MS HB1138

Allows Public Employees' Retirement System (PERS) members who became members before July 1, 2007 with at least 5 years of service credit (or members after July 1, 2007 with at least 8 years) to purchase up to 5 years of creditable service for work with public or private employers not participating in PERS.

Requires members to pay the actuarial cost as determined by the actuary for each year (or portion thereof) of purchased creditable service, payable on or before retirement.

Prohibits members from receiving or being entitled to receive retirement benefits that include the purchased service from any other public or private retirement system sponsored by the prior employer.

Limits purchased service so that total creditable service (excluding unused leave) does not exceed the amount needed to make the member eligible for retirement under Section 25-11-111.

Compensation earned from the non-PERS employer service cannot be counted toward the member's earned compensation or average compensation calculations; takes effect July 1, 2021.