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

HB 1194 changes Mississippi's public employee retirement system by reducing the required service years for retirement eligibility from 35 to 30 years for "New Tier" members (those who joined after July 1, 2007). It directly affects public employees in this tier who qualify for retirement benefits. The bill revises Section 25-11-111 to allow these members to retire with 30 years of service regardless of age, rather than requiring 35 years. For those retiring before age 60 with less than 30 years, the bill adjusts benefit calculations to account for the reduced service requirement.