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Bill > HB1044
MS HB1044
MS HB1044PERS; revise Tier 5 service years for retirement eligibility from 35 to 30 years.
summary
Introduced
01/16/2026
01/16/2026
In Committee
01/16/2026
01/16/2026
Crossed Over
Passed
Dead
02/03/2026
02/03/2026
Introduced Session
2026 Regular Session
Bill Summary
An Act To Amend Section 25-11-103, Mississippi Code Of 1972, To Revise The Definition Of "average Compensation" For Members In The New Tier To Mean The Average Of The Four Highest Consecutive Years Of Earned Compensation, Or Of The Last 48 Consecutive Months Of Earned Compensation, Whichever Is Greater; To Bring Forward Section 25-11-109, Mississippi Code Of 1972, For Purposes Of Amendment; To Amend Section 25-11-111, Mississippi Code Of 1972, To Provide That Members In The New Tier Who Have Completed At Least Eight Years Of Membership Service Shall Be Entitled To Receive A Retirement Allowance Upon Withdrawal From Service At The Age Of 60, And Members Who Have Completed At Least 30 Years Of Creditable Service Shall Be Entitled To Receive A Retirement Allowance Upon Withdrawal From Service Regardless Of Age; To Provide That Members In The New Tier Who Withdraw From Service Before Age 60 And Have Completed At Least Eight Years Of Membership Service And Have Not Received A Refund Of Their Contributions Shall Be Entitled To Receive A Retirement Allowance Upon Attaining The Age Of 60; To Provide That The Annual Retirement Allowance Of A Member Who Has Attained The Age Of 60 But Has Not Completed At Least 30 Years Of Creditable Service Shall Be Reduced By An Actuarial Equivalent Factor For Each Year Of Creditable Service Below 30 Years Or The Number Of Years In Age That The Member Is Below Age 65, Whichever Is Less; To Bring Forward Section 25-11-112, Mississippi Code Of 1972, For Purposes Of Amendment; To Amend Section 25-11-114, Mississippi Code Of 1972, To Conform To The Provisions Of This Act With Respect To Retirement Allowances For Death Before Retirement Or Death Or Disability In The Line Of Duty; To Bring Forward Sections 25-11-115, 25-11-117 And 25-11-147, Mississippi Code Of 1972, For Purposes Of Possible Amendments; To Amend Section 25-11-123, Mississippi Code Of 1972, In Conformity To The Proceeding Provisions; And For Related Purposes.
AI Summary
This bill modifies the retirement eligibility requirements for members of the Public Employees' Retirement System (PERS) in Mississippi, specifically for those who become members on or after March 1, 2026. Key changes include reducing the required years of creditable service for retirement eligibility from 35 to 30 years for members retiring regardless of age, and lowering the age requirement for retirement with 8 years of membership service from 62 to 60. The bill also adjusts the definition of "average compensation" for these new members to be the average of the four highest consecutive years of earned compensation, or the last 48 consecutive months, whichever is greater, a change from the previous eight years or 96 months. Additionally, it clarifies that members retiring before age 60 with at least 8 years of membership service can receive their retirement allowance upon reaching age 60, and that retirement allowances for those retiring at age 60 with less than 30 years of service will be reduced by an actuarial factor based on years of service below 30 or age below 65, whichever is less. These changes aim to align retirement benefits for newer members with the established system while potentially encouraging earlier retirement with fewer years of service.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Died In Committee (on 02/03/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1044.xml |
| BillText | https://billstatus.ls.state.ms.us/documents/2026/html/HB/1000-1099/HB1044IN.htm |
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