MS HB1077

Allows teaching or administrative faculty positions eligible for the Optional Retirement Program to be defined in the plan document rather than by statute.

Permits Optional Retirement Program participants to irrevocably elect to join the Public Employees' Retirement System (PERS) before the fifth annual anniversary of their initial enrollment and purchase prior service credit at actuarial cost.

Grants employees who elected the Optional Retirement Program before July 1, 2015, a one-time opportunity to switch to PERS prospectively by December 31, 2016, with ability to purchase prior service credit at actuarial cost.

Specifies that service credit purchased under this act shall not count as membership service and cannot be used to establish eligibility for survivorship or disability retirement benefits.

Requires employees who participate in the Optional Retirement Program for 90 or more days and subsequently move to a position ineligible for the program to continue in the Optional Retirement Program rather than join PERS.