Purposes Of Possible Amendment; And For Related Purposes.

Uniform Management of Public Employee Retirement Systems Act; create.

Sen. Brice Wiggins [R]

Date	Chamber	Action
2015-02-03	Senate	Died In Committee
2015-01-19	Senate	Referred To Finance

Type	Source
Summary	https://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2463.xml
Text	https://billstatus.ls.state.ms.us/documents/2015/html/SB/2400-2499/SB2463IN.htm