MS SB2087

Creates new provisions for members of the Public Employees' Retirement System performing qualified military service, including counting such service for vesting purposes and providing survivor benefits as required by federal law.

Authorizes the retirement system to conduct on-site compliance audits of employers and imposes penalties on employers who fail to comply with reporting, contribution, and certification requirements.

Clarifies that individual member records are not public records and restricts disclosure except to current or former employers as authorized by board regulations.

Requires any legislation modifying major elements of the retirement plan design to include a fiscal note and allow time for actuarial study of long-term financial impacts before implementation.

Repeals sections requiring the board to design and implement a health insurance plan for retirees and makes numerous technical amendments to retirement benefit calculations, creditable service awards in monthly increments, and disability retirement procedures.