House Bill 558 Summary

• Establishes the "First Responders Retirement Incentive" for law enforcement officers and firefighters who are members of the Public Employees' Retirement System (PERS).

• Eligible members must have become PERS members on or after July 1, 2011, and have at least four years of membership service credit to receive one year of creditable service for every five years of service as a first responder in Mississippi.

• Provides the additional creditable service at no cost to the member, unlike other service credit options that require actuarial payments.

• Requires members to be in good standing with no felony convictions at the time of retirement to use the creditable service provided.

• Takes effect July 1, 2024.