reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 58 - Payment of Additional Benefit (COLA) to Retirees of the Mississippi Highway Safety Patrol Retirement System › Section 27-210-58-104 - Payment of unpaid additional benefits upon death of retiree or beneficiary

Current through June 25, 2024
1. If a retiree who
				is receiving a retirement allowance that will terminate upon the retiree's
				death is receiving the additional benefit in one (1) payment and dies on or
				before July 1 but before December 1, the beneficiary designated on the
				retirement application, if any, shall receive in a single payment a fractional
				part of the additional benefit based on the number of months in which a
				retirement allowance was received during the fiscal year. If there is no
				surviving beneficiary, payment shall be made in accordance with §
									25-13-21.1(1).
				Likewise, if a retiree is receiving a retirement allowance that will terminate
				upon the retiree's death in two (2) to six (6) monthly installments, any
				remaining payments of the additional benefit will be paid in a lump sum to the
				beneficiary designated on the application, or if none, in accordance with
				§
									25-13-21.1(1).
2. Any similar remaining payments of the
				additional benefit payable to a deceased beneficiary who was receiving a
				monthly benefit shall be payable in accordance with the provisions of §
									25-13-21.1(2).
				If the additional benefit is being received in one (1) payment each year, the
				additional benefit shall be prorated based on the number of months in which a
				retirement allowance was received during the fiscal year when (i) the monthly
				benefit payable to a beneficiary terminates due to the expiration of an option,
				remarriage or cessation of dependent status or due to the retiree's return to
				covered employment, and (ii) the monthly benefit terminates on or after July 1
				and before December 1.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 58 - Payment of Additional Benefit (COLA) to Retirees of the Mississippi Highway Safety Patrol Retirement System › Section 27-210-58-105 - Methods of Payment of the additional benefit

Current through June 25, 2024
1. The
				additional benefit shall be paid in one (1) payment in December of each year to
				those persons who are receiving a retirement allowance on December 1 of that
				year, unless an election is made as noted below. However, the board, in its
				discretion, may allow a retired member or a beneficiary thereof who is
				receiving the additional benefit in one (1) payment each year to have the
				additional benefit paid in monthly installments if the retired member or
				beneficiary submits satisfactory documentation that the continued receipt of
				the additional benefit in one (1) payment each year will cause a financial
				hardship to the retired member or beneficiary.
2. Retired members or beneficiaries thereof
				who are receiving a retirement allowance may elect by an irrevocable agreement
				in writing filed in the Office of the Public Employees' Retirement System no
				less than thirty (30) days before July 1 of any year, to begin receiving the
				additional benefit provided in this section in twelve (12) equal monthly
				installments beginning on July 1 of the year. This irrevocable agreement shall
				be binding on the member and subsequent beneficiaries. Payment of the monthly
				installments shall not extend beyond the month in which a retirement allowance
				is due and payable. The board, in its discretion, may allow a retired member or
				a beneficiary thereof who is receiving the additional benefit in monthly
				installments to have the additional benefit paid in one (1) payment in December
				of each year if the retired member or beneficiary submits satisfactory
				documentation that the continued receipt of the additional benefit in monthly
				installments will cause financial hardship to the retired member or
				beneficiary.
3. The additional
				benefit or benefits provided in this section are for the fiscal year in which
				they are paid.
4. In the event of
				death of a retired member or a beneficiary thereof who is receiving the
				additional annual payment in two (2) to six (6) monthly installments under an
				election made before July 1, 2002, and who would otherwise be eligible to
				receive the additional benefit provided in this section in one (1) payment in
				December of the current fiscal year, any remaining amounts shall be paid in a
				lump sum to the designated beneficiary.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 58 - Payment of Additional Benefit (COLA) to Retirees of the Mississippi Highway Safety Patrol Retirement System › Section 27-210-58-106 - Resumption of additional benefit upon subsequent retirement

Current through June 25, 2024
When a member retires after July 1 and has previously
				  received a retirement allowance for one or more full fiscal years, the retired
				  member shall be eligible immediately for the additional benefit. The additional
				  benefit shall be based on the current retirement allowance and the number of
				  full fiscal years in retirement and shall be prorated and paid in monthly
				  installments based on the number of months a retirement allowance is paid
				  during the fiscal year.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 59 - Plan Assumptions › Section 27-210-59-100 - Purpose

Current through June 25, 2024
This regulation reflects the applicable actuarial assumptions
				  adopted by the Board of Trustees of the Public Employees' Retirement System of
				  Mississippi (PERS Board) used to convert a retirement allowance from the normal
				  (maximum) form of payment to an optional form of payment for the Public
				  Employees' Retirement System of Mississippi, the Supplemental Legislative
				  Retirement Plan, and the Mississippi Highway Safety Patrol Retirement
				  System.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 59 - Plan Assumptions › Section 27-210-59-101 - Actuarial Assumptions for the Public Employees' Retirement System of Mississippi

Current through June 25, 2024
1. For purposes of
				determining an "actuarial equivalent" or of an "actuarial computation,"
				effective July 1, 2022, the PERS Board shall use the following actuarial
				assumptions for service retirees:
a. For
				Service Retirees: The factors are based on the PubS.H-2010(B) Retiree Table
				with the following adjustments: for males, 95% of male rates from ages 18 to
				age 60, 110% for ages 61 to age 75 and scaled down to 101% for ages above 77.
				For females, 84% of the female rates from ages 18 to age 72 and scaled up to
				100% for ages above 76. Projection scale MP-2020 is used to project future
				improvements in life expectancy generationally;
b. For Contingent Annuitants: The factors are
				based on the PubS.H-2010(B) Contingent Annuitant Table with the following
				adjustments: for males, 97% for all ages and for females, 110% for all ages.
				Projection scale MP-2020 is used to project future improvements in life
				expectancy generationally;
c. A
				7.55 percent interest assumption;
d. An annual Cost-of-Living Adjustment (COLA)
				of 3 percent is assumed to be on a compounded basis for all ages; and
e. Unisex blends of mortality rates are
				assumed as follows:
i. Annuity Values - 30
				percent male/70 percent female
ii.
				Full Cash Refund - 30 percent male/70 percent female
iii. Certain and Life - 40 percent male/60
				percent female
iv. Partial Lump Sum
				- 40 percent male/60 percent female
v. Joint and Survivor - 60 percent male/40
				percent female
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 59 - Plan Assumptions › Section 27-210-59-101 - Actuarial Assumptions for the Public Employees' Retirement System of Mississippi

Current through June 25, 2024
1. For purposes
				of determining an "actuarial equivalent" or of an "actuarial computation,"
				effective July l, 2024, the PERS Board shall use the following actuarial
				assumptions for service retirees:
a. For
				Service Retirees: The factors are based on the PubS.H-2010(B) Retiree Table
				with the following adjustments: for males, 95% of male rates from ages 18 to
				age 60, 110% for ages 61 to age 75 and scaled down to 101% for ages above 77.
				For females, 84% of the female rates from ages 18 to age 72 and scaled up to
				100% for ages above 76. Projection scale MP-2020 is used to project future
				improvements in life expectancy generationally;
b. For Contingent Annuitants: The factors are
				based on the PubS.H-2010(B) Contingent Annuitant Table with the following
				adjustments: for males, 97% for all ages and for females, 110% for all ages.
				Projection scale MP-2020 is used to project future improvements in life
				expectancy generationally;
c. A
				7.00 percent interest assumption;
d. An annual Cost-of-Living Adjustment (COLA)
				of 3 percent is assumed to be on a compounded basis for all ages; and
e. Unisex blends of mortality rates are
				assumed as follows:
i. Annuity Values 30
				percent male/70 percent female
ii.
				Full Cash Refund 30 percent male/70 percent female
iii. Certain and Life 40 percent male/60
				percent female
iv. Partial Lump Sum
				40 percent male/60 percent female
v. Joint and Survivor 60 percent male/40
				percent female
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 59 - Plan Assumptions › Section 27-210-59-102 - Actuarial Assumptions for the Supplemental Legislative Retirement Plan

Current through June 25, 2024
1. For purposes of determining an "actuarial
				equivalent" or of an "actuarial computa\tion," effective July 1, 2022, the PERS
				Board shall use the following actuarial assumptions for service retirees:
a. For Service Retirees: The factors are
				based on the PubS.H-2010(B) Retiree Table with the following adjustments: for
				males, 95% of male rates from ages 18 to age 60, 110% for ages 61 to age 75 and
				scaled down to 101% for ages above 77. For females, 84% of the female rates
				from ages 18 to age 72 and scaled up to 100% for ages above 76. Projection
				scale MP-2020 is used to project future improvements in life expectancy
				generationally;
b. For Contingent
				Annuitants: The factors are based on the PubS.H-2010(B) Contingent Annuitant
				Table with the following adjustments: for males, 97% for all ages. For females,
				110% for all ages. Projection scale MP-2020 is used to project future
				improvements in life expectancy generationally;
c. A 7.55 percent interest
				assumption;
d. An annual
				Cost-of-Living Adjustment (COLA) of 3 percent is assumed to be on a compounded
				basis for all ages; and
e. Unisex
				blends of mortality rates are assumed as follows:
i. Annuity Values - 30 percent male/70
				percent female
ii. Full Cash Refund
				- 30 percent male/70 percent female
iii. Certain and Life - 40 percent male/60
				percent female
iv. Partial Lump Sum
				- 40 percent male/60 percent female
v. Joint and Survivor - 60 percent male/40
				percent female
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 59 - Plan Assumptions › Section 27-210-59-102 - Actuarial Assumptions for the Supplemental Legislative Retirement Plan

Current through June 25, 2024
1. For purposes of determining an "actuarial
				equivalent" or of an "actuarial computation," effective July l, 2024, the PERS
				Board shall use the following actuarial assumptions for service retirees:
a. For Service Retirees: The factors are
				based on the PubS.H-2010(B) Retiree Table with the following adjustments: for
				males, 95% of male rates from ages 18 to age 60, 110% for ages 61 to age 75 and
				scaled down to 101% for ages above 77. For females, 84% of the female rates
				from ages 18 to age 72 and scaled up to 100% for ages above 76. Projection
				scale MP-2020 is used to project future improvements in life expectancy
				generationally;
b. For Contingent
				Annuitants: The factors are based on the PubS.H-2010(B) Contingent Annuitant
				Table with the following adjustments: for males, 97% for all ages. For females,
				110% for all ages. Projection scale MP-2020 is used to project future
				improvements in life expectancy generationally;
c. A 7.00 percent interest
				assumption;
d. An annual
				Cost-of-Living Adjustment (COLA) of 3 percent is assumed to be on a compounded
				basis for all ages; and
e. Unisex
				blends of mortality rates are assumed as follows:
i. Annuity Values 30 percent male/70 percent
				female
ii. Full Cash Refund 30
				percent male/70 percent female
iii.
				Certain and Life 40 percent male/60 percent female
iv. Partial Lump Sum 40 percent male/60
				percent female
v. Joint and
				Survivor 60 percent male/40 percent female
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 59 - Plan Assumptions › Section 27-210-59-103 - Actuarial Assumptions for the Mississippi Highway Safety Patrol Retirement System

Current through June 25, 2024
1. For purposes of
				determining an "actuarial equivalent" or of an "actuarial computation,"
				effective July 1, 2022, the PERS Board shall use the following actuarial
				assumptions for service retirees:
a. For
				Service Retirees: The factors are based on the PubS.H-2010(B) Retiree Table
				with the following adjustments: for males, 95% of male rates from ages 18 to
				age 60, 110% for ages 61 to age 75, and scaled down to 101% for ages above 77.
				For females, 84% of the female rates from ages 18 to age 72 and scaled up to
				100% for ages above 76. Projection scale MP-2020 is used to project future
				improvements in life expectancy generationally;
b. For Contingent Annuitants: The factors are
				based on the PubS.H-2010(B) Contingent Annuitant Table with the following
				adjustments: for males, 97% for all ages. For females, 110% for all ages.
				Projection scale MP-2020 is used to project future improvements in life
				expectancy generationally;
c. A
				7.55 percent interest assumption;
d. An annual Cost-of-Living Adjustment (COLA)
				of 3 percent is assumed to be on a compounded basis for all ages; and
e. 95 percent male/5 percent female mortality
				rates are assumed for all option factors.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 59 - Plan Assumptions › Section 27-210-59-103 - Actuarial Assumptions for the Mississippi Highway Safety Patrol Retirement System

Current through June 25, 2024
1. For purposes
				of determining an "actuarial equivalent" or of an "actuarial computation,"
				effective July l, 2024, the PERS Board shall use the following actuarial
				assumptions for service retirees:
a. For
				Service Retirees: The factors are based on the PubS.H-2010(B) Retiree Table
				with the following adjustments: for males, 95% of male rates from ages 18 to
				age 60, 110% for ages 61 to age 75, and scaled down to 101% for ages above 77.
				For females, 84% of the female rates from ages 18 to age 72 and scaled up to
				100% for ages above 76. Projection scale MP-2020 is used to project future
				improvements in life expectancy generationally;
b. For Contingent Annuitants: The factors are
				based on the PubS.H-2010(B) Contingent Annuitant Table with the following
				adjustments: for males, 97% for all ages. For females, 110% for all ages.
				Projection scale MP-2020 is used to project future improvements in life
				expectancy generationally;
c. A
				7.00 percent interest assumption;
d. An annual Cost-of-Living Adjustment (COLA)
				of 3 percent is assumed to be on a compounded basis for all ages; and
e. 95 percent male/5 percent female mortality
				rates are assumed for all option factors.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 59 - Plan Assumptions › Section 27-210-59-104 - Application of Assumptions

Current through June 25, 2024
Whenever the amount of any benefit is to be determined on the
				  basis of actuarial assumptions, such assumptions will be specified in PERS
				  Board actions and regulations in a manner that precludes employer
				  discretion.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 60 - Contribution Rates › Section 27-210-60-100 - Purpose

Current through June 25, 2024
This regulation reflects the current employee and employer
				  contribution rates for the Public Employees' Retirement System of Mississippi,
				  the Supplemental Legislative Retirement Plan, the Mississippi Highway Safety
				  Patrol Retirement System, and the Optional Retirement Program for Employees of
				  the State Institutions of Higher Learning.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 60 - Contribution Rates › Section 27-210-60-101 - Contribution Rates for the Public Employees' Retirement System of Mississippi

Current through June 25, 2024
Pursuant to Miss. Code Ann. §
									25-11-123
				  (1972, as amended), the Board of Trustees of the Public Employees' Retirement
				  System of Mississippi is authorized to set the contribution rates for both
				  employee and employer contributions based on the basis of the liabilities of
				  the retirement system as shown by the actuarial valuation.
The employee and employer contribution rates are as follows:
1. Employee Contribution Rate - 9.00
				percent of earned compensation effective July 1, 2010; and
2. Employer Contribution Rate - 17.40 percent
				of earned compensation effective July 1, 2019.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 60 - Contribution Rates › Section 27-210-60-102 - Contribution Rates for the Supplemental Legislative Retirement Plan

Current through June 25, 2024
Pursuant to Miss. Code Ann. §
									25-11-307
				  (1972, as amended), the Board of Trustees is authorized to set the employer
				  contribution rate on the basis of the liabilities of the plan as shown by the
				  actuarial valuation.
The employee and employer contribution rates are as follows:
1. Employee Contribution Rate - 3.00
				percent of earned compensation effective July 1, 1989; and
2. Employer Contribution Rate - 7.40 percent
				of earned compensation effective January 1, 2012.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 60 - Contribution Rates › Section 27-210-60-103 - Contribution Rates for the Mississippi Highway Safety Patrol Retirement System

Current through June 25, 2024
Pursuant to Miss. Code Ann. §
									25-13-7
				  (1972, as amended), the Board of Trustees of the Public Employees' Retirement
				  System is authorized to set the employee contribution rate on the basis of the
				  liabilities of the plan as shown by the actuarial valuation. Pursuant to Miss.
				  Code Ann. §
									25-13-29
				  (1972, as amended), the administrative board of the Mississippi Highway Safety
				  Patrol Retirement System is authorized to set biennially the employer
				  contribution percentage rate on the basis of the liabilities of the retirement
				  system as shown by the actuarial valuation.
The employee and employer contribution rates are as follows:
1. Employee Contribution Rate - 7.25
				percent of earned compensation effective July 1, 2008; and
2. Employer Contribution Rate - 49.08 percent
				of earned compensation effective July 1, 2018.
Pursuant to Miss. Code Ann. §
									63-15-71
				  (1972, as amended), the Legislature has levied an additional fee for each
				  certified abstract of operating record furnished by the Motor Vehicle
				  Commission. This fee is deposited into the Mississippi Highway Safety Patrol
				  Retirement System for application to the unfunded accrued liability.
Pursuant to Miss. Code Ann. §
									63-1-46
				  (1972, as amended), the Legislature has levied a fee for the reinstatement of
				  an individual's suspended driver's license and has provided that a portion of
				  that fee shall be paid to PERS to provide additional funding for the
				  Mississippi Highway Safety Patrol Retirement System.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 60 - Contribution Rates › Section 27-210-60-104 - Contribution rates for the Optional Retirement Program for Employees of the State Institutions of Higher Learning

Current through June 25, 2024
1.
				Pursuant to Miss. Code Ann. §
									25-11-411
				(1972, as amended), each participant is required to contribute monthly to the
				optional retirement program the same amount that he or she would be required to
				contribute to the Public Employees' Retirement System of Mississippi if he or
				she were a member of that plan.
Each employer of a participant in the optional retirement
				  program shall contribute on behalf of each participant therein the same amount
				  the employer would otherwise be required to contribute on behalf of such
				  participant if he or she participated in the Public Employees' Retirement
				  System.
The Board of Trustees of the Public Employees' Retirement
				  System is authorized to set the contribution rate for both employee and
				  employer contributions based on the basis of the liabilities of the Public
				  Employees' Retirement System as shown by the actuarial valuation.
The employee and employer contribution rates are as follows:
a. Employee Contribution Rate - 9.00
				percent of earned compensation effective July 1, 2010; and
b. Employer Contribution Rate - 17.40 percent
				of earned compensation effective July 1, 2019.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 61 - Compliance with Internal Revenue Service (IRS) Requirements › Section 27-210-61-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to confirm that the defined
				  benefit plans administered by the Board of Trustees of the Public Employees'
				  Retirement System of Mississippi (PERS Board) shall be administered in
				  accordance with Internal Revenue Service (IRS) requirements applicable to
				  qualified governmental retirement plans.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 61 - Compliance with Internal Revenue Service (IRS) Requirements › Section 27-210-61-101 - Public Employees' Retirement System of Mississippi

Current through June 25, 2024
1. The PERS Board shall hold the assets of
				the Public Employees' Retirement System of Mississippi (PERS) in trust for the
				exclusive purpose of providing benefits to participants and paying reasonable
				expenses of administration. The assets shall be maintained as a separate fund,
				separate from all other funds held by the PERS Board and shall be used only for
				the payment of benefits provided by Miss. Code Ann. §
									25-11-1 et
				seq., (1972, as amended) or amendments thereto.
2. It shall be impossible by operation of
				PERS, by termination, by power of revocation or amendment, by the happening of
				any contingency, by collateral arrangement or by other means, for any part of
				the corpus or income of the trust, or any funds contributed thereto, to inure
				to the benefit of any employer or otherwise be used for or diverted to purposes
				other than providing benefits to participants and beneficiaries and defraying
				reasonable expenses of administering the system.
3. Benefits are provided in accordance with
				§
									25-11-1 et
				seq. Forfeitures of accrued benefits resulting from members electing to receive
				refunds of employee contributions will not be applied to increase the benefits
				any member would otherwise receive under these provisions.
4. Benefits payable pursuant to Title 25,
				Chapter 11 of the Mississippi Code Annotated shall be made in compliance with
				the limitations set forth in Section 415 of the Internal Revenue Code and any
				regulations issued there under as applicable to governmental plans. Further,
				distributions made from PERS shall conform to a good faith interpretation of
				Section 401(a)(9) of the Internal Revenue Code.
5. Any member of PERS who became a member
				before July 1, 2007, who is not otherwise vested and who has at least four (4)
				years of membership service credit will be fully vested in his or her accrued
				benefit on attaining age 60. Any member of PERS who became a member on or after
				July 1, 2007, who is not otherwise vested and who has at least eight (8) years
				of membership service credit will be fully vested in his or her accrued benefit
				on attaining age 60.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 61 - Compliance with Internal Revenue Service (IRS) Requirements › Section 27-210-61-102 - Supplemental Legislative Retirement Plan

Current through June 25, 2024
1. The PERS
				Board shall hold the assets of the Supplemental Legislative Retirement Plan
				(SLRP) in trust for the exclusive purpose of providing benefits to participants
				and paying reasonable expenses of administration. The assets shall be
				maintained as a separate fund, separate from all other funds held by the PERS
				Board and shall be used only for the payment of benefits provided by Miss. Code
				Ann. §
									25-11-301
				et seq., (1972, as amended) or amendments thereto.
2. SLRP provides benefits that supplement the
				benefits provided under PERS. Accordingly, the provisions of Miss. Code Ann.
				§
									25-11-1, et
				seq. are incorporated as part of SLRP to the extent they are not inconsistent
				with the provisions of Miss. Code Ann. §
									25-11-301,
				et seq.
3. It shall be impossible
				by operation of SLRP, by termination, by power of revocation or amendment, by
				the happening of any contingency, by collateral arrangement or by other means,
				for any part of the corpus or income of the trust, or any funds contributed
				thereto, to inure to the benefit of any employer or otherwise be used for or
				diverted to purposes other than providing benefits to participants and
				beneficiaries and defraying reasonable expenses of administering the
				plan.
4. Benefits are provided in
				accordance with §
									25-11-301
				et seq. Forfeitures of accrued benefits resulting from members electing to
				receive refunds of employee contributions will not be applied to increase the
				benefits any member would otherwise receive under these provisions.
5. Benefits payable pursuant to §
									25-11-301
				et seq. shall be made in compliance with the limitations set forth in Section
				415 of the Internal Revenue Code and any regulations issued there under as
				applicable to governmental plans. Further, distributions made from SLRP shall
				conform to a good faith interpretation of Section 401(a)(9) of the Internal
				Revenue Code.
6. Any member of SLRP
				who became a member of PERS before July 1, 2007, who is not otherwise vested
				and who has at least four (4) years of membership service credit in PERS will
				be fully vested in his or her accrued benefit on attaining age 60. Any member
				of SLRP who became a member of PERS on or after July 1, 2007, who is not
				otherwise vested and who has at least eight (8) years of membership service
				credit in PERS will be fully vested in his or her accrued benefit on attaining
				age 60.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 61 - Compliance with Internal Revenue Service (IRS) Requirements › Section 27-210-61-103 - Mississippi Highway Safety Patrol Retirement System

Current through June 25, 2024
1. The PERS Board shall hold the assets of
				the Mississippi Highway Safety Patrol Retirement System (MHSPRS) in trust for
				the exclusive purpose of providing benefits to participants and paying
				reasonable expenses of administration. The assets shall be maintained as a
				separate fund, separate from all other funds held by the PERS Board and shall
				be used only for the payment of benefits provided by Miss. Code Ann. §
									25-13-1 et
				seq., (1972, as amended) or amendments thereto.
2. It shall be impossible by operation of
				MHSPRS, by termination, by power of revocation or amendment, by the happening
				of any contingency, by collateral arrangement or by other means, for any part
				of the corpus or income of the trust, or any funds contributed thereto, to
				inure to the benefit of any employer or otherwise be used for or diverted to
				purposes other than providing benefits to participants and beneficiaries and
				defraying reasonable expenses of administering the system.
3. Benefits are provided in accordance with
				§
									25-13-1 et seq.
				Forfeitures of accrued benefits resulting from members electing to receive
				refunds of employee contributions will not be applied to increase the benefits
				any member would otherwise receive under these provisions.
4. Benefits payable pursuant to Title 25,
				Chapter 13 of the Mississippi Code Annotated shall be made in compliance with
				the limitations set forth in Section 415 of the Internal Revenue Code and any
				regulations issued there under as applicable to governmental plans. Further,
				distributions made from MHSPRS shall conform to a good faith interpretation of
				Section 401(a)(9) of the Internal Revenue Code.
5. All members of MHSPRS who are not
				otherwise vested will be fully vested in their accrued benefit on attaining age
				55 with at least five (5) years of membership service credit.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 61 - Compliance with Internal Revenue Service (IRS) Requirements › Section 27-210-61-104 - Municipal Retirement Systems

Current through June 25, 2024
1. The PERS Board
				shall hold the assets of the Municipal Retirement Systems in trust for the
				exclusive purpose of providing benefits to participants and paying reasonable
				expenses of administration. The assets of each municipal retirement system
				(including general municipal retirement funds as well as disability and relief
				funds for firemen and policemen) shall be maintained as separate funds,
				separate from all other funds held by the PERS Board and shall be used only for
				the payment of benefits provided by Miss. Code Ann. §§
									21-29-1 et
				seq., 21-29-101 et seq. and 21-29-201 et seq., (1972, as amended)
				respectively.
2. It shall be
				impossible by operation of the Municipal Retirement Systems, by termination, by
				power of revocation or amendment, by the happening of any contingency, by
				collateral arrangement or by other means, for any part of the corpus or income
				of the trust, or any funds contributed thereto, to inure to the benefit of any
				employer or otherwise be used for or diverted to purposes other than providing
				benefits to participants and beneficiaries and defraying reasonable expenses of
				administering the systems.
3.
				Benefits are provided in accordance with §§
									21-29-1 et
				seq., 21-29-101 et seq. and 21-29-201 et seq. respectively. Forfeitures of
				accrued benefits resulting from members electing to receive refunds of employee
				contributions will not be applied to increase the benefits any member would
				otherwise receive under these provisions.
4. Benefits payable pursuant to §§
									21-29-1 et
				seq., 21-29-101 et seq. and 21-29-201 et seq. respectively, shall be made in
				compliance with the limitations set forth in Section 415 of the Internal
				Revenue Code and any regulations issued there under as applicable to
				governmental plans. Further, distributions made from these plans shall conform
				to a good faith interpretation of Section 401(a)(9) of the Internal Revenue
				Code.
5. All members of the
				Municipal Retirement Systems who are not otherwise vested will be fully vested
				in their accrued benefit on attaining twenty (20) years of service with the
				municipality, the last ten (10) of which are continuous in the city in which
				retirement application is made.
(History: Adopted effective January 19, 2009; amended
				  effective April 1, 2012)
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 62 - Crediting of Interest on Member Accumulation Accounts › Section 27-210-62-101 - Purpose

Current through June 25, 2024
The purpose of this regulation is to reflect the rate of
				  interest credited to a member's accumulation account in the Public Employees'
				  Retirement System of Mississippi (PERS), the Supplemental Legislative
				  Retirement Plan (SLRP), and the Mississippi Highway Safety Patrol Retirement
				  System (MHSPRS).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 62 - Crediting of Interest on Member Accumulation Accounts › Section 27-210-62-102 - Statutory Authority to Set Interest Rate

Current through June 25, 2024
PERS
Miss. Code Ann. §
									25-11-103
				  (1972, as amended) defines "accumulated contributions" as the sum of all the
				  amounts deducted from the compensation of a member and credited to his
				  individual account in the annuity savings account, together with regular
				  interest as provided in Miss. Code Ann. §
									25-11-123
				  (1972, as amended). Miss. Code Ann. §
									25-11-121(7)
				  (1972, as amended) authorizes the PERS board of trustees to credit regular
				  interest to the member's annuity savings account in an amount determined by the
				  board. Section
				  25-11-123
				  authorizes the interest to be posted to the member's account on a monthly
				  basis.
SLRP
Miss. Code Ann. §
									25-11-303
				  (1972, as amended) provides that for purposes of the Supplemental Legislative
				  Retirement Plan the definitions found in the PERS law at §
									25-11-103
				  will apply unless a different meaning is plainly expressed by the context of
				  the specific provisions of the Supplemental Plan. Thus, the definition of
				  "accumulated contributions" as found in §
									25-11-103,
				  which includes "regular interest" as provided in §§
									25-11-121
				  and
				  25-11-123
				  above, applies to members of the Supplemental Legislative Retirement
				  Plan.
The Supplemental Legislative Retirement Plan was established
				  effective July 1, 1989.
MHSPRS
Miss. Code Ann. §
									25-13-28
				  (1972, as amended) provides that regular interest as determined by the PERS
				  Board of Trustees shall be credited to employee's account. Interest was
				  authorized to be credited to member accounts effective July 1,
				  1991.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 62 - Crediting of Interest on Member Accumulation Accounts › Section 27-210-62-103 - Calculation of Interest Rate

Current through June 25, 2024
Effective July 1, 2016, the interest rate shall be
				  calculated based on the money market rate as published by the Wall Street
				  Journal on December 31 of each preceding year with a minimum rate of one
				  percent and a maximum rate of five percent.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 62 - Crediting of Interest on Member Accumulation Accounts › Section 27-210-62-104 - Current Rate of Interest

Current through June 25, 2024
The phrase "regular interest" as used in this Regulation
				  shall mean the interest credited to the accumulated contributions of the
				  member's account in the annuity savings account of any system covered by this
				  Regulation during the period his or her membership therein.
As applied to such interest for any period beginning July 1,
				  1953, through June 30, 1955, "regular interest" shall mean interest credited at
				  the rate of two per cent (2%) per annum.
As applied to such interest for any period beginning July 1,
				  1955, through June 30, 1982, "regular interest" shall mean interest credited at
				  the rate of one percent (1%) per annum.
As applied to such interest for any period beginning July 1,
				  1982, through June 30, 1995, "regular interest" shall mean interest credited at
				  the rate of five per cent (5%) per annum.
As applied to such interest for any period beginning July 1,
				  1995, through June 30, 1996, "regular interest" shall mean interest credited at
				  the rate of two and one-half percent (2 ½ %) per annum.
As applied to such interest for any period beginning July 1,
				  1996, through June 30, 2016, "regular interest" shall mean interest credited at
				  the rate of three and one-half percent (3 ½ %) per annum.
As applied to such interest for any period beginning July 1,
				  2016, and thereafter, until changed by the Board, "regular interest" shall mean
				  interest credited at the rate of one percent (1%) per annum.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 63 - Temporary Benefit Available to Eligible Inactive PERS and SLRP Members Who Apply for Disability Retirement Benefits › Section 27-210-63-100 - Purpose

Current through June 25, 2024
This regulation sets forth the terms and conditions under
				  which a temporary benefit in the form of a partial distribution of a member's
				  accumulated contributions under Miss. Code Ann. §
									25-11-117(4)(1972,
				  as amended) can be paid to an inactive member of the Public Employees'
				  Retirement System of Mississippi (PERS) and the Supplemental Legislative
				  Retirement Plan (SLRP) to provide such member with a temporary source of income
				  while awaiting a final determination of eligibility for disability retirement
				  benefits.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 63 - Temporary Benefit Available to Eligible Inactive PERS and SLRP Members Who Apply for Disability Retirement Benefits › Section 27-210-63-101 - Authority

Current through June 25, 2024
Section
				  25-11-117(4)
				  allows the Board of Trustees to establish rules and regulations for carrying
				  out the provisions authorizing the payment of a temporary benefit to an
				  eligible inactive member of PERS and/or SLRP who is awaiting a final
				  determination on an application for disability retirement
				  benefits.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 63 - Temporary Benefit Available to Eligible Inactive PERS and SLRP Members Who Apply for Disability Retirement Benefits › Section 27-210-63-102 - Eligibility Requirements for the Temporary Benefit

Current through June 25, 2024
To qualify for a temporary benefit as provided in §
									25-11-117(4),
				  a PERS and/or SLRP member who has applied for disability retirement benefits
				  must meet all of the following requirements:
1. Must have no more than a total of 14 days
				of unused personal (vacation) and/or major medical (sick) leave from the last
				employer;
2. Must have terminated
				from employment;
3. Must not be
				eligible for service retirement benefits;
4. Must have a contribution balance in his or
				her accumulation account; and
5.
				Must have completed the required disability retirement application forms as
				defined in Board Regulation 35, Section 101.2.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 63 - Temporary Benefit Available to Eligible Inactive PERS and SLRP Members Who Apply for Disability Retirement Benefits › Section 27-210-63-103 - Application for the Temporary Benefit

Current through June 25, 2024
An eligible inactive member must make application for the
				  temporary benefit on a form prescribed by the Board.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 63 - Temporary Benefit Available to Eligible Inactive PERS and SLRP Members Who Apply for Disability Retirement Benefits › Section 27-210-63-104 - Amount of the Temporary Benefit

Current through June 25, 2024
The temporary benefit in the form of a partial distribution
				  of an eligible member's accumulated contribution account will be paid in equal
				  monthly installments for a limited time. The total temporary benefit payable
				  will equal no more than 50 percent of the member's accumulated contributions
				  and will be paid in equal monthly installments over a period of not more than
				  18 months. The monthly payment shall be no more than one-half of the estimated
				  monthly disability retirement allowance to which the member would become
				  entitled under the applicable optional benefit payment plan selected by the
				  member if approved for disability retirement benefits.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 63 - Temporary Benefit Available to Eligible Inactive PERS and SLRP Members Who Apply for Disability Retirement Benefits › Section 27-210-63-105 - Payment of the Temporary Benefit

Current through June 25, 2024
1. The temporary
				benefit will cease at the end of the 18-month time frame or at the time a final
				disability determination is made, whichever occurs first.
2. If the Medical Board approves the claim
				for disability retirement benefits, the temporary benefit will end and
				disability retirement benefits will commence.
3. If the claim for disability retirement
				benefits is denied by the Medical Board and appealed to the Disability Appeals
				Committee, the temporary benefit will continue for the 18-month time frame or
				until a final decision by the Board of Trustees is rendered, whichever occurs
				first.
4. In no case will the
				temporary benefit continue to be paid after a final decision is made by order
				of the Board of Trustees.
5.
				Payment of the temporary benefit is dependent upon active pursuit of a claim
				for disability retirement benefits. Inactivity on a claim for a period of 90
				days from the effective date of disability retirement established upon receipt
				of the member's completed Form DSBL 1,
Pre-Application for Disability
				Retirement Benefits
, will void the application and suspend the
				temporary benefit.
6. If death
				occurs during the disability application process after a temporary benefit has
				been initiated but prior to the final determination of disability, the
				temporary benefit will cease and future benefits, if any, will be paid under
				the survivor benefit provisions of the law.
a.
				If monthly survivor benefits are payable under the law, the survivor benefit
				will be actuarially adjusted to take into account the partial distribution of
				contributions paid under the temporary benefit provisions.
b. In the event the member dies prior to a
				final determination, the disability application is void and no disability
				retirement benefits can be paid pursuant to such application.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 63 - Temporary Benefit Available to Eligible Inactive PERS and SLRP Members Who Apply for Disability Retirement Benefits › Section 27-210-63-106 - Impact of Temporary Benefits on Member's Service Credit

Current through June 25, 2024
Receipt of temporary benefits will not affect the member's
				  service credit. However, the member's account will be marked as an account from
				  which temporary benefits are or have been paid until a recovery has begun
				  through an actuarially reduced monthly benefit payment as noted in Section 108
				  below.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 63 - Temporary Benefit Available to Eligible Inactive PERS and SLRP Members Who Apply for Disability Retirement Benefits › Section 27-210-63-107 - Taxation of the Temporary Benefits

Current through June 25, 2024
1. The temporary
				benefit is not a disability retirement benefit. The temporary benefit is a
				partial distribution of the member's accumulated contributions and is subject
				to mandatory federal income tax withholding.
2. The temporary benefit will have federal
				income taxes withheld in accordance with Internal Revenue Service
				requirements.
3. The temporary
				benefit may also be subject to a tax penalty if the member is younger than age
				55 (age 50 for a qualified public safety employee) at the time of the
				distribution.
4. An IRS Form 1099-R
				will be issued at least annually for the temporary benefits paid during the
				applicable calendar year.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 64 - Purchase of Service Credit in the Public Employees' Retirement System at Actuarial Cost › Section 27-210-64-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to specify the terms,
				  conditions, and cost of purchasing service credit as allowed by law at
				  actuarial cost as provided in Miss. Code Ann. §
									25-11-103(z)
				  and §
									25-11-109
				  (1972, as amended).