MS HB431

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 that date with at least 8 years of service credit, to purchase up to 3 additional years of creditable service.

Members must pay the actuarial cost as determined by the system's actuary for each year of service purchased, with payments allowed in lump sum or periodic installments before retirement.

Members who joined before July 1, 2011 cannot exceed 25 total years of creditable service (excluding unused leave) when combined with all other service credit; members who joined on or after July 1, 2011 cannot exceed 30 total years.

Members must apply to the board of trustees in the manner prescribed by the board to purchase creditable service.

Effective July 1, 2024.