PERS; revise Tier 5 service years for retirement eligibility from 35 to 30 years.

HB 1044 would change Mississippi's public employee retirement system (PERS) by reducing the required service years for full retirement eligibility from 35 to 30 years for Tier 5 members. This means eligible public employees who complete 30 years of service could retire without age restrictions, whereas previously they needed 35 years. The bill also maintains a minimum 8 years of service for retirement at age 60 and includes an actuarial reduction for those retiring before age 60 with fewer than 30 years of service. It directly affects state and local government employees in Mississippi's Tier 5 PERS retirement plan.