Two parts
The pension (defined benefit). 1% of your average compensation for each year of service, for life. Vested after 8 years. Hybrid Plan Handbook (2026), pp. 10-13, 17-18; Miss. Code Ann. § 25-11-111(a)(3), (g) (H.B. 4073 (2026), § 18, pp. 65, 69-70); Retirement Tiers Overview; Mississippi PERS Board Regulations 48 § 101 and 64 § 101
Your own account (defined contribution). 5% of your pay goes into an account that is yours right away; employers may choose to add to it. You can take it out 30 days after you leave. Its value depends on your investments, so this site doesn't estimate it. Hybrid Plan Handbook (2026), pp. 10-13; Hybrid Plan Fact Sheet (2026), p. 2
You pay 9% of pay in all: 4% to the pension, 5% to your account. Mississippi PERS Board Regulation 60 (amended July 1, 2026), § 101; Member Handbook (2024), p. 13; Hybrid Plan Handbook (2026), p. 11
The fact sheet's example
1% × 30 years × $65,000 = $19,500 a year, or $1,625 a month, for life. Mississippi PERS shows $19,500 and $1,625. Hybrid Plan Fact Sheet (2026), p. 1, Defined Benefit Calculation Example
| Tier 4 | Tier 5 (Hybrid) | |
|---|---|---|
| Formula | 2% a year to 30, then 2.5% | 1% a year, plus your account |
| Full benefit | 30 years, or age 65 | 30 years, or age 65 |
| Reduced benefit | From 60 | From 62 |
| Yearly COLA | 3% | None |
| PLSO | With 33 years | Not available |
| Buy service | Yes | No |
When you can retire
At any age with 30 years, or at 62 once vested. Between 62 and 65 with less than 30 years, the pension is reduced for each year you're short of 30 years or of age 65, whichever is fewer. At 65 with 8 or more years there's no reduction. Hybrid Plan Handbook (2026), pp. 10-13, 17-18; Miss. Code Ann. § 25-11-111(a)(3), (g) (H.B. 4073 (2026), § 18, pp. 65, 69-70); Retirement Tiers Overview; Mississippi PERS Board Regulations 48 § 101 and 64 § 101
Example from our engine: 20 years on $60,000 at 62 is up to $1,000 a month before a reduction for 3 years. See early retirement.
H.B. 1 (2025) set Tier 5 retirement at 65 with 8 years, 62 with 30 years, or 35 years at any age, with a reduction at 62 with less than 30 years. H.B. 4073 (2026), effective March 1, 2026, changed the any-age rule to 30 years and dropped the '62 with 30 years' clause. The Hybrid handbook (May 1, 2026) and Tiers Overview say 30 years at any age or 62 and vested. We follow H.B. 4073 and the Hybrid handbook.
H.B. 1 (2025), § 18, pp. 131, 136; H.B. 4073 (2026), § 18, pp. 65, 69-70; Hybrid Plan Handbook (2026), pp. 17-18; Retirement Tiers Overview
What Tier 5 doesn't have
- Hybrid Plan (Tier 5) members get no annual COLA; the Legislature may provide an additional benefit for a specific year. Hybrid Plan Handbook (2026), p. 18
- No Partial Lump Sum Option. Member Handbook (2024), pp. 15, 34-35; Mississippi PERS Board Regulation 48 (amended March 1, 2026), § 101
- No service purchases, and a refund can't be repaid. Member Handbook (2024), pp. 17, 19; Mississippi PERS Board Regulation 64, §§ 101-102
Average compensation
The Hybrid handbook lists only the four highest fiscal years, four highest calendar years, or the final 48 months (no mixed fiscal/calendar combination); the amended statute text still allows a non-overlapping combination. Hybrid Plan Handbook (2026), p. 17; Miss. Code Ann. § 25-11-103(f) (H.B. 4073 (2026), § 17, p. 51)
Coming back after a refund
A member who refunded before March 1, 2026 and re-enters on or after March 1, 2026 is treated as a new member on or after March 1, 2026 (Tier 5) and gets no creditable service for the earlier service. Miss. Code Ann. § 25-11-103 (membership definition) (H.B. 4073 (2026), § 17, p. 63)
Try your numbers in the calculator, which handles Tier 5's pension (not the account).
Questions
What is the Mississippi PERS Hybrid Plan?
Tier 5, for members who join on or after March 1, 2026. It pays a lifetime benefit of 1% of average compensation for each year of service, plus a defined contribution account of your own. Of your 9% contribution, 4% goes to the pension and 5% to your account.
Does the Hybrid Plan have a COLA or PLSO?
No yearly COLA (the Legislature may grant an extra benefit for a specific year), no Partial Lump Sum Option, and you can't buy service credit or repay a refund.
Source: Mississippi PERS Member Handbook, Revised November 8, 2024, p. 13. Also: Hybrid Plan Handbook (2026); Retirement Tiers Overview; Hybrid Plan Fact Sheet (2026); Mississippi PERS Board Regulations 28, 48, 60; Miss. Code Ann. §§ 25-11-103, 25-11-111. Last reviewed .