Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 44 - Part 210 Refund of member contributions › Section 27-210-44-101 - Payment of refund of accumulated contributions

Current through June 25, 2024
Mississippi Code Ann. §
									25-11-117
				  (1972, as amended) provides that a refund of accumulated contributions to the
				  credit of the member in the annuity savings account shall be paid within ninety
				  (90) days from the receipt of a properly completed form requesting such
				  payment. Effective July 1, 2011, a refund of accumulated contributions will be
				  issued after final wages and contributions are posted to the member's account
				  but no later than ninety (90) calendar days from the date of termination from
				  covered employment or from the date of receipt of the properly completed form
				  requesting the refund, whichever is later. Refunds of accumulated contributions
				  shall be processed after receipt of a properly completed PERS Form 5,
Member Refund Application
, and after the final wages and
				  contributions are posted to the member's account but no later than after the
				  ninety (90) calendar-day period has lapsed. The ninety (90)
day period will be calculated on the basis of the termination
				  date certified by the employer on the PERS Form 5 or the date of receipt of the
				  Form 5, whichever is later. Upon filing for a refund, where the member is
				  employed by more than one agency, the latest termination date will be used to
				  calculate the ninety (90) day period.
1. Refund upon death of member
The ninety (90) day period shall not apply in the case of a
				  refund due to the death of a member; however, any refund paid to the
				  beneficiary of a deceased member shall not be paid until after final wages and
				  contributions are posted to the member's account.
2. Refund to member in case of extraordinary
				and unforeseen financial emergency Refunds may be issued prior to the ninety
				(90) day period in case of a documented extraordinary and unforeseen emergency
				which cannot be satisfied by PERS communication of the anticipated distribution
				date and amount. The member will be required to submit a request for emergency
				distribution (refund) on a form prescribed by PERS. An extraordinary and
				unforeseen emergency is defined as follows:
a. Repossession of real or personal property
				as documented by official notices of such action.
b. Foreclosure or eviction from residence as
				documented by official notice of such action.
c. Loss of personal property due to casualty
				not covered by insurance.
d. Sudden
				or unexpected illness or accident of member or his or her dependent not covered
				by insurance.
e. Any extraordinary
				and unforeseen financial emergency not covered in the above items arising as a
				result of events beyond the applicant's direct control.
Living expenses, such as utility bills, moving expenses, and
				  unpaid medical bills for routine medical procedures, are not considered
				  extraordinary and unforeseen emergencies.