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To: Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Senator(s) Johnson
SENATE BILL NO. 2904
AN ACT TO AMEND SECTION 25-11-111, MISSISSIPPI CODE OF 1972, 1
TO ALLOW PERSONS WHO BECOME MEMBERS OF THE PUBLIC EMPLOYEES' 2
RETIREMENT SYSTEM OF MISSISSIPPI (PERS) ON OR AFTER MARCH 1, 2026, 3
TO RETIRE AFTER HAVING COMPLETED AT LEAST 20 YEARS OF CREDITABLE 4
SERVICE AS LAW ENFORCEMENT OFFICERS OR FIREFIGHTERS; TO PROVIDE 5
FOR AN ACTUARIAL REDUCTION FOR ANY SUCH MEMBER WHO HAS NOT 6
COMPLETED AT LEAST 30 YEARS OF CREDITABLE SERVICE IN ANY CAPACITY; 7
AND FOR RELATED PURPOSES. 8
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 9
SECTION 1. Section 25-11-111, Mississippi Code of 1972, is 10
amended as follows: 11
25-11-111. (a) (1) Any member who became a member of the 12
system before July 1, 2007, upon withdrawal from service upon or 13
after attainment of the age of sixty (60) years who has completed 14
at least four (4) years of membership service, or any member who 15
became a member of the system before July 1, 2011, upon withdrawal 16
from service regardless of age who has completed at least 17
twenty-five (25) years of creditable service, shall be entitled to 18
receive a retirement allowance, which shall begin on the first of 19
the month following the date the member's application for the 20
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allowance is received by the board, but in no event before 21
withdrawal from service. 22
(2) Any member who became a member of the system on or 23
after July 1, 2007, but before March 1, 2026, upon withdrawal from 24
service upon or after attainment of the age of sixty (60) years 25
who has completed at least eight (8) years of membership service, 26
or any member who became a member of the system on or after July 27
1, 2011, but before March 1, 2026, upon withdrawal from service 28
regardless of age who has completed at least thirty (30) years of 29
creditable service, shall be entitled to receive a retirement 30
allowance, which shall begin on the first of the month following 31
the date the member's application for the allowance is received by 32
the board, but in no event before withdrawal from service. 33
(3) Any member who became a member of the system on or 34
after March 1, 2026, upon withdrawal from service upon or after 35
attainment of the age of sixty-two (62) years who has completed at 36
least eight (8) years of membership service, or upon withdrawal 37
from service regardless of age who has completed at least 38
thirty-five (35) years of creditable service, or upon withdrawal 39
from service regardless of age who has completed at least twenty 40
(20) years of creditable service as a law enforcement officer or 41
firefighter, shall be entitled to receive a retirement allowance, 42
which shall begin on the first of the month following the date the 43
member's application for the allowance is received by the board, 44
but in no event before withdrawal from service. 45
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(b) (1) Any member who became a member of the system before 46
July 1, 2007, whose withdrawal from service occurs before 47
attaining the age of sixty (60) years who has completed four (4) 48
or more years of membership service and has not received a refund 49
of his accumulated contributions, shall be entitled to receive a 50
retirement allowance, beginning upon his attaining the age of 51
sixty (60) years, of the amount earned and accrued at the date of 52
withdrawal from service. The retirement allowance shall begin on 53
the first of the month following the date the member's application 54
for the allowance is received by the board, but in no event before 55
withdrawal from service. 56
(2) Any member who became a member of the system on or 57
after July 1, 2007, but before March 1, 2026, whose withdrawal 58
from service occurs before attaining the age of sixty (60) years 59
who has completed eight (8) or more years of membership service 60
and has not received a refund of his accumulated contributions, 61
shall be entitled to receive a retirement allowance, beginning 62
upon his attaining the age of sixty (60) years, of the amount 63
earned and accrued at the date of withdrawal from service. The 64
retirement allowance shall begin on the first of the month 65
following the date the member's application for the allowance is 66
received by the board, but in no event before withdrawal from 67
service. 68
(3) Any member who became a member of the system on or 69
after March 1, 2026, whose withdrawal from service occurs before 70
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attaining the age of sixty-two (62) years who has completed eight 71
(8) or more years of membership service and has not received a 72
refund of his accumulated contributions, shall be entitled to 73
receive a retirement allowance, beginning upon his attaining the 74
age of sixty-two (62) years, of the amount earned and accrued at 75
the date of withdrawal from service. The retirement allowance 76
shall begin on the first of the month following the date the 77
member's application for the allowance is received by the board, 78
but in no event before withdrawal from service. 79
(c) Any member in service who has qualified for retirement 80
benefits may select any optional method of settlement of 81
retirement benefits by notifying the Executive Director of the 82
Board of Trustees of the Public Employees' Retirement System in 83
writing, on a form prescribed by the board, of the option he has 84
selected and by naming the beneficiary of the option and 85
furnishing necessary proof of age. The option, once selected, may 86
be changed at any time before actual retirement or death, but upon 87
the death or retirement of the member, the optional settlement 88
shall be placed in effect upon proper notification to the 89
executive director. 90
(d) Any member who became a member of the system before July 91
1, 2011, shall be entitled to an annual retirement allowance which 92
shall consist of: 93
(1) A member's annuity, which shall be the actuarial 94
equivalent of the accumulated contributions of the member at the 95
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time of retirement computed according to the actuarial table in 96
use by the system; and 97
(2) An employer's annuity, which, together with the 98
member's annuity provided above, shall be equal to two percent 99
(2%) of the average compensation for each year of service up to 100
and including twenty-five (25) years of creditable service, and 101
two and one-half percent (2-1/2%) of the average compensation for 102
each year of service exceeding twenty-five (25) years of 103
creditable service. 104
(3) Any retired member or beneficiary thereof who was 105
eligible to receive a retirement allowance before July 1, 1991, 106
and who is still receiving a retirement allowance on July 1, 1992, 107
shall receive an increase in the annual retirement allowance of 108
the retired member equal to one-eighth of one percent (1/8 of 1%) 109
of the average compensation for each year of state service in 110
excess of twenty-five (25) years of membership service up to and 111
including thirty (30) years. The maximum increase shall be 112
five-eighths of one percent (5/8 of 1%). In no case shall a 113
member who has been retired before July 1, 1987, receive less than 114
Ten Dollars ($10.00) per month for each year of creditable service 115
and proportionately for each quarter year thereof. Persons 116
retired on or after July 1, 1987, shall receive at least Ten 117
Dollars ($10.00) per month for each year of service and 118
proportionately for each quarter year thereof reduced for the 119
option selected. However, such Ten Dollars ($10.00) minimum per 120
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month for each year of creditable service shall not apply to a 121
retirement allowance computed under Section 25-11-114 based on a 122
percentage of the member's average compensation. 123
(e) Any member who became a member of the system on or after 124
July 1, 2011, but before March 1, 2026, shall be entitled to an 125
annual retirement allowance which shall consist of: 126
(1) A member's annuity, which shall be the actuarial 127
equivalent of the accumulated contributions of the member at the 128
time of retirement computed according to the actuarial table in 129
use by the system; and 130
(2) An employer's annuity, which, together with the 131
member's annuity provided above, shall be equal to two percent 132
(2%) of the average compensation for each year of service up to 133
and including thirty (30) years of creditable service, and two and 134
one-half percent (2-1/2%) of average compensation for each year of 135
service exceeding thirty (30) years of creditable service. 136
(f) Any member who became a member of the system on or after 137
July 1, 2011, but before March 1, 2026, upon withdrawal from 138
service upon or after attaining the age of sixty (60) years who 139
has completed at least eight (8) years of membership service, or 140
any such member upon withdrawal from service regardless of age who 141
has completed at least thirty (30) years of creditable service, 142
shall be entitled to receive a retirement allowance computed in 143
accordance with the formula set forth in subsection (e) of this 144
section. In the case of the retirement of any member who has 145
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attained age sixty (60) but who has not completed at least thirty 146
(30) years of creditable service, the retirement allowance shall 147
be computed in accordance with the formula set forth in subsection 148
(e) of this section except that the total annual retirement 149
allowance shall be reduced by an actuarial equivalent factor for 150
each year of creditable service below thirty (30) years or the 151
number of years in age that the member is below age sixty-five 152
(65), whichever is less. 153
(g) Any member who became a member of the system on or after 154
March 1, 2026, upon withdrawal from service upon or after 155
attainment of the age of sixty-five (65) years who has completed 156
at least eight (8) years of membership service, or upon withdrawal 157
from service at the age of sixty-two (62) who has completed at 158
least thirty (30) years of creditable service, or upon withdrawal 159
from service regardless of age who has completed at least 160
thirty-five (35) years of creditable service, or upon withdrawal 161
from service regardless of age who has completed at least twenty 162
(20) years of creditable service as a law enforcement officer or 163
firefighter, shall be entitled to an annual retirement allowance 164
which shall consist of a member's annuity, which annuity shall be 165
equal to one percent (1%) of the average compensation for each 166
year of creditable service. In the case of the retirement of any 167
member who has attained the age of sixty-two (62) but has not 168
completed at least thirty (30) years of creditable service, or of 169
any member who has completed at least twenty (20) years of 170
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creditable service as a law enforcement officer or firefighter but 171
has not completed at least thirty (30) years of creditable service 172
in any capacity, the total annual retirement allowance specified 173
in this subsection (g) shall be reduced by an actuarial equivalent 174
factor for each year of creditable service below thirty (30) years 175
or the number of years in age that the member is below age 176
sixty-five (65), whichever is less. 177
(h) No member, except members excluded by the Age 178
Discrimination in Employment Act Amendments of 1986 (Public Law 179
99-592), under either Article 1 or Article 3 in state service 180
shall be required to retire because of age. 181
(i) No payment on account of any benefit granted under the 182
provisions of this section shall become effective or begin to 183
accrue until January 1, 1953. 184
(j) (1) A retiree or beneficiary may, on a form prescribed 185
by and filed with the retirement system, irrevocably waive all or 186
a portion of any benefits from the retirement system to which the 187
retiree or beneficiary is entitled. The waiver shall be binding 188
on the heirs and assigns of any retiree or beneficiary and the 189
same must agree to forever hold harmless the Public Employees' 190
Retirement System of Mississippi from any claim to the waived 191
retirement benefits. 192
(2) Any waiver under this subsection shall apply only 193
to the person executing the waiver. A beneficiary shall be 194
entitled to benefits according to the option selected by the 195
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ST: PERS Tier 5; reduce creditable service
requirement for law enforcement officers and
firefighters to retire at any age.
member at the time of retirement. However, a beneficiary may, at 196
the option of the beneficiary, execute a waiver of benefits under 197
this subsection. 198
(3) The retirement system shall retain in the annuity 199
reserve account amounts that are not used to pay benefits because 200
of a waiver executed under this subsection. 201
(4) The board of trustees may provide rules and 202
regulations for the administration of waivers under this 203
subsection. 204
SECTION 2. This act shall take effect and be in force from 205
and after its passage. 206