As Amended
SEC. 21-29-305. Employers to pick up member contributions to employees' retirement and disability systems.
Each employer shall pick up the member contributions required by Sections
21-29-17,
21-29-117
and 21-29-219,
Mississippi Code of 1972, for all compensation earned after January 1,
1989, and the contributions so picked up shall be treated as employer contributions
in determining tax treatment under the United States Internal Revenue Code
and the Mississippi Income Tax Code; however, each employer shall continue
to withhold federal and state income taxes based upon such
contributions until the Internal Revenue Service or the federal courts
rule that, pursuant to Section 414(h) of the United States Internal Revenue
Code, these contributions shall not be included as gross income of the
member until such time as they are distributed or made available. The employer
may pick up these contributions by a reduction in the cash salary of the
member, or by an offset against a future salary increase, or by a combination
of a reduction in salary and
offset against a future salary increase. If member contributions are
picked up they shall be treated for all purposes of the General Municipal
Employees' Retirement System and Firemen's and Policemen's Disability Relief
Funds under Articles 1, 3 and 5 of this chapter in the same manner and
to the same extent as member contributions made prior to the date picked
up.
SOURCES: Laws, 1989, ch. 503, § 1; Laws, 2001, ch. 438, § 10, SB 2836, eff from and after July 1, 2001.
PREVIOUS VERSION: Pre-2001.