MS HB1194

Reduces the service requirement for full retirement eligibility for PERS Tier 5 members (those joining on or after March 1, 2026) from 35 years to 30 years of creditable service regardless of age

Lowers the minimum retirement age for Tier 5 members from 62 to 60 years for those with at least 8 years of membership service

Applies actuarial reduction to retirement allowances for Tier 5 members who retire at age 60 with less than 30 years of service, based on years below 30 or years below age 65, whichever is less

Maintains the 1% of average compensation per year of service formula for Tier 5 member retirement allowances

Effective date of March 1, 2026