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MS HB1044
Bill
Status
Failed
2/3/2026
Primary Sponsor
Greg Haney
Click for details
AI Summary
- Reduces retirement eligibility for PERS Tier 5 members (those joining on or after March 1, 2026) from 35 years of creditable service to 30 years for full retirement benefits regardless of age
- Lowers the minimum age for retirement with reduced benefits from 65 to 60 for Tier 5 members who have completed at least 8 years of membership service
- Changes the "average compensation" calculation for Tier 5 members from the highest 8 consecutive years to the highest 4 consecutive years (or last 48 months), matching earlier tiers
- Applies actuarial reduction for Tier 5 members retiring at age 60 without 30 years of service, based on the lesser of years below 30 or years below age 65
- Prohibits Tier 5 members who previously withdrew and received a refund before March 1, 2026, from purchasing creditable service for that prior period if they rejoin the system
Legislative Description
PERS; revise Tier 5 service years for retirement eligibility from 35 to 30 years.
Last Action
Died In Committee
2/3/2026
Committee Referrals
State Affairs1/16/2026
Full Bill Text
No bill text available