MS SB2195

Reduces the vesting period for Public Employees' Retirement System (PERS) retirement benefits from eight years to four years for all members, eliminating the distinction between members who joined before July 1, 2007 (previously four years) and those who joined on or after that date (previously eight years)

Applies the four-year vesting requirement uniformly to eligibility for prior service credit, disability retirement benefits, survivor benefits for spouses and dependent children, and the ability to repay refunded contributions to restore creditable service

Maintains the existing requirement that members who joined PERS on or after July 1, 2011 must complete 30 years of creditable service (rather than 25 years) to retire regardless of age, and uses a different benefit formula with the 2.5% multiplier applying after 30 years instead of 25 years

Extends the reduced vesting period to the Supplemental Legislative Retirement Plan, allowing legislators and the President of the Senate to qualify for prior service credit after four years of service and contributions instead of eight years

Effective date of July 1, 2022