PERS; reform Tier 5.

SB 2902 proposed reforms to Mississippi's Public Employees' Retirement System (PERS) Tier 5, directly affecting public employees in that tier. Key changes included reducing the vesting period from 8 to 6 years, lowering the required service years for retirement from 35 to 30, and allowing retirement when a member's age plus years of service equals at least 80. The bill also increased the benefit multiplier for service beyond 20 years from 1% to 1.25%, added a cost-of-living adjustment (COLA) tied to inflation but capped at 1.5%, and provided enhanced benefits for first responders (including a 1.5% multiplier and additional retirement options). Employer contributions were adjusted, requiring a minimum 3% match (5% for first responders) and a $2,000 one-time contribution after 10 years of service. The bill died in committee in 2026 and did not become law.