3
2. It shall be impossible by operation of MHSPRS, 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 system.
3. Benefits are provided in accordance with §25-13-1 et seq. 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 Title 25, Chapter 13 of the Mississippi Code
Annotated 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
MHSPRS shall conform to a good faith interpretation of Section 401(a)(9) of
the Internal Revenue Code.
5. All members of MHSPRS who are not otherwise vested will be fully vested in
their accrued benefit on attaining age 55 with at least five (5) years of
membership service credit.
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