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 50 - Direct Rollover of Plan Distributions › Section 27-210-50-102 - Eligible Rollover Distributions

Current through June 25, 2024
For purposes of the direct rollover provisions in the defined
				  benefit plans administered by PERS, an eligible rollover distribution is any
				  distribution of all or any portion of the balance to the credit of the member
				  or his or her surviving spouse. A distribution of all or any portion of the
				  balance to the credit of a deceased member payable to a non-spouse beneficiary
				  is also qualified as an eligible rollover distribution. However, a non-spouse
				  beneficiary may rollover the distribution only to an individual retirement
				  account or individual retirement annuity established for the purpose of
				  receiving the distribution and the account or annuity will be treated as an
				  "inherited" individual retirement account or annuity.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 50 - Direct Rollover of Plan Distributions › Section 27-210-50-103 - Distributions not qualified for rollover

Current through June 25, 2024
An eligible rollover distribution does not include the
				  following: (a) any amount that is distributed on account of hardship shall not
				  be an eligible rollover distribution and the distributee may not elect to have
				  any portion of such a distribution paid directly to an eligible retirement
				  plan; (b) any distribution that is one of a series of substantially equal
				  periodic payments (not less frequently than annually) made for the life (or
				  life expectancy) of the member or the joint lives (or joint life expectancies)
				  of the member and the member's designated beneficiary, or for a specified
				  period of ten (10) years or more; and (c) any distribution to the extent such
				  distribution is required under Internal Revenue Code Section 401(a)
				  (9).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 50 - Direct Rollover of Plan Distributions › Section 27-210-50-104 - After-tax contributions eligible for rollover

Current through June 25, 2024
For purposes of the direct rollover provision, a portion of a
				  distribution shall not fail to be an eligible rollover distribution merely
				  because the portion consists of after-tax employee contributions which are not
				  includible in gross income. However, such portion may be transferred only to an
				  individual retirement account or annuity described in section 408(a) or (b) of
				  the Code, or to a qualified defined contribution plan described in section
				  401(a) or 403(a) of the Code, or on or after January 1, 2007, to a qualified
				  defined benefit plan described in Internal Revenue Code Section 401(a) or to an
				  annuity contract described in Internal Revenue Code Section 403(b) that agrees
				  to separately account for amounts so transferred (and earnings thereon),
				  including separately accounting for the portion of such distribution which is
				  includible in gross income and the portion of such distribution which is not so
				  includible.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 51 - Administration of Certification of Accumulated Unused Leave for Service Credit and Lump Sum Payments of Leave at Termination/Retirement › Section 27-210-51-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to outline the conditions
				  under which service credit may be awarded at retirement for lawfully
				  accumulated unused leave.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 51 - Administration of Certification of Accumulated Unused Leave for Service Credit and Lump Sum Payments of Leave at Termination/Retirement › Section 27-210-51-102 - Calculation of Service Credit Attributable to Unused Leave Days

Current through June 25, 2024
Once the cumulative number of unused leave days is
				  determined at the time of retirement, service credit using whole days is
				  calculated in accordance with the provisions of Miss. Code Ann. §
									25-11-109(2),
				  which provides that
1. No credit will
				be allowed for less than fifteen (15) days; and
2. Twenty-one (21) days of unused leave shall
				constitute one (1) month of service credit.
**************************************************************
CONVERSION TABLE
ACCUMULATED UNUSED, NON-COMPENSATED LEAVE TIME
(This table is based on the state's leave law, using
				  an 8-hour workday and a 21-day work month)
COMBINED ACCUMULATED UNUSED PERSONAL AND MAJOR
							 MEDICAL LEAVE
CREDIT EQUIVALENT
15 DAYS TO 77 DAYS
3 months
78 DAYS TO 98 DAYS
6 months
99 DAYS TO 119 DAYS
7 months
120 DAYS TO 140 DAYS
8 months
141 DAYS TO 161 DAYS
9 months
162 DAYS TO 182 DAYS
10 months
183 DAYS TO 203 DAYS
11 months
204 DAYS TO 224 DAYS
12 months
225 DAYS TO 245 DAYS
13 months
246 DAYS TO 266 DAYS
14 months
(Only whole days are used in determining service
				  credit)
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 52 - Payroll Deduction of Retiree Group Life and Health Insurance › Section 27-210-52-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to define the circumstances
				  under which PERS is authorized to deduct group life and health insurance
				  premiums from the retirement allowances of
				  retirees
.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 52 - Payroll Deduction of Retiree Group Life and Health Insurance › Section 27-210-52-101 - Payroll Deduction

Current through June 25, 2024
1. Any retired
				member or beneficiary receiving a retirement allowance or benefit pursuant to
				any retirement system administered by the Board of Trustees of the Public
				Employees' Retirement System (PERS) may authorize the system to make deductions
				therefrom for the payment of insurance premiums for employer or system
				sponsored group life and health insurance.
2. The executive director shall prescribe,
				subject to these rules, the procedures and forms for the filing of
				authorizations.
3. The sponsoring
				entity must adopt a resolution approving payment by payroll
				deduction.
4. Unless otherwise
				authorized by the executive director, payment to a sponsoring entity/insurance
				provider must be made by direct deposit from PERS.
5. Unless otherwise authorized by the
				executive director, billing from any sponsoring entity/insurance provider will
				be automated and in the format specified by the system, known as the "Vendor
				Billing Requirements."
6. Not fewer
				than 500 retirees must initially authorize the deduction for payment to the
				same group health or life insurance provider.
7. Authorization shall be filed in the office
				of the board. However, the executive director may prescribe in the alternative,
				filing such authorization with the insurer issuing the group life or health
				insurance plan, if such insurer has undertaken in a writing filed with the
				board to:
a. Supply to the board with
				statements of deductions as specified in authorizations received by it and to
				hold the State, the board and its employees harmless from liability for any
				errors in withholding or transmitting deductions pursuant to such statements
				except for moneys actually withheld but not transmitted.
b. Keep all authorizations received by it
				available for inspection by authorized representatives of the board.
c. Sign a statement that any information
				provided by PERS with regard to its retirees, including but not limited to
				names, addresses, identification numbers, etc, must be kept confidential and
				will not be shared with or released to any third party or used in any way
				except for the express purposes of providing the insurance coverage pursuant to
				which the withholding authorization is executed.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 53 - PERS's Organization and Method of Operation › Section 27-210-53-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to describe the
				  organizational structure of the Public Employees' Retirement System of
				  Mississippi (PERS), the composition of its Board of Trustees, and the programs
				  for which it is responsible
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 53 - PERS's Organization and Method of Operation › Section 27-210-53-101 - Organization of PERS

Current through June 25, 2024
1. Composition of
				the Board of Trustees
The Board of Trustees of the Public Employees' Retirement
				  System of Mississippi (PERS Board) was created by legislative enactment in
				  1952. Membership of the PERS Board is set forth in Miss. Code Ann. §
										25-11-15
				  (1972, as amended) and consists of the following ten (10) representatives: the
				  state treasurer; one representative who is a member of the System and who is
				  appointed by the Governor; two members elected by state employees; one member
				  elected by county employees; one member elected by municipal employees; one
				  member elected by employees of the State Institutions of Higher Learning; two
				  retirees elected by retired members; and one member elected by employees of the
				  public schools and employees of the public community/junior colleges. Each
				  member fills a term as specified in the statute, generally a six-year term
				  unless the member serves ex officio or is appointed.
2. Programs Administered by the Board of
				Trustees
This PERS Board is responsible for the administration of a
				  number of retirement systems and retirement related programs including the
				  following:
a. Social Security
				coverage pursuant to the Federal-State Agreement executed in 1952;
b. Public Employees' Retirement System of
				Mississippi, established effective February 1, 1953;
c. Mississippi Highway Safety Patrol
				Retirement System, established effective July 1, 1958;
d. Mississippi Government Employees' Deferred
				Compensation Plan and Trust, established in 1973 with administration
				transferred to PERS in 1974;
e. 19
				Local Retirement Systems (now closed to new members and which are comprised of
				17 Firemen's and Policemen's Disability and Relief Funds and 2 Municipal
				Retirement Systems), with administration transferred to PERS in 1987;
f. Supplemental Legislative Retirement Plan,
				established effective July 1, 1989;
g. Retiree's Insurance Program, established
				effective July 1, 1988; and
h. The
				Optional Retirement Plan for teaching and administrative faculty of the
				Institutions of Higher Learning, established effective July 1, 1990.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to provide the
				  administrative framework for implementing the special tax exclusion made
				  available by Section 845 of the Pension Protection Act of 2006 to an "eligible
				  retired public safety officer" of all qualifying retirement systems
				  administered by the Board of Trustees of the Public Employees' Retirement
				  System.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-101 - Description of Tax Exclusion

Current through June 25, 2024
Section 845 of the Pension Protection Act of 2006 amends IRC
				  §402 to allow an "eligible retired public safety officer" to make an
				  election to exclude from federal gross income up to $3,000 of his or her
				  retirement plan benefits if such amount is deducted from the retired member's
				  benefit and paid directly by the retirement plan for health insurance or long
				  term care insurance premiums. For this purpose, all eligible retirement plans
				  must be treated as a single plan, i.e., a retiree gets only one $3,000
				  exclusion per calendar year.
The income exclusion is only available if and to the extent
				  the retirement plan agrees to deduct and then remit qualifying premiums
				  directly to the insurance provider. Statutory authority as found in Miss. Code
				  Ann. §
									25-11-129,
				  25-13-31
				  and
				  21-29-307
				  allows a retired member receiving a retirement benefit to authorize deductions
				  from his or her retirement benefit for the payment of employer or system
				  sponsored group health insurance, subject to the rules and regulations adopted
				  by the Board of Trustees of the Public Employees' Retirement System on behalf
				  of the retired members of the Public Employees' Retirement System (PERS), the
				  Mississippi Highway Safety Patrol Retirement System (MHSPRS), and the Municipal
				  Retirement Systems (MRS). This tax exclusion is only available to those
				  Eligible Retired Public Safety Officers who have health insurance premiums
				  deducted by PERS from their retirement or disability
				  benefits.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-102 - Definition of Retired Public Safety Officer

Current through June 25, 2024
"Retired Public Safety officer"
means an
				  individual who served and retired from public service by reason of disability
				  or attainment of normal retirement age with a public agency in an official
				  capacity as a law enforcement officer, as a firefighter, as a chaplain, or as a
				  member of a rescue squad or ambulance crew, as those terms are defined in
				  section 1204(9)(A) of the Omnibus Crime Control and Safe Streets Act of 1968
				  which is codified in 42 U. S. C. 3796b(8)(A) and as interpreted from time to
				  time by the Department of Justice.
1.
				The term "official capacity" means an individual who served a public agency in
				an official capacity only if
a. he was
				officially authorized, recognized, or designated by such agency as functionally
				within or part of it; and
b. his
				acts and omissions, while so serving, were legally those of such agency, which
				legally recognized them as such.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-103 - Eligible Retired Public Safety Officer

Current through June 25, 2024
The election is only available to individuals who, by reason
				  of disability or attainment of normal retirement age, retired from service as a
				  Public Safety Officer.
1. Attainment of
				Normal Retirement Age
PERS- For
				  purposes of this regulation, and except as otherwise provided by the Internal
				  Revenue Service, the "attainment of normal retirement age" under the Public
				  Employees' Retirement System shall be defined as:
(i) having twenty-five (25) or more years of
				creditable service if the member entered PERS-covered service before July 1,
				2011;
(ii) having four (4) or more
				years of membership service at age 60 or later if the member entered
				PERS-covered service before July 1, 2007;
(iii) having eight (8) or more years of
				membership service at age 60 or later if the member entered PERS-covered
				service on or after July 1, 2007, but before July 1, 2011;
(iv) having thirty (30) or more years of
				creditable service if the member entered PERS-covered service on or after July
				1, 2011.
b. MHSPRS - For purposes of this
				regulation, and except as otherwise provided by the Internal Revenue Service,
				the "attainment of normal retirement age" under the Mississippi Highway Safety
				Patrol Retirement System shall be defined as the age at which an eligible
				Public Safety Officer retires on an unreduced benefit, i.e., someone who
				retired with 5 or more years of membership service at age 55 or older, or
				someone who retired with 25 or more years of service regardless of age. Any
				Retired Public Safety Officer whose retirement benefit was subject to an early
				retirement benefit reduction at the time of retirement is not eligible for this
				election, i.e., someone who retired with 20 or more but less than 25 years of
				service.
c. MRS - For purposes of
				this regulation, and except as otherwise provided by the Internal Revenue
				Service, all members who have retired or will retire under one of the Municipal
				Fire and Police Retirement Systems will be considered to have "attained normal
				retirement age."
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-104 - Premiums eligible for the exclusion

Current through June 25, 2024
To be eligible for the tax exclusion, insurance premiums must
				  be withheld from the retirement benefit of the Eligible Retired Public Safety
				  Officer. Such premiums may be for the benefit of the retiree and his or her
				  spouse and/or dependents. Only the Eligible Retired Public Safety Officer may
				  elect to have the insurance premiums excluded from taxation.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-105 - Qualified health insurance plans

Current through June 25, 2024
1. While federal
				law allows a governmental retirement plan to agree to deduct and then remit
				premiums directly to the provider of an accident or health insurance plan or
				qualified long-term care insurance contract, state law only allows PERS, on
				behalf of retirees of the retirement plans administered by the Board, to make
				such premium deductions for employer or system sponsored group health insurance
				in accordance with PERS Board Regulation 52. Therefore, an election may only be
				made with regard to such health insurance premiums.
2. For purposes of the election for the tax
				exclusion provided by Section 845 of the Pension Protection Act of 2006, an
				employer-provided accident or health insurance plan receiving the payments may
				be an insured plan as well as a self-insured plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-106 - Election

Current through June 25, 2024
1. When the election must be made - An
				Eligible Retired Public Safety Officer may elect to have the tax exclusion
				apply in any taxable year to eligible premiums withheld from his or her
				retirement or disability retirement benefit and paid by the retirement plan
				directly to the insurance provider. An Eligible Retired Public Safety Officer
				will make the election on the retiree's IRS Form 1040, in accordance with the
				instructions thereto
2. Amount of
				Tax Exclusion- An Eligible Retired Public Safety Officer is only permitted to
				have actual eligible insurance premiums excluded from taxation in an aggregate
				amount from all plans not to exceed $3,000, even if he or she is receiving
				benefits from more than one retirement plan, e.g., a defined benefit plan such
				as PERS, MHSPRS or MRS, and an IRC Section 457 (Mississippi Deferred
				Compensation Plan) or 403(b) plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-107 - Responsibility for Income Taxes

Current through June 25, 2024
1. In administering
				the tax exemption, PERS is only responsible for performing the administrative
				functions associated with the deduction and payment of qualifying health
				insurance premiums. The retired member is and remains responsible for income
				tax liability for retirement benefits paid pursuant to the retirement plans
				administered by PERS. PERS has no responsibility for tax liability, including
				interest and penalties that may arise from an Eligible Retired Public Safety
				Officer's participation in this tax exclusion.
2. By making the election, the Retired Public
				Safety Officer agrees that any benefit or privilege granted under this election
				is subject to change or revocation, and that PERS is not responsible for any
				consequence of any change in the availability of the exclusion, including
				unexpected tax liability, interest, and penalties.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 54 - Administration of Retired Public Safety Officer Retirement Distribution for Health Insurance › Section 27-210-54-108 - Effective Date

Current through June 25, 2024
As the provisions of Section 845 of the Pension Protection
				  Action of 2006 are effective for eligible distributions made in tax years
				  beginning on or after January 1, 2007, and as the Board of Trustees determines
				  that this regulation only confers a benefit to those Retired Public Safety
				  Officers eligible for the tax exclusion, the effective date of this regulation
				  shall be January 1, 2007.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 55 - Administration of Excess Benefit Arrangements for all Defined Benefit Plans Administered by the PERS Board of Trustees › Section 27-210-55-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to provide the
				  administrative framework for the implementation of an excess benefit
				  arrangement for each defined benefit pension plan administered by the PERS
				  Board of Trustees where retirement benefits as provided by state statute must
				  be limited based on the restrictions of Internal Revenue Code Section 415 and
				  corresponding provisions of state law.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 55 - Administration of Excess Benefit Arrangements for all Defined Benefit Plans Administered by the PERS Board of Trustees › Section 27-210-55-101 - Administration of excess benefit arrangements

Current through June 25, 2024
1. The Board of
				Trustees of the Public Employees' Retirement System (Board), pursuant to the
				authority vested in it by virtue of Miss. Code Ann. Sections
				25-11-15,
				25-11-301,
				25-13-7
				(Rev. 2006), 21-29-105 and 21-29-207 (Rev. 2001) shall maintain and administer
				a qualified governmental excess benefit arrangement under Section 415(m) of the
				Internal Revenue Code of 1986 (the Code), as amended from time to time, for the
				purpose of providing the retirement allowances payable from the Public
				Employees' Retirement System, the Supplemental Legislative Retirement Plan, the
				Mississippi Highway Safety Patrol Retirement System or the Municipal Retirement
				Systems that would otherwise be limited by Section 415 of the Code.
2. The excess benefit arrangement, as
				provided herein, shall be maintained solely for the purpose of providing
				participants in the excess benefit arrangements that part of the participant's
				annual benefit, otherwise payable under the applicable state law, that exceeds
				the limitations on benefits imposed by Section 415 of the Code. Participants do
				not make an election, directly or indirectly, to defer compensation to the
				excess benefit arrangement.
3. The
				Board shall have the authority to establish the necessary and appropriate
				policies and procedures for the administration of such benefit arrangements
				under the Code and to determine all questions arising in connection with the
				arrangements (including its interpretation and factual questions arising
				thereunder). The Board shall have the duty and responsibility to maintain
				records, perform calculations, and determine benefits payable
				thereunder.
4. The qualified excess
				benefit arrangement shall be a separate portion of each system noted in
				sub-section 101.1. Each system shall establish a separate account to hold
				employer contributions from which excess benefits shall be paid.
5. These excess benefit arrangements shall be
				administered by the Board of Trustees of the Public Employees' Retirement
				System. The Board shall have the same authority in its administration as it has
				in the administration of the Public Employees' Retirement System, the
				Supplemental Legislative Retirement Plan, the Mississippi Highway Safety Patrol
				Retirement System, and the Municipal Retirement Systems.
6. The excess benefit arrangements shall
				constitute qualified governmental excess benefit arrangements as provided in
				Section 415(m) of the Code.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 55 - Administration of Excess Benefit Arrangements for all Defined Benefit Plans Administered by the PERS Board of Trustees › Section 27-210-55-102 - Participation in excess benefit arrangement

Current through June 25, 2024
All retired members and beneficiaries of the aforementioned
				  four (4) defined benefit retirement plans administered by the Public Employees'
				  Retirement System whose effective retirement dates are July 1, 1998, or after,
				  and whose retirement allowances would be or have been limited by Section 415 of
				  the Code shall be participants in the arrangements. Participation in the
				  arrangements shall be determined each calendar year and will cease for any year
				  in which the retirement allowance of a member or beneficiary is not limited by
				  Section 415 of the Code.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 55 - Administration of Excess Benefit Arrangements for all Defined Benefit Plans Administered by the PERS Board of Trustees › Section 27-210-55-103 - Determination of benefit amount

Current through June 25, 2024
At such time during the calendar year as the participant or
				  beneficiary receives the maximum benefit allowable under Section 415 of the
				  Code, no additional benefits shall be paid out of the system. Thereafter, any
				  benefit amount due as provided by applicable state law shall be paid from the
				  excess benefit arrangement on a monthly basis. The excess benefit shall be
				  subject to withholding for applicable state and federal taxes. The excess
				  benefit shall be paid in accordance with the retirement payment option selected
				  by the member or beneficiary.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 55 - Administration of Excess Benefit Arrangements for all Defined Benefit Plans Administered by the PERS Board of Trustees › Section 27-210-55-104 - Financing the Excess Benefit Arrangement

Current through June 25, 2024
1. The
				arrangements at all times shall be entirely unfunded and no provision shall at
				any time be made with respect to segregating any assets of any of the systems
				for payment of benefits hereunder.
2. The Board, in accordance with the
				recommendation of the actuary, shall determine the required employer
				contributions for each of the four (4) excess benefit arrangements to pay
				benefits each calendar year. The required contribution for each of the four (4)
				excess benefit arrangements respectively in each calendar year shall be the
				total amount of benefits payable under this excess benefit arrangement to all
				participants in each system plus the amount required to pay the administrative
				expenses of the excess benefit arrangement and the employer's share of any
				employment taxes on the benefits paid from the arrangement, where
				applicable.
3. The required
				contributions for the payment of said excess benefits shall be paid by the
				participating employers from an allocation of the employer contribution amount
				calculated by the actuary to fund the benefit prescribed by law without regard
				to the limitation.
4. The required
				contribution for each arrangement shall be deposited into the separate account
				for each arrangement. Each excess benefit arrangement is intended to be exempt
				from federal income tax under Internal Revenue Code Sections Section 115 and
				Section 415(m)(1).
5. The benefit
				liability of each arrangement shall be determined on a calendar year basis, and
				contributions shall not be accumulated to pay benefits in future calendar
				years. Any assets of the arrangements not used to pay benefits in the current
				calendar year shall be used for payment of the administrative expenses of the
				excess benefit arrangement for the current or future calendar years or shall be
				paid to the appropriate retirement system as an additional employer
				contribution.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 55 - Administration of Excess Benefit Arrangements for all Defined Benefit Plans Administered by the PERS Board of Trustees › Section 27-210-55-105 - Treatment of Benefits Benefits exempt from taxes, attachment or other process, and unassignable

Current through June 25, 2024
The benefits payable from the excess benefit arrangements
				  shall be treated in accordance with Miss. Code Ann. Sections
				  25-11-129,
				  25-11-319,
				  25-13-31
				  (Rev. 2006), and 21-29-307(Rev. 2001), respectively.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 55 - Administration of Excess Benefit Arrangements for all Defined Benefit Plans Administered by the PERS Board of Trustees › Section 27-210-55-106 - Effective Date

Current through June 25, 2024
The provisions of any excess benefit arrangement created
				  pursuant to the authority cited in this Regulation, and any administrative
				  rules promulgated as a result of these provisions, shall apply to all retired
				  members and beneficiaries of the defined benefit plans administered by PERS
				  effective from and after July 1, 2007.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 56 - Employer Contributions to the Government Employees' Deferred Compensation Plan and Trust › Section 27-210-56-100 - Purpose

Current through June 25, 2024
The purpose of the regulation is to provide administrative
				  guidance for administering employer contributions to the Government Employees'
				  Deferred Compensation Plan and Trust.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 56 - Employer Contributions to the Government Employees' Deferred Compensation Plan and Trust › Section 27-210-56-101 - Authority for Employer Contributions

Current through June 25, 2024
Miss. Code Ann. Section
				  25-14-1 et. seq.
				  (1972, as amended) authorizes the establishment of the Government Employees'
				  Deferred Compensation Plan and Trust. Pursuant to this authority, MCA Section
				  25-14-5
				  provides that a county, municipality, or other political subdivision, except
				  community and junior college districts, may make contributions to the Plan on
				  behalf of actively participating members, provided such contributions are made
				  on a uniform basis through an employer contribution agreement as provided for
				  in the Mississippi Deferred Compensation Plan and Trust Plan Document.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 56 - Employer Contributions to the Government Employees' Deferred Compensation Plan and Trust › Section 27-210-56-102 - Actively Participating Member

Current through June 25, 2024
An actively participating member is any
employee
of an employer authorized to make Employer Contributions to the Mississippi
				  Deferred Compensation Plan and Trust who has enrolled as a participant in the
				  Plan and who is actively contributing to the Plan. For purposes of this
				  regulation, such employee will be referred to as an actively contributing
				  participant.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 56 - Employer Contributions to the Government Employees' Deferred Compensation Plan and Trust › Section 27-210-56-103 - Employer Election to Provide for Employer Contributions

Current through June 25, 2024
1. Any employer eligible to make employer
				contributions as noted in Section 101 who participates in the Government
				Employees' Deferred Compensation Plan and Trust may execute an Employer
				Contribution Addendum to provide an employer contribution to the account of
				actively contributing participants. The employer contribution must be made
				available to
all
actively contributing participants of
				the employer, without regard to any probationary period, in accordance with one
				of the methodologies noted in Subsection 3 of this Section.
2. Each Employer Contribution Addendum shall
				expressly provide the following:
a. that the
				employer has the budgetary and statutory authority to make contributions to the
				Plan on behalf of actively contributing participants; and
b. that, if adopted, employer contributions
				will be available on a uniform basis to all actively contributing participants;
				and
c. the basis for making
				employer contributions as noted in Subsection 3.b of this Section; and
d. the time period for which
				employer contributions will be made, if such contributions are not anticipated,
				intended, or guaranteed to be on-going. Employer contributions shall be
				transferred to the Third Party Administrator as part of the regular payroll
				process and included with the employee contributions; and
e. the actively contributing participant will
				be 100[CENT] vested in the employer contributions at the time the contributions
				are made on the participant's behalf.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 56 - Employer Contributions to the Government Employees' Deferred Compensation Plan and Trust › Section 27-210-56-104 - Timing and Method of Payment of Employer Contributions

Current through June 25, 2024
Each employer who has executed an
Employer Contribution
				  Addendum
shall make all contributions to the Plan and Trust in the form
				  of cash. Employer contributions shall be paid to the Plan and Trust monthly as
				  part of the regular payroll process no later than the seventh
				  (7th) working day of each month.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 56 - Employer Contributions to the Government Employees' Deferred Compensation Plan and Trust › Section 27-210-56-105 - Allocation, Investment, and Accounting for Employer Contributions

Current through June 25, 2024
The Third Party Administrator shall allocate the employer
				  contributions to the account of each actively contributing participant on whose
				  behalf such contributions are made. Such amounts shall be invested in
				  accordance with the investment election of the participant. The amounts shall
				  be accounted for as a part of the participant's account subject to the same
				  limitations and rights as contributions made by the participant. The employer,
				  Board of Trustees, and Third Party Administrator shall be under no duty to
				  question any investment direction of a participant; nor shall they be held
				  responsible in any manner for investment loss or depreciation in asset value of
				  any such investments.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 56 - Employer Contributions to the Government Employees' Deferred Compensation Plan and Trust › Section 27-210-56-106 - Benefits, Withdrawals, and Distributions

Current through June 25, 2024
All benefits, withdrawals, and distributions, whether
				  attributable to employee contributions or employer contributions, will be
				  disbursed according to the terms of the Plan and Trust.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 56 - Employer Contributions to the Government Employees' Deferred Compensation Plan and Trust › Section 27-210-56-107 - Maximum Contribution Limits to Deferred Compensation Plan

Current through June 25, 2024
Employer contributions shall be aggregated with any employee
				  contributions for purposes of determining compliance with the applicable basic
				  annual deferral amount specified in Internal Revenue Code Section 457(e) and as
				  outlined in Section 4.1 of the Deferred Compensation Plan
				  Document.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 57 - Release of Member Information to Participating Employers › Section 27-210-57-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to identify the
				  circumstances under which the System is authorized to disclose to the employer
				  the name, address, or contents of an individual member's record without the
				  prior written consent of the individual to whom the record
				  pertains.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 57 - Release of Member Information to Participating Employers › Section 27-210-57-101 - Authority for disclosure of information

Current through June 25, 2024
Miss. Code Ann. §
									25-11-119(3)(1972,
				  as amended) provides that the System shall not disclose the name, address, or
				  contents of any individual member records without the prior written consent of
				  the individual to whom the record pertains, except to the member's current or
				  former employer as authorized by regulations of the board.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 57 - Release of Member Information to Participating Employers › Section 27-210-57-102 - Conditions for disclosure

Current through June 25, 2024
Otherwise exempt information may be disclosed to a
				  participating employer that is a department, agency, or instrumentality of this
				  state, if the executive director determines that the disclosure:
1. is necessary or proper for the
				administration of the department, agency, or instrumentality, or
2. is necessary to enable the department,
				agency, or instrumentality to carry out the duties of the office.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 57 - Release of Member Information to Participating Employers › Section 27-210-57-103 - Confidentiality requirements for release of information

Current through June 25, 2024
The participating employer requesting otherwise exempt
				  information must agree in writing to limit the use of such information solely
				  for the purpose stated in the request and to protect the confidential
				  information from disclosure, whether directly or indirectly.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 57 - Release of Member Information to Participating Employers › Section 27-210-57-104 - Information that may be disclosed

Current through June 25, 2024
The following information may be disclosed pursuant to this
				  regulation:
1. list of names and
				addresses on file for current or former employees of the department, agency, or
				instrumentality;
2. list of
				employees currently eligible to retire or eligible to retire within an
				employer-specified number of years based on service or age and service where
				such information is necessary for succession planning purposes;
3. list of employees retired from the agency;
				and
4. demographic information on
				current or retired employees necessary for an employer to provide health
				insurance coverage for active or retired employees.
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 27-210-58-100 - Purpose

Current through June 25, 2024
The purpose of this regulation is to provide for the payment
				  of the additional benefit authorized by Miss. Code Ann. §
									25-13-12
				  (1972, as amended) to retirees of 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 58 - Payment of Additional Benefit (COLA) to Retirees of the Mississippi Highway Safety Patrol Retirement System › Section 27-210-58-101 - Eligibility for an additional benefit

Current through June 25, 2024
Any member who is receiving a retirement allowance for
				  service or disability retirement, or any beneficiary thereof, who has received
				  a monthly benefit for at least one (1) full fiscal year, shall be eligible to
				  receive an additional benefit, on December 1 or July 1 of the year as provided
				  in Section 104 of this regulation.
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 27-210-58-102 - Calculation of the additional benefit for a retiree

Current through June 25, 2024
Effective July 1, 2002, the additional benefit shall be equal
				  to the sum of:
1. An amount equal to
				three percent (3[CENT]) of the annual retirement allowance multiplied by the
				number of full fiscal years in retirement before the end of the fiscal year in
				which the member reaches age sixty (60) or the age established in the latest
				phase that has been implemented under subsection (3) of this section,
				plus
2. An additional amount equal
				to three percent (3[CENT]) compounded by the number of full fiscal years in
				retirement beginning with the fiscal year in which the member reaches age sixty
				(60) or the age established in the latest phase that has been implemented under
				subsection (3) of this section, multiplied by the amount of the annual
				retirement allowance.
3. The amount
				of the additional benefit provided is calculated using the following formula:
[ (1.03)n - 1] x [annual
				  retirement allowance], where 
				  n is the number of full fiscal years
				  in retirement beginning with the fiscal year in which the member reaches age
				  sixty (60).
4. In the
				calculation of the additional benefit payment, the age at which the compounding
				begins may be lowered in accordance with §
									25-13-12(3),
				when, and only when, the mathematical calculations performed by the actuary
				using the assumptions adopted by the board reflect that compounding the portion
				of the additional benefit provided in paragraph 2 above at an age lower than 60
				will not cause the unfunded accrued actuarial liability amortization period to
				exceed twenty (20) years.
5.
				Effective July 1, 2002, the age at which compounding begins is age sixty
				(60).
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 27-210-58-103 - Calculation of the additional benefit for a beneficiary

Current through June 25, 2024
The calculation of the beneficiary's additional benefit
				  provided in §
									25-13-12
shall be based on the member's age and full fiscal years in
				  retirement as if the member had lived.