MS HB520

Allows vested members of the Public Employees' Retirement System (PERS) to purchase up to 10 years of creditable service for employment with any employer that does not participate in PERS.

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

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

Members must pay the actuarial cost as determined by the system's actuary for each year or portion of year of creditable service, either when eligible or anytime before retirement.

Takes effect July 1, 2018.