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 64 - Purchase of Service Credit in the Public Employees' Retirement System at Actuarial Cost › Section 27-210-64-101 - Eligibility to purchase allowable service credit

Current through June 25, 2024
A vested member of the Public Employees' Retirement System
				  of Mississippi (PERS), whether active or inactive, may purchase eligible
				  service at actuarial cost, provided the member has entered or reentered state
				  service after completion of the service to be purchased. A member is vested if
				  he or she has the required number of years of membership service to receive a
				  service retirement allowance at age 60.
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 27-210-64-102 - Purchasing eligible out-of-state service

Current through June 25, 2024
1. Public
				service that qualifies as eligible out-of-state service includes service as a
				public employee in (i) another state, (ii) political subdivision of another
				state, (iii) public education system of another state, (iv) governmental
				instrumentality of another state, or (v) service rendered as a teacher in
				American overseas dependent schools conducted by the Armed Forces of the United
				States for children of citizens of the United States residing in areas outside
				the continental United States.
2.
				The service in an eligible governmental entity must satisfy the requirements
				for membership in PERS as outlined in PERS Board Regulation 36,
Eligibility for Membership in PERS
, except for the requirement
				that the employment be in the state of Mississippi or a public education system
				of the state or a governmental instrumentality of the state.
3. A member may not establish out-of-state
				service for any period of time that the member has previously been awarded
				service credit under PERS.
4.
				Service credit for out-of-state service is awarded in the same manner that it
				would have been awarded if the service had been covered under PERS.
5. To be eligible to purchase out-of-state
				service, the member must have entered or reentered state service after
				completion of the out-of-state service to be purchased. Out-of-state service
				performed after the member withdraws from covered public service or retires
				does not qualify for purchase under this section. In no case shall out-of-state
				service be eligible for purchase for any period in which the member was drawing
				a retirement allowance.
6. To be
				eligible to purchase out-of-state service, the member must furnish the
				following from the out-of-state public employer and out-of-state public
				retirement system:
(i) documentation from the
				employer showing the position held, the employment classification of the
				position held, and the dates of service performed and
(ii) certification from the out-of-state
				public retirement system that the member is not receiving nor will be entitled
				to receive benefits from the out-of-state public retirement system on the basis
				of the out-of-state service being certified to PERS.
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 27-210-64-103 - Purchasing eligible professional leave

Current through June 25, 2024
1. An eligible
				employee who has received professional leave without compensation for
				professional purposes directly related to his or her employment in state
				service may be eligible to purchase such service at actuarial cost.
2. The professional leave must be or have
				been performed with a public institution or public agency of this state, or
				another state or federal agency.
3.
				A member may not establish credit for professional leave for any period of time
				that the member has previously been awarded service credit under
				PERS.
4. Service credit for
				professional leave is awarded in the same manner that it would have been
				awarded if the service had been covered under PERS.
5. The employee must provide documentation
				from the employer showing (i) the reason the employer had for granting the
				leave and (ii) that a determination has been made by the employer that the
				professional leave will benefit the employee and employer.
6. Professional leave granted after the
				member withdraws from covered public service or retires does not qualify for
				purchase under this section. In no case shall professional leave be eligible
				for purchase for any period in which the member was drawing a retirement
				allowance.
7. To be eligible for
				purchase, (i) the professional leave may not have exceeded two years within any
				10-year period of state service and (ii) immediately following the termination
				of the professional leave, the employee must have served the employer on a
				full-time basis for a period of time equivalent to the professional leave
				period granted.
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 27-210-64-104 - Purchasing eligible non-covered service

Current through June 25, 2024
1. An eligible
				employee may purchase certain non-covered service with a public entity of the
				state. Service that may be purchased includes:
(i) any service rendered as an employee of
				any political subdivision of the state, or any instrumentality thereof, that
				does not participate in PERS;
(ii)
				any service rendered as an employee of any political subdivision of the state,
				or any instrumentality thereof, that participates in PERS but did not elect
				retroactive coverage; or
(iii) any
				service rendered as an employee of any political subdivision of the state, or
				any instrumentality thereof, for which coverage of the employee's position was
				or is excluded.
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 27-210-64-105 - Calculation of the cost of purchasing eligible service

Current through June 25, 2024
1. The member shall pay to PERS on the date
				he or she is eligible for credit for such service or at any time thereafter
				prior to the date of retirement the actuarial cost as determined by the actuary
				for each year of creditable service.
2. The cost is a "point in time"
				determination using an actuarial calculation based on the member's service
				credit before the purchase, the member's service after the purchase, the
				member's age, and the greater of the member's current annual salary or the
				average of the highest four years of compensation.
a. Computation of cost for
active
members
i. An active
				member is an individual who is currently employed in covered
				employment.
ii. PERS will determine
				the member's average compensation and current annual salary based on his or her
				membership account.
iii. Using the
				actuarial factors for active members as provided by the actuary, PERS will
				determine the actuarial factor based on the member's current age and years of
				service and the actuarial factor based on the member's current age and years of
				service including the service eligible for purchase.
iv. The difference between the two actuarial
				factors will be multiplied by the higher of the active member's average
				compensation or current annual salary as determined by PERS. The result is the
				total cost for the service.
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 27-210-64-106 - Subject to IRC Section 415 Limitations

Current through June 25, 2024
Payments for the purchase of service credit at actuarial
				  cost shall be paid in a manner consistent with any applicable limitations of
				  26
				  United States Code, §
										415. For any
				  member of PERS who became a member on or after July 1, 1999, Code §
				  415(c)(1) limits employee after-tax contributions to the lesser of (i) an
				  applicable annual dollar limit or (ii) 100 percent of compensation. A member
				  may be precluded from purchasing some or all years of service credit at
				  actuarial cost if payments exceed applicable annual limitations on after-tax
				  contributions.
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 27-210-64-107 - Expiration of time to purchase eligible service

Current through June 25, 2024
The purchase of all eligible service at actuarial cost must
				  be completed by the member prior to the member's death or
				  retirement.
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 27-210-64-108 - Funds used to purchase service

Current through June 25, 2024
Service credit at actuarial cost can be purchased using
				  after-tax funds received directly from the member. Alternatively, such credit
				  may be purchased using tax-deferred (pre-tax) money from certain retirement
				  plans as allowed by the Internal Revenue Code (IRC).
1.
Direct payment of funds by the
				member
PERS will accept funds remitted directly by the member for
				  purchase of service at actuarial cost. These payments are not tax-deductible at
				  the time of the purchase, but are considered after-tax contributions. These
				  funds will be used in the calculation of the tax exclusion applied to the
				  benefit at retirement. Treatment of the funds as after-tax contributions
				  applies even if the source of the funds is from a retirement plan from which
				  the member could have made a direct rollover or transfer of the funds.
2.
Direct transfer or
				rollover of funds to purchase service
PERS will accept qualifying tax-deferred direct
				  trustee-to-trustee transfers or rollovers from the trustee/custodian of a
				  401(a) or 401(k) qualified plan, IRC Section 457 deferred compensation plan,
				  qualified 403(a) annuity, IRC Section 403(b) annuity, or distributions from an
				  Individual Retirement Account (IRA) for the purchase of service. These funds
				  will be treated as tax-deferred funds and will be taxed when distributed to the
				  member.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-100 - Purpose

Current through June 25, 2024
This regulation further defines the term "earned
				  compensation" for purposes of reporting compensation to the Public Employees'
				  Retirement System of Mississippi (PERS).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-101 - Statutory definition

Current through June 25, 2024
Except as otherwise provided by law, the term "earned
				  compensation" means the total amount earned during a fiscal year by an employee
				  not to exceed the employee compensation limit set pursuant to § 401(a)(17)
				  of the Internal Revenue Code for the calendar year in which the fiscal year
				  begins and proportionately for less than one year of service. The intent of
				  this definition is to limit earned compensation to the regular periodic
				  compensation paid to an employee, except as otherwise specifically provided by
				  law.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-102 - Employment with more than one covered employer

Current through June 25, 2024
Earned compensation shall include wages from a second
				  position if the second position is independently covered under PERS or if the
				  second position is less than half time but would otherwise be covered
				  independently if the employee worked the requisite number of hours as required
				  in PERS Board Regulation 36,
Eligibility for Membership in the Public
				  Employees' Retirement System of Mississippi (PERS)
. Conversely, where
				  a position is expressly excluded by law or where the position is expressly
				  excluded by joinder agreement, wages from the second position should not be
				  reported to PERS. In no case is compensation paid to an individual as an
				  independent contractor reportable to PERS as earned
				  compensation.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-103 - Exclusions from the term "earned compensation"

Current through June 25, 2024
The term "earned compensation" does not include the
				  following:
1. amounts paid by an
				employer for health or life insurance premiums or the value of such benefits;
2. litigation fees;
3. bond fees;
4. other similar nonrecurring payments;
5. amounts in excess of the lump
				sum payment for unused leave upon termination from employment as authorized
				under state law;
6. payments not
				authorized by law, including but not limited to:
a. the value of personal use of automobile or
				automobile allowance;
b. the value
				of personal use of employer provided cell phones or reimbursement for business
				use of a personal cell phone;
c.
				the value of personal use of employer-provided Internet or reimbursement for
				business use of personal/home Internet;
d. monetary awards, honorariums, or bonuses;
e. amounts paid in excess of
				statutory limitations set on salaries; and
f. retroactive pay increases, other than bona
				fide administrative errors;
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-104 - Reporting of maintenance

Current through June 25, 2024
1.
Maintenance provided to employees before July 1, 2013
a. The definition of "earned compensation"
				includes the value of either cash or non-cash maintenance furnished by the
				employer before July 1, 2013, in accordance with the maximum reportable
				allowances set in PERS Board Regulation 33,
Value of
				Maintenance
.
b. From and
				after July 1, 2013, the value of maintenance furnished to an employee shall be
				reported as earned compensation as that term is defined in Miss. Code Ann.
				§
										25-11-103(k)
				(1972, as amended) only if the employee was receiving maintenance and having
				maintenance reported to PERS as of June 30, 2013.
c. Where maintenance was not properly
				reported when furnished by the employer, the employee and employer shall have
				underreported the earnings of the affected employee and service credit for the
				underreported period(s) shall not be available until proper contributions and
				interest, if applicable, on the value of maintenance are made to
				PERS.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-105 - Reportable income for constables

Current through June 25, 2024
In the case of constables, the net earnings from their
				  office after deduction of expenses shall apply, except that in no case shall
				  earned compensation be less than the total direct payments made by the state or
				  governmental subdivisions to the official.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-106 - Reportable income for chancery and circuit clerks

Current through June 25, 2024
In the case of chancery or circuit clerks, the net earnings
				  from their office after deduction of expenses shall apply as expressed in Miss.
				  Code Ann. §
									25-11-123(f)(4)
				  (1972, as amended).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-107 - Reportable income for members of the State Legislature

Current through June 25, 2024
In the case of members of the State Legislature, all
				  remuneration or amounts paid, except mileage allowance, shall apply.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-108 - Reportable income for local elected officials

Current through June 25, 2024
In the case of local elected officials, all compensation
				  must be set in good faith and may not be arbitrary and unreasonable when
				  considered with the resources of the employer and 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 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-109 - Performance-based incentive payments

Current through June 25, 2024
1.
Performance-based incentive payments paid to employees before July 1,
				2013
Performance-based incentive payments that were paid to
				  employees before July 1, 2013, under a plan or policy adopted by the employer
				  that continued from year to year and that were (i) contracted for by the
				  employer and the employee before the date when services were performed by the
				  employee, (ii) determined in accordance with objective standards of
				  measurement, and (iii) earned by personal services performed by the employee
				  were included in earned compensation as that term was defined in §
										25-11-103(k)
				  before July 1, 2013.
2.
Performance-based incentive payments paid to employees on or after July
				1, 2013
Performance-based incentive payments paid to employees on or
				  after July 1, 2013, are excluded from earned compensation as that term is
				  defined in §
										25-11-103(k)
				  and as further clarified in this regulation.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees › Chapter 65 - Earned Compensation for the Public Employees' Retirement System of Mississippi › Section 27-210-65-110 - Compensatory leave payments

Current through June 25, 2024
Compensatory leave paid in a lump sum is included in earned
				  compensation; however, any such payment must be allocated by the employer to
				  the period in which the compensatory leave was actually earned.
(History of PERS Board Regulation 65: Adopted effective
				  August 1, 2011; amended effective April 1, 2012; amended effective August 1,
				  2013)
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.1 - "Age 50 Plus Catch-Up Contribution"

Current through June 25, 2024
"Age 50 Plus Catch-Up Contribution"
means the
				  catch-up contribution for Participants who attain age 50 by the end of the
				  calendar year, as permitted under Code Section 414(v) pursuant to Section
				  4.4.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.2 - "Annual Deferral"

Current through June 25, 2024
"Annual Deferral"
means the amount of
				  Compensation deferred, exclusive of any contributions under Sections
				  4.3 or
				  4.4, in any year pursuant to Sections
				  4.1 and
				  4.2 and deposited with the
				  Board.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.3 - "Beneficiary"

Current through June 25, 2024
"Beneficiary"
means the person, persons, or
				  trust designated by a Participant on a form prescribed by the Board to receive
				  any benefit payable upon the Participant's death, or if none, the Participant's
				  estate. The Participant may designate more than one Beneficiary or primary and
				  secondary Beneficiaries, or may change the designation of a Beneficiary. If two
				  or more, or less than all, designated Beneficiaries survive the Participant,
				  payments shall be made equally to all such Beneficiaries, unless otherwise
				  provided on the form designating such beneficiary. Elections made by a
				  Participant in his beneficiary designation form shall be binding on any such
				  Beneficiary or Beneficiaries. A Beneficiary may, after the death of the member,
				  designate his own Beneficiary. If none are designated by the Beneficiary, then
				  his estate will be deemed the Beneficiary. Any beneficiary designation form
				  must be received by the Third Party Administrator prior to the Participant's or
				  Beneficiary's death.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.4 - "Board"

Current through June 25, 2024
"Board"
means the Board of Trustees of the
				  Public Employees' Retirement System of Mississippi, who shall hold assets in
				  trust or custodial accounts or annuity contracts and administer such assets
				  under the terms and provisions of the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.5 - "Code"

Current through June 25, 2024
"Code"
means the Internal Revenue Code of 1986,
				  as now in effect or as hereafter amended or recodified. All citations to
				  sections of the Code are to such sections as they may from time to time be
				  amended or renumbered.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.6 - "Compensation"

Current through June 25, 2024
"Compensation"
means for an Employee all cash
				  compensation for services to the Employer, including salary, wages, fees,
				  commissions, bonuses, and overtime pay, that is includible in the Employee's
				  gross income for the calendar year, plus amounts that would be cash
				  compensation for services to the Employer includible in the Employee's gross
				  income for the calendar year but for a compensation reduction election under
				  Code Sections 125, 132(f), 401(k), 403(b) or 457(b) (including an election to
				  defer compensation under Article IV). For purposes of an Independent
				  Contractor, "Compensation" shall mean all amounts payable to a Participant from
				  the Employer as remuneration for services rendered which would be includible in
				  income for federal tax purposes, if not deferred under this Plan, subject to
				  the provisions of the current Code. Compensation that would otherwise be paid
				  for a payroll period that begins before Severance from Employment is treated as
				  an amount that would otherwise be paid or made available before an Employee has
				  a Severance from Employment.
Compensation also includes payments to an individual who does
				  not currently perform services for the Employer by reason of qualified military
				  service (as that term is used in Code Section 414(u)(1)) to the extent those
				  payments do not exceed the amounts the individual would have received if the
				  individual had continued to perform services for the Employer rather than
				  entering qualified military service.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.7 - "Deferred Compensation"

Current through June 25, 2024
"Deferred Compensation"
means the amount of
				  Compensation not yet earned, as designated in the Participation Agreement which
				  is made a part hereof, which the Participant and the Employer mutually agree
				  shall be deferred in accordance with the provisions of this Plan, subject to
				  the limitations as described in this plan document. For purposes of the Plan,
				  Deferred Compensation shall include any Employer Contributions made
				  hereunder.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.8 - "Eligible Individual"

Current through June 25, 2024
"Eligible Individual"
means any individual to
				  include those appointed, elected, or under contract, who performs services for
				  the Employer as an Employee or Independent Contractor for which Compensation is
				  paid, and who meets the criteria set forth in Section
				  2.1. Individuals who do not perform
				  services for the Employer may not defer Compensation under the
				  Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.9 - "Employee"

Current through June 25, 2024
"Employee"
means any common law employee who is
				  employed by the Employer and who performs services for the Employer for which
				  Compensation is payable.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.10 - "Employer"

Current through June 25, 2024
"Employer"
means the state or, upon execution
				  of a Joinder Agreement, any political subdivision of the state, or any agency
				  or instrumentality of the state, which satisfies the definition of Code Section
				  457(e)(1)(A) (together with any other entity required to be aggregated with
				  such governmental employer under Code Sections 414(b), (c), (m) or
				  (o)).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.11 - "Employer Contributions"

Current through June 25, 2024
"Employer Contributions"
means amounts which
				  may be contributed to the Plan for actively contributing Participants who are
				  Employees of the Employer pursuant to the consent of the Board and/or statutory
				  authority.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.12 - "Includible Compensation"

Current through June 25, 2024
"Includible Compensation"
means an Employee's
				  actual wages in box 1 of Internal Revenue Service Form W-2,
Wage and
				  Tax Statement
, for the Employer, salaries, and fees for professional
				  services and other amounts payable for personal services actually rendered to
				  the Employer to the extent that the amounts are includible in gross income, but
				  increased (up to the dollar maximum) by any Compensation reduction election
				  under Section 125, 132(f), 401(k), 403(b) or 457(b) of the Code. Pursuant to
				  Section 1.457 -4(d)(1)
				  of the Income Tax Regulations, Includible Compensation will include any
				  payments made to a Participant who has had a Severance from Employment,
				  provided that the Includible Compensation is paid by the later of 2½
				  months after the Participant's Severance from Employment or the end of the
				  calendar year that contains the date of such Participant's Severance from
				  Employment. In addition, pursuant to Section
				  1.457 -4(d)(1) of the Income Tax
				  Regulations, Includible Compensation will include payments made to an
				  individual who does not currently perform services for the Employer by reason
				  of qualified military service (as defined in Section 414(u)(5) of the Code) to
				  the extent those payments do not exceed the amount the individual would have
				  received if the individual had continued to perform services for the Employer
				  rather than enter qualified military service. Includible Compensation will not
				  include Employee pick-up contributions described in Section 414(h)(2) of the
				  Code. In no event may Includible Compensation exceed the maximum limit
				  established under Code Section 401(a)(17) for the applicable calendar year
				  being tested.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.13 - "Independent Contractor"

Current through June 25, 2024
"Independent Contractor"
means any person to
				  whom Compensation from the Employer is payable for services rendered pursuant
				  to one or more written or oral contracts, if such person is not a common-law
				  employee.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.14 - "Investment Options"

Current through June 25, 2024
"Investment Options"
means group or individual
				  annuity contracts or such other investment arrangements or funds issued by or
				  offered through the Provider as selected and monitored by the Board and used to
				  hold assets of the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.15 - "Joinder Agreement"

Current through June 25, 2024
"Joinder Agreement"
means the contract between
				  an Employer that is a political subdivision and the Board to permit
				  participation in the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.16 - "Normal Retirement Age"

Current through June 25, 2024
"Normal Retirement Age"
shall be age 70½,
				  unless prior to that time another Normal Retirement Age is elected in writing
				  by the Participant. In selecting an alternate Normal Retirement Age, a
				  Participant can choose any age, which is (1) not earlier than the earliest age
				  at which the Participant has the right to retire and receive unreduced
				  retirement benefits from the Employer's basic pension plan and (2) no later
				  than the date the Participant attains age 70½.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.17 - "Participant"

Current through June 25, 2024
"Participant"
means any individual who has
				  entered into a Participation Agreement and for whom a Participant Account is
				  maintained under the Plan. A Participant must be an Eligible
				  Individual.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.18 - "Participant Account"

Current through June 25, 2024
"Participant Account"
means that total of the
				  Participant Deferral Account, the Participant 457 Rollover Account (including
				  any earnings and losses attributable thereon), and the Participant Non-457
				  Rollover Account (including any earnings and losses attributable thereon) for
				  each Participant, or if applicable, Beneficiary under the Plan. If the
				  Beneficiary is an irrevocable trust, one separate Account may be established
				  for the trust regardless of the number of beneficiaries of the trust, at the
				  Third Party Administrator's discretion, or the Third Party Administrator may
				  establish separate Accounts for each separate beneficiary of the
				  trust.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.19 - "Participant Deferral Account"

Current through June 25, 2024
"Participant Deferral Account"
means that
				  portion of the Participant Account (including any earnings and losses
				  attributable thereon) established and maintained by the Board for each
				  Participant with respect to his deferral of Compensation to the Plan, including
				  any amounts transferred in accordance with Section
				  8.1.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.20 - "Participant 457 Rollover Account"

Current through June 25, 2024
"Participant 457 Rollover Account"
means that
				  portion of the Participant Account (including any earnings and losses
				  attributable thereon) established and maintained by the Board for each
				  Participant with respect to Rollover Contributions received from another
				  Employer's Code Section 457(b) plan in accordance with Section
				  9.1.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.21 - "Participant Non-457 Rollover Account"

Current through June 25, 2024
"Participant Non-457 Rollover Account"
means
				  that portion of the Participant Account (including any earnings and losses
				  attributable thereon) established and maintained by the Board for each
				  Participant with respect to Rollover Contributions rolled over from all
				  rollover eligible plans other than from another employer's Code Section 457(b)
				  plan in accordance with Section
				  9.1.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.23 - "Plan"

Current through June 25, 2024
"Plan"
means a deferred compensation plan under
				  Code Section 457(b) as adopted by the Board and known as the Mississippi
				  Government Employees' Deferred Compensation Plan and Trust and this instrument,
				  including all amendments thereto, governing participation and administration
				  thereof.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.24 - "Plan Year"

Current through June 25, 2024
"Plan Year"
means the Plan's 12-consecutive
				  month accounting year beginning on July 1 of each year, or as otherwise elected
				  by the Board.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.26 - "Regulations"

Current through June 25, 2024
"Regulations"
means the federal income tax
				  Regulations, as promulgated by the Secretary of the Treasury or his delegate,
				  and as amended from time to time.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.27 - "Rollover Contribution"

Current through June 25, 2024
"Rollover Contribution"
means contributions
				  made by a Participant (or, if applicable, Eligible Individual) pursuant to
				  Article IX of "eligible rollover distributions" in accordance with Code Section
				  402(c)(4).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.28 - "Self-Directed Brokerage Account"

Current through June 25, 2024
"Self-Directed Brokerage Account"
means a
				  brokerage window designed to allow participants to select investments outside
				  of the Investment Options offered in the plan. The brokerage window shall be
				  limited to mutual funds. The Board, the Plan, and the State of Mississippi have
				  no express or implied responsibility for the evaluation, selection, or
				  monitoring of the continued offering of mutual funds available in the
				  Self-Directed Brokerage Account. The selected provider for the Self-Directed
				  Brokerage Account must be a properly registered broker-dealer with the
				  Securities and Exchange Commission under the Securities Exchange Act of 1934.
				  The Board, the Plan, and the State of Mississippi reserve the right to
				  substitute an alternative Self-Directed Brokerage provider. If a new provider
				  is chosen, reasonable notice will be provided to all affected Participants of
				  such change. Participation is optional for participants, and an additional fee
				  may be charged for this service.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.29 - "Severance from Employment"

Current through June 25, 2024
"Severance from Employment"
means the date on
				  which the Participant dies, retires or otherwise has a severance from
				  employment with the Employer as determined by the Board. Except in case of
				  death of the Participant, such severance shall mean the absence of any
				  employment in any capacity (Employee or Independent Contractor) with a covered
				  Employer.
In the event that a Participant changes his employment from
				  the State of Mississippi or any member agency or political subdivision, which
				  is covered by this Plan, to another Employer also covered by this Plan, the
				  Participant is not considered to have satisfied the provisions for a
				  distribution in accordance with Section
				  7.1(a)(i). The
				  benefits conferred and protected hereunder shall be continued in full force and
				  effect, and the transfer of the Employee from one covered Employer to another
				  shall have no adverse effect upon the Participant rights as pursuant to the
				  Plan.
An Independent Contractor shall be considered to have a
				  Severance from Employment upon the expiration of all of the contracts under
				  which services are performed for the Employer, if the expiration constitutes a
				  good faith and complete termination of the contractual relationship. An
				  expiration of such contractual relationship shall not be considered to be a
				  good faith and complete termination if:
a) the Employer anticipates a renewal of such
				contractual relationship,
b) the
				Independent Contractor anticipates being engaged as an independent contractor
				with another Employer, or
c) the
				Independent Contractor becomes an Employee.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.30 - "Special Section 457 Retirement Catch-up Contributions"

Current through June 25, 2024
"Special Section 457 Retirement Catch-up
				  Contributions"
means the catch-up contribution for a Participant in the
				  three consecutive years prior to the year in which the Participant reaches
				  Normal Retirement Age, as permitted under Code Section 457(b)(3) and pursuant
				  to Section
				  4.3.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.31 - "Third Party Administrator"

Current through June 25, 2024
"Third Party Administrator"
means the entity
				  with which the Board has contracted to perform such administrative duties as
				  delegated by the Board.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.32 - "Trust"

Current through June 25, 2024
"Trust"
means the trust established by the
				  Board pursuant to the amendment to the provisions of the Plan effective
				  December 1, 1998.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article I - DEFINITIONS › Section 27-220-I-1.34 - "Unforeseeable Emergency"

Current through June 25, 2024
"Unforeseeable Emergency"
means an
				  extraordinary and unforeseeable circumstance arising as a result of events
				  beyond the control of the Participant resulting in a severe financial hardship
				  in accordance with Section
				  7.11.
Other capitalized terms may be used in this plan document to
				  refer to specific forms that have been adopted by the Board or the Third Party
				  Administrator and must be used as described in this plan
				  document.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article II - ELIGIBILITY › Section 27-220-II-2.1 - CONDITIONS OF ELIGIBILITY TO PARTICIPATE

Current through June 25, 2024
Any Eligible Individual who performs services for the
				  Employer for which Compensation is paid and who executes a Participation
				  Agreement with the Employer is eligible to participate in the Plan.
A Board member who is an Eligible Individual shall be
				  eligible to participate in the Plan, but such a member, as a member of the full
				  Board or as a member of any committee designated by the Board, shall not be
				  entitled to participate in decisions relating to such member's own
				  participation in the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article II - ELIGIBILITY › Section 27-220-II-2.2 - DETERMINATION OF ELIGIBILITY AND EFFECTIVE DATE OF PARTICIPATION

Current through June 25, 2024
a. The Board, or
				its designated person(s), committee or entity, shall determine whether each
				Employee and, if applicable, Independent Contractor, is an Eligible Individual
				and has satisfied the eligibility requirements, as stated in Section
				2.1, based upon information furnished
				by the Employer. Such determination shall be conclusive and binding and the
				criteria for such determination shall be applied uniformly to all
				Participants.
b. An Eligible
				Individual shall elect to participate and become a Participant by signing a
				Participation Agreement pursuant to Section
				2.4 and filing such agreement with
				the Third Party Administrator.
c.
				The Participant shall provide investment direction for contributions made to
				the Investment Options on such forms as may be required by the Board.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article II - ELIGIBILITY › Section 27-220-II-2.3 - TERMINATION OF ELIGIBILITY

Current through June 25, 2024
In the event a Participant shall go from a classification of
				  an Eligible Individual to a non-Eligible Individual, such non-Eligible
				  Individual shall be considered an inactive Participant. The Participant Account
				  of such inactive Participant shall continue to allocate any attributable
				  earnings based on the investment direction supplied by the
				  Participant.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article II - ELIGIBILITY › Section 27-220-II-2.4 - PARTICIPATION AGREEMENTS

Current through June 25, 2024
a. In order to
				participate in the Plan, an Eligible Individual must complete and file a
				Participation Agreement in a manner and method determined by the Board. The
				Participation Agreement shall be effective as soon as administratively
				practicable for any compensation made available to the Participant after the
				Participation Agreement is filed and shall specify:
(i) the amount (expressed either as a dollar
				amount or as a percentage) of the Eligible Individual's Compensation which the
				Employer and the Eligible Individual agree to defer, subject to the limitations
				of Article IV.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article III - EMPLOYER PARTICIPATION › Section 27-220-III-3.1 - STATE AND STATE ENTITIES

Current through June 25, 2024
This Plan is available to Employees and Independent
				  Contractors of the following Employers: the State of Mississippi, state
				  universities, community and junior colleges, public schools, political
				  subdivisions and instrumentalities of the State.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article III - EMPLOYER PARTICIPATION › Section 27-220-III-3.2 - ADOPTION BY POLITICAL SUBDIVISION

Current through June 25, 2024
Any county, municipality, or other political subdivision or
				  instrumentality of the state may make the Plan available to its employees
				  pursuant to Miss. Code Ann. Section
				  25-14-1 et seq., if it takes the
				  following actions:
a. The governing
				body of the political subdivision must be authorized to participate in the
				Mississippi Government Employees' Deferred Compensation Plan and Trust as
				reflected in the official minutes of the political subdivision or authorizing
				resolution.
b. The resolution or
				minutes must indicate the effective date of adoption.
c. The governing body must agree to abide by
				the rules and conditions established by the Board for the proper administration
				of the Plan, including the exclusive authority of the Board to designate and
				establish the duties of the Third Party Administrator.
d. Employer must submit a completed Joinder
				Agreement to the Board.
The Board or its designee shall determine whether the
				  requesting Employer is a qualifying political subdivision, and whether the
				  resolution and Employer actions comply with this section and, if they do, shall
				  accept the Joinder Agreement and provide appropriate forms for the Employer and
				  Employees to implement the participation.
The political subdivision must agree that Participants may
				  only make contributions to this Plan, not to additional 457 plans sponsored by
				  that subdivision. Upon entry into participation in this Plan, a political
				  subdivision with an existing 457 plan must terminate the existing plan and
				  transfer all assets to the Board. In addition, the political subdivision must
				  provide sufficient information regarding each former Participant and his or her
				  account balance as is needed to allow the Third Party Administrator to
				  establish accounts in this Plan.