SEC. 25-11-407. Designation of life insurance companies for purchase of annuity contracts.
The Board of Trustees of the Public Employees' Retirement System shall designate not less than three (3) nor more than five (5) companies from which annuity contracts may be purchased, and the types of annuity contracts which may be purchased, under the optional retirement program. In making such designations, the board of trustees shall consider and be guided by:
(a) The nature and extent of the rights and benefits to be provided by such contracts for participants and their beneficiaries;
(b) The relation of such rights and benefits to the amount of contributions to be made;
(c) The suitability of such rights and benefits to the needs of the participants;
(d) The efficacy of the contracts in the recruitment and retention of faculty and administrators; and
(e) The ability and experience of a designated company in providing such suitable rights and benefits under such contracts.
Any designated company must be either a life insurance company licensed to do business in the State of Mississippi or a subsidiary of, or affiliated with, or under common management with, such a life insurance company.
SOURCES: Laws, 1990, ch. 458, Sec. 4, eff from and after passage (approved March 24, 1990).