MS HB1195

Allows Public Employees' Retirement System (PERS) members with at least 5 years of credited service (if joined before July 1, 2007) or 8 years of credited service (if joined on or after July 1, 2007) to purchase a maximum of 3 additional years of creditable service.

Members must pay the actuarial cost for each year of service purchased, as determined by the system's actuary, before their retirement date through lump sum or periodic monthly, quarterly, or annual payments.

Members who joined PERS before July 1, 2011 cannot exceed 25 total years of creditable service (excluding unused leave) when combining purchased service with all other service credit.

Members who joined PERS on or after July 1, 2011 cannot exceed 30 total years of creditable service (excluding unused leave) when combining purchased service with all other service credit.

The act takes effect July 1, 2023.