HB431 - Retirement; allow certain members of PERS to purchase up to three years of creditable service.

1 Co-Sponsor

An Act To Amend Section 25-11-109, Mississippi Code Of 1972, To Authorize Certain Members Of The Public Employees' Retirement System To Receive A Maximum Of Three Years Creditable Service; To Provide That The Member Shall Pay To The Retirement System Before The Date Of Retirement The Actuarial Cost As Determined By The Actuary For Each Increment Of Service Purchased; To Provide That A Member May Receive No More Years Of Creditable Service Under This Act Than An Amount That, When Combined With All Other Creditable Service, Excluding Unused Leave, Would Cause The Member To Have The Specified Number Of Years Of Creditable Service To Retire Regardless Of Age; And For Related Purposes.