MS HB1225

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

Members must have at least 4 years of membership service credit (if they joined before July 1, 2007) or 8 years of service credit (if they 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 other retirement system or plan sponsored by the employer.

Members must pay the actuarial cost (as determined by the system's actuary) for each year or partial year of creditable service before their retirement date.

Effective date is July 1, 2020.