MS HB837

Creates a three-month window from July 1, 2011 through October 1, 2011 for Optional Retirement Program (ORP) participants at Mississippi state institutions of higher learning to switch to the Public Employees' Retirement System (PERS).

Allows participants who switch to PERS to retain all benefits earned under ORP up to the date of transfer and prohibits further ORP contributions.

Permits switching members who meet eligibility criteria (current teaching/administrative faculty with 10+ years continuous service, prior PERS membership of at least 1 year, 25+ years Mississippi residency) to receive up to 10 years of creditable service for their prior ORP service.

Requires members purchasing creditable service to pay the actuarial cost as determined by the state actuary for each year or portion thereof of service, with payments allowed in quarterly increments.

Takes effect July 1, 2011.