27 Miss. Code. R. 210-61-104 - Municipal Retirement Systems
1. The PERS Board
shall hold the assets of the Municipal Retirement Systems in trust for the
exclusive purpose of providing benefits to participants and paying reasonable
expenses of administration. The assets of each municipal retirement system
(including general municipal retirement funds as well as disability and relief
funds for firemen and policemen) shall be maintained as separate funds,
separate from all other funds held by the PERS Board and shall be used only for
the payment of benefits provided by Miss. Code Ann. §§
21-29-1 et
seq., 21-29-101 et seq. and 21-29-201 et seq., (1972, as amended)
respectively.
2. It shall be
impossible by operation of the Municipal Retirement Systems, by termination, by
power of revocation or amendment, by the happening of any contingency, by
collateral arrangement or by other means, for any part of the corpus or income
of the trust, or any funds contributed thereto, to inure to the benefit of any
employer or otherwise be used for or diverted to purposes other than providing
benefits to participants and beneficiaries and defraying reasonable expenses of
administering the systems.
3.
Benefits are provided in accordance with §§
21-29-1 et
seq., 21-29-101 et seq. and 21-29-201 et seq. respectively. Forfeitures of
accrued benefits resulting from members electing to receive refunds of employee
contributions will not be applied to increase the benefits any member would
otherwise receive under these provisions.
4. Benefits payable pursuant to §§
21-29-1 et
seq., 21-29-101 et seq. and 21-29-201 et seq. respectively, shall be made in
compliance with the limitations set forth in Section
415 of the Internal Revenue Code and any
regulations issued there under as applicable to governmental plans. Further,
distributions made from these plans shall conform to a good faith
interpretation of Section 401(a)(9) of the Internal
Revenue Code.
5. All members of the
Municipal Retirement Systems who are not otherwise vested will be fully vested
in their accrued benefit on attaining twenty (20) years of service with the
municipality, the last ten (10) of which are continuous in the city in which
retirement application is made.
(History: Adopted effective January 19, 2009; amended effective April 1, 2012)
Notes
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