MS HB1085

Allows teaching and administrative faculty positions eligible for the optional retirement program to be defined in the plan document rather than by statute.

Permits participants in the optional retirement program to irrevocably switch to the Public Employees' Retirement System (PERS) before the fifth anniversary of their initial enrollment.

Establishes a one-time election period ending December 31, 2016, for employees who enrolled in the optional retirement program before July 1, 2015, to prospectively switch to PERS.

Allows employees switching to PERS to purchase service credit for prior years of service in the optional retirement program at actuarial cost, using rollover funds or cash payments.

Employees participating in the optional retirement program for 90 or more days who move to ineligible positions must continue in the optional program rather than join PERS.