MS HB185

Amends Section 25-11-109, Mississippi Code of 1972, to allow Public Employees' Retirement System (PERS) members to purchase creditable service for board of trustees service at public junior or community colleges in Mississippi.

Eligible members must have at least two (2) years of continuous state service and can purchase credit for all service rendered as a board member from July 1, 2016, through October 1, 2016.

Members must provide proof of board service from the junior or community college district and cannot be receiving or entitled to receive credit for the same service under any other retirement system or plan.

Members must pay the actuarial cost for each year of board service, calculated based on their compensation at the time they elect to receive credit for that service.

Takes effect July 1, 2016.