MS SB2909

Reduces the creditable service requirement for age-independent retirement from 35 years to 30 years for Mississippi Public Employees' Retirement System (PERS) Tier 5 members who joined on or after March 1, 2026

Tier 5 members can still retire at age 65 with at least 8 years of membership service, or at age 62 with reduced benefits if they have not completed 30 years of creditable service

Maintains the 1% of average compensation per year of creditable service benefit formula for Tier 5 members

Earlier tier members retain their existing retirement requirements: pre-July 2007 members need 25 years for age-independent retirement; members from July 2011 to March 2026 need 30 years

Effective date is March 1, 2026