MS SB2712

Reduces the vesting period for retirement benefits in the Public Employees' Retirement System (PERS) from eight years to four years for all members.

Changes membership service requirements from eight years to four years for eligibility to receive prior service credit, retirement allowances, disability benefits, and survivor benefits.

Applies the four-year vesting requirement to all members regardless of when they joined the system, eliminating separate requirements that previously existed for members joining before and after July 1, 2007.

Streamlines references throughout PERS statutes (Sections 25-11-103, 25-11-105, 25-11-109, 25-11-111, 25-11-113, 25-11-114, 25-11-117, 25-11-311, and 25-11-315) to use uniform four-year vesting period.

Effective date: July 1, 2023.