MS SB2439

Members joining the Public Employees' Retirement System on or after July 1, 2011, receive 2% of average compensation per year for the first 30 years of service (increased from 25 years) and 2.5% for each year exceeding 30 years

New members must complete 30 years of creditable service (up from 25 years) to retire regardless of age; those retiring at age 60 with less than 30 years will have benefits reduced by an actuarial factor based on years below 30 or years below age 65, whichever is less

Cost-of-living adjustments for post-July 1, 2011 members begin compounding at age 60 instead of age 55, with 3% simple interest accumulating before that age and 3% compounded interest afterward

Transfers ownership of certain timberland assets from the Health Care Trust Fund to the Public Employees' Retirement System employer's accumulation account

Clarifies that surviving spouse benefits for members who die before retirement are calculated using an actuarially determined reduction factor when the member had not yet qualified for full retirement benefits