MS HB1083

Authorizes vested members of the Public Employees' Retirement System (PERS) to purchase up to 10 years of creditable service for work with employers that do not participate in PERS.

Members must have at least 4 years of service credit (if joined before July 1, 2007) or 8 years of service credit (if joined on or after July 1, 2007) to be eligible.

Members cannot be receiving or entitled to receive a retirement allowance that includes the purchased service from any public or private retirement system sponsored by the employer.

Members must pay the actuarial cost determined by the system's actuary for each year or portion thereof of creditable service before retirement, with payments allowed in one-quarter year increments.

Effective date: July 1, 2015.