PERS; create a fifth tier, and terminate SLRP, for employees hired on or after March 1, 2026.

An Act To Create A New Tier In The Mississippi Public Employees' Retirement System Of Mississippi For Employees Becoming Members Of The System On Or After March 1, 2026, Which Shall Consist Of A Defined Benefit Component And A Defined Contribution Component; To Specify That The Defined Contribution Component Shall Be A Plan Under Section 401(a) Of The Internal Revenue Code; To Provide That A Portion Of The Employee's Contributions Shall Be Deposited Into The Employee's Defined Contribution Account, And In Addition, The Employer May Elect To Contribute An Amount Up To The Maximum Pretax Amount Allowable Under Federal Law; To Provide That Members Shall Be Vested Immediately In The Defined Contribution Plan; 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 Eight Highest Consecutive Years Of Earned Compensation, Or Of The Last 96 Consecutive Months Of Earned Compensation, Whichever Is Greater; To Amend The Definition Of "member" To Provide That, If A Person Withdraws From State Service And Receives A Refund Before March 1, 2026, And Reenters State Service On Or After March 1, 2026, The Member Shall Be Considered To Have Become A Member Of The System On Or After March 1, 2026, And No Prior Service Shall Be Credited; To Amend Section 25-11-109, Mississippi Code Of 1972, To Limit The Circumstances For Which Creditable Service May Be Awarded For Employees Becoming Members Of The System On Or After March 1, 2026; 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 62, And Members Who Have Completed At Least 35 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