reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XIII - MILITARY SERVICE › Section 27-220-XIII-13.2 - ADDITIONAL DEFERRALS

Current through June 25, 2024
A Participant whose employment is interrupted by qualified
				  military service under Code Section 414(u) or who is on a leave of absence for
				  qualified military service under Code Section 414(u) may elect to make
				  additional contributions under Article IV upon resumption of employment with
				  the Employer. Such additional contribution shall be equal to the maximum amount
				  that the Participant could have deferred during that period if the
				  Participant's employment with the Employer had continued (at the same level of
				  Compensation) without the interruption or leave, reduced by any amounts
				  deferred on behalf of the Employee during the period of the interruption or
				  leave. Such additional contribution shall be made no later than five years
				  following the resumption of employment (or, if sooner, for a period equal to
				  three times the period of the interruption or leave).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XIII - MILITARY SERVICE › Section 27-220-XIII-13.3 - DEATH IN MILITARY SERVICE

Current through June 25, 2024
Effective January 1, 2007, to the extent provided under Code
				  Section 401(a)(37), in the case of a Participant whose employment is
				  interrupted by qualified military service and who dies while performing
				  qualified military service, the survivor of such Participant shall be entitled
				  to any additional benefits rights provided under the Plan as if the Participant
				  timely resumed employment in accordance with USERRA and then terminated
				  employment the next day on account of death.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XIII - MILITARY SERVICE › Section 27-220-XIII-13.4 - DIFFERENTIAL WAGE

Current through June 25, 2024
Effective January 1, 2009, a Participant who is receiving a
				  differential wage payment within the meaning of Code Section 414(u)(12)(D) from
				  the Employer shall be treated as an Employee of the Employer and the
				  differential wage payment shall be treated as Compensation. This provision
				  shall be applied to all similarly situated individuals in a reasonably
				  equivalent manner.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XIII - MILITARY SERVICE › Section 27-220-XIII-13.5 - POSSIBLE DISTRIBUTIONS

Current through June 25, 2024
A Participant shall be treated as having a Severance from
				  Employment for purposes of electing to take a distribution from the Plan during
				  any period the individual is performing service in the uniformed services
				  described in Code Section 3401(h)(2)(A) (
i.e
., any period
				  during which the individual is performing service in the uniformed services (as
				  defined under USERRA) while on active duty for a period of more than 30 days).
				  A Participant who elects a distribution from his or her account by reason of
				  the preceding sentence may not defer any Compensation pursuant to Article IV
				  during the 6-month period beginning on the date of the
				  distribution.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XV - AMENDMENT

Current through June 25, 2024
The Board shall have the right at any time to amend this Plan
				subject to the limitations of this Code Section 457 and applicable state law.
				Any such amendment shall become effective as provided therein upon its
				execution.
Provided however, no amendment to the Plan shall be effective
				if it authorizes or permits any part of the Plan assets (other than such part
				as is required to pay taxes and administration expenses) to be used for or
				diverted to any purpose other than for the exclusive benefit of the
				Participants or Beneficiaries; or causes or permits any portion of the Plan
				assets to revert to or become property of the Employers.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVI - PLAN TERMINATION AS TO ALL EMPLOYERS

Current through June 25, 2024
Pursuant to Miss. Code Ann. §
								25-14-1, et. seq., the Mississippi
				legislature may terminate this Plan as to all Employers at any time, with or
				without prior notice to governmental bodies that have adopted the Plan,
				provided however, no termination shall affect the rights of a Participant or a
				Beneficiary to the receipt of benefits with respect to any Compensation
				deferred before the time of the termination as adjusted for the investment
				experience of the Investment Options prior to or subsequent to the
				termination.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.1 - COMPLIANCE WITH CODE SECTION 457(b)

Current through June 25, 2024
The intention of the Employers is that the Plan shall comply
				  with the provisions of Code Section 457(b) and the corresponding provisions of
				  any subsequent laws. This Trust is intended to be exempt from taxation under
				  Code Section 501(a). The provisions of the Plan shall be construed to
				  effectuate such intention.
In the event any provision shall be determined to be illegal
				  or invalid for any reason, the illegal or invalid provision shall not affect
				  the remaining parts of the Plan and the Board and the Third Party Administrator
				  may perform such alternative acts which most clearly carry out the intent and
				  purpose of the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.2 - PARTICIPANT RIGHTS

Current through June 25, 2024
This Plan shall not be deemed to constitute a contract
				  between an Employer and any Participant or to be a consideration or an
				  inducement for the employment of any Participant, Employee, or Independent
				  Contractor. Nothing contained in this Plan shall be deemed to give any
				  Participant, Employee, or Independent Contractor the right to be retained in
				  the service of the Employer or to interfere with the right of the Employer to
				  discharge any Participant, Employee or Independent Contractor at any time
				  regardless of the effect which such discharge shall have upon him as a
				  Participant of this Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.3 - PRE-1979 ACCOUNTS

Current through June 25, 2024
Any amounts held by the Employer as a result of deferrals
				  made by a Participant prior to January 1, 1979 shall be held under this Plan
				  from and after the latest of (a) the Effective Date; (b) the date on which the
				  Participant elects to have this Plan apply to such amount; or (c) the date on
				  which such Participant exercises any right or power available under this Plan
				  but not under the Plan agreement pursuant to which such deferral was made. All
				  such persons who were Participants in any prior plan, who exercise any such
				  right or privilege and who have not yet received a distribution of the amounts
				  to which they are entitled under such prior plan shall be deemed to be
				  Participants under this Plan for all purposes.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.4 - GENDER AND NUMBER

Current through June 25, 2024
Wherever any words are used herein in the masculine, feminine
				  or neuter gender, they shall be construed as though they were also used in
				  another gender in all cases where they would so apply, and whenever any words
				  are used herein in the singular or plural form, they shall be construed as
				  though they were also used in one other form in all cases where they would so
				  apply.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.6 - RECEIPT AND RELEASE FOR PAYMENTS

Current through June 25, 2024
Any payment to any Participant, Beneficiary, or to any
				  guardian or conservator appointed for such individual in accordance with the
				  provisions of this Plan, shall, to the extent thereof, be in full satisfaction
				  of all claims hereunder against the Board, Provider, and
				  Employer.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.7 - DELAY OF BENEFIT PAYMENTS

Current through June 25, 2024
The Third Party Administrator may delay payment of a
				  distribution to a Participant or Beneficiary for any of the following
				  reasons:
a. if a dispute arises as to
				the proper payee;
b. if the
				paperwork is not in good order to enable it to be processed by the Third Party
				Administrator;
c. if notice of
				legal proceeding involving the Participant's Account has been received and
				restricts payments from such Account; or
d. for any other lawful purpose.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.8 - PAYMENTS TO MINOR BENEFICIARIES

Current through June 25, 2024
If a payment is to be made to a minor Beneficiary, payment
				  shall be made to a person or entity determined by the Third Party Administrator
				  to be a proper recipient for the Beneficiary under applicable state law. This
				  may include a duly appointed and currently acting legal guardian or conservator
				  over the Beneficiary's estate, an adult who is a relative of the Beneficiary or
				  with whom the Beneficiary resides, or to a court having jurisdiction over the
				  estate of the Beneficiary. The Third Party Administrator has no duty to
				  supervise or inquire into the application of any amounts so
				  paid.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.9 - PAYMENTS TO INCOMPETENTS

Current through June 25, 2024
To the extent the Employer or Third Party Administrator
				  determines that the following procedure meets applicable state or local law, if
				  a Participant or Beneficiary entitled to receive any benefits hereunder is
				  adjudged to be legally incapable of giving valid receipt and discharge for such
				  benefits, benefits will be paid to such person as the Third Party Administrator
				  may designate for the benefit of such Participant or Beneficiary. Such payments
				  shall be considered a payment to such Participant or Beneficiary and shall, to
				  the extent made, be deemed a complete discharge of any liability for such
				  payments under the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.10 - BINDING CONTRACT

Current through June 25, 2024
This Plan, and any amendments hereto, shall be binding on the
				  parties hereto and their respective heirs, administrators, trustees,
				  successors, and assignees and on all Participants and
				  Beneficiaries.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.11 - DISPUTES

Current through June 25, 2024
If a dispute as to the proper payee arises, the Third Party
				  Administrator may delay payment until after the dispute is resolved by a court
				  of competent jurisdiction or is settled by the parties
				  involved.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.12 - ASSUMPTION OF RISK

Current through June 25, 2024
Each Participant and Beneficiary assumes all risk in
				  connection with the investment decisions made and any decrease in the value of
				  their Accounts. Neither the Board, the Third Party Administrator, an Employer,
				  nor the Plan shall be liable or responsible for any investment losses under the
				  Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XVII - MISCELLANEOUS › Section 27-220-XVII-17.13 - CONSTRUCTION OF PLAN

Current through June 25, 2024
This Plan shall be construed and governed in accordance with
				  the laws of the State of Mississippi and venue for the resolution of any
				  dispute shall be Jackson, Hinds County, Mississippi.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article I - ESTABLISHMENT OF PLAN AND TRUST › Section 27-240-I-1.1 - Establishment of Plan

Current through June 25, 2024
House Bill No. 1070, enacted by the Legislature of the State
				  of Mississippi, established the Optional Retirement Plan for Institutions of
				  Higher Learning in the State of Mississippi (the "Plan") as of July 1, 1990.
				  This Plan document sets forth the provisions of this Defined Contribution
				  (Money Purchase) Retirement Plan, as defined in Section 2.8, and which is a
				  governmental plan, as defined in Internal Revenue Code Section 414(d) ("Code"
				  or "Code Section") and establishes a Trust for the Plan Assets. The Plan is
				  intended to be a qualified plan under Code Section 401(a).
The Plan and Trust are established for the exclusive benefit
				  of Participants and their Beneficiaries. Consistent with Code Section
				  401(a)(2), no amount held under the Plan will ever inure to the benefit of the
				  Plan Sponsor, any Institution, or any successor of any of them, and all Plan
				  investments and amounts will be held for the exclusive purpose of providing
				  benefits to the Plan's Participants and their Beneficiaries. Notwithstanding
				  anything in the Plan to the contrary, it will be impossible at any time before
				  the satisfaction of all liabilities to Participants and Beneficiaries for any
				  part of the Plan assets to be used for or diverted to purposes other than for
				  the exclusive benefit of Participants and Beneficiaries, except that payment of
				  taxes and administration expenses may be made from the Plan assets as provided
				  by the Plan or permitted by applicable law.
Plan contributions are invested, at the direction of each
				  participant, in one or more Funding Vehicles available to Participants under
				  the Plan. Required Participant Plan Contributions are designated picked-up by
				  the Institution so as not to be included in Participants' gross income for
				  federal tax purposes as provided by Code Section 414(h)(2).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.2 - Accumulation Account

Current through June 25, 2024
"Accumulation Account" means the separate account established
				  for each Participant to which will be credited all Plan contributions, less
				  expense charges, plus earnings thereon.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.3 - Annual Additions

Current through June 25, 2024
"Annual Additions" means the sum of the following amounts
				  credited to a Participant's Accumulation Account for the Limitation
				  Year:
(a) Institution Plan
				Contributions;
(b) Participant Plan
				Contributions;
(c) all nondeductible
				employee contributions; and
(d) 
				forfeitures; however, this Plan does not accept nondeductible employee
				contributions or provide for forfeitures.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.4 - Beneficiary

Current through June 25, 2024
"Beneficiary" means the individual, institution, trustee, or
				  estate designated by the Participant to receive benefits or otherwise entitled
				  to receive benefits that may become payable hereunder after the death of such
				  Participant.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.6 - Break in Service

Current through June 25, 2024
"Break in Service" means a valid break which shall be at
				  least one year when there is no contribution to PERS and the Employee was not
				  in a PERS-covered position. This only applies to Employees hired before July 1,
				  1990.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.7 - Code

Current through June 25, 2024
"Code" means the Internal Revenue Code of 1986, as amended.
				  Reference to a specific Code Section includes not only the section but any
				  comparable section or sections of any future legislation that amends,
				  supplements, or supersedes the section.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.8 - Code Section 401(a) Defined Contribution (Money Purchase) Retirement Plan

Current through June 25, 2024
A "Code Section 401(a) Defined Contribution (Money Purchase)
				  Retirement Plan" means a plan that provides for a separate account for each
				  Participant and benefits based solely on the amounts of vested Plan
				  contributions to the Participant's Accumulation Account(s) and earnings thereon
				  and that meets the requirements of Code Section 401(a). All benefits under the
				  Plan are fully funded and are provided solely through the Funding Vehicles
				  selected by the Participant; therefore, benefits are not subject to, nor
				  covered by, federal plan termination insurance.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.9 - Compensation

Current through June 25, 2024
"Compensation" means the full amount earned during a fiscal
				  year by an employee as defined in Miss. Code Ann. §
									25-11-103(k)
				  (1972, as amended), including any maintenance furnished subject to the
				  conditions and limits prescribed in PERS Board Regulation 33,
Value of
				  Maintenance
, not to exceed the employee compensation limit set
				  pursuant to Section 401(a)(17) of the Internal Revenue Code for the calendar
				  year in which the fiscal year begins and proportionately for less than one (1)
				  year of service. Such amount shall also include compensation which is not
				  currently includable in the Participant's gross income by reason of application
				  of Code Sections 125, 403(b), 414(h)(2), or 457. Compensation includes the
				  following amounts paid following the Participant's Termination of Employment:
				  (1) amounts that would have been paid in the absence of a Termination of
				  Employment and is regular pay for services (such as regular wages, overtime, or
				  shift differential or other similar compensation); and (2) amounts that are
				  payment for accrued
bona fide
sick, vacation, or other leave
				  pursuant to Miss. Code Ann. Sections
				  25-3-93
				  and
				  25-3-95
				  (1972, as amended) that would have been used if employment continued, provided
				  such payments are made by the later of 2 ½ months after Termination of
				  Employment or the last day of the Plan Year that includes the date of the
				  Termination of Employment. Compensation does not include other amounts paid
				  following Termination of Employment, including severance pay or deferred
				  compensation.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.10 - Date of Employment or Reemployment

Current through June 25, 2024
"Date of Employment or Reemployment" means the effective date
				  of the appointment on which compensation begins for an Employee in an
				  ORP-eligible position.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.12 - Eligible Employee

Current through June 25, 2024
"Eligible Employee" means any Employee of an Institution who
				  is appointed or employed on or after July 1, 1990, and who holds a position as
				  defined herein and is eligible for membership in the Public Employees'
				  Retirement System of Mississippi (sometimes hereafter referred to as
				  PERS).
Teaching positions include:
(a) All persons whose specific assignments
				customarily include conducting instruction, research or public service as a
				principal activity (or activities), and who hold academic-rank titles of
				professor, associate professor, assistant professor, instructor, lecturer,
				and/or research scientist.
(b)
				Employees hired on or after August 1, 1998, as librarians with academic rank as
				well as intercollegiate coaches, with or without academic rank.
(c) Employees hired on or after July 1, 2001,
				in the following categories:
(1) an intern or
				resident in training at the University of Mississippi Medical Center or the
				College of Veterinary Medicine at Mississippi State University under a teaching
				program at such institution,
(2) a
				post doctoral assistant/fellow at any Institution, or
(3) a research scientist with or without
				academic rank whose specific assignments customarily include conducting
				research at any Institution.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.14 - Fund Sponsor

Current through June 25, 2024
"Fund Sponsor" means a life insurance company licensed to do
				  business in the State of Mississippi, mutual fund company, or other company
				  offering similar investments, or a subsidiary of, or a company affiliated with,
				  or under common management with, such a company that provides funding vehicles
				  available to participants under this Plan as designated by the
				  Board.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.15 - Funding Vehicles

Current through June 25, 2024
"Funding Vehicles" means tax-deferred annuities, fixed or
				  variable in nature or a combination thereof, mutual fund shares, or other
				  similar investment products approved by the Board, issued for the purpose of
				  funding accrued benefits under this Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.16 - Institution

Current through June 25, 2024
"Institution" means any of the State Institutions of Higher
				  Learning included in Miss. Code Ann. Section
				  37-101-1,
				  (1972, as amended), namely:
Alcorn State University
Delta State University
Jackson State University
Mississippi State University
Mississippi University for Women
Mississippi Valley State University
University of Mississippi
University of Mississippi Medical Center
University of Southern Mississippi
Any other of like kind which may hereafter be established by
				  the State
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.19 - Normal Retirement Age

Current through June 25, 2024
"Normal Retirement Age" is age 60 provided a Participant
				  hired before July 1, 2007, has completed four (4) or more full years of
				  participation in the Plan, or age 60 provided a Participant hired on or after
				  July 1, 2007, has completed eight (8) or more full years of participation in
				  the Plan, or when a Participant has completed 25 full years of participation in
				  the Plan regardless of age or as otherwise provided in Miss. Code Ann. Section
				  25-11-111
				  (1972, as amended).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.21 - Participant Plan Contributions

Current through June 25, 2024
"Participant Plan Contributions" means the contributions by a
				  Participant under this Plan, as required by Article IV. Participant Plan
				  Contributions are designated by the Institution as being made by the
				  Institution in lieu of Plan contributions by the Participant. Furthermore, the
				  pick-up amounts cannot be received directly by the Participants in accordance
				  with Code Section 414(h)(2).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.27 - Trust

Current through June 25, 2024
"Trust" means and refers to the legal entity and the legal
				  relationship created by Section 1 of Article 1 and pursuant to Article XII.
				  Consistent with Code Section 401(a)(2), the Trust must be solely for purposes
				  of the Plan and consistent with Section 1 of Article 1 and Article
				  XII.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.29 - Years of Participation

Current through June 25, 2024
"Years of Participation" means any year of service after
				  participation in the Plan begins and during which Institution and Participant
				  contributions are made, for a period of not less than the full school year or
				  the full fiscal year as applicable for the position.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article II - DEFINITIONS › Section 27-240-II-2.30 - Valuation Date

Current through June 25, 2024
The date or dates provided in the Funding Vehicles; provided
				  that, if a Funding Vehicle does not provide for a valuation date, the Valuation
				  Date for the assets in that Funding Vehicle shall be the last day of the Plan
				  Year. The Plan's investments will be valued on each Valuation
				  Date.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article III - ELIGIBILITY FOR PARTICIPATION › Section 27-240-III-3.1 - Participation

Current through June 25, 2024
In lieu of participation in the Public Employees' Retirement
				  System of Mississippi (PERS), Eligible Employees may elect to begin
				  participation in this Plan on the Plan Entry Date. Such elections, which are
				  irrevocable, must be made no later than 30 days following date of initial
				  employment in an ORP-eligible position.
Any person electing to participate in the Plan shall be
				  ineligible for membership in PERS so long as he or she is employed in a
				  position for which the Plan is available. However, should a participant in an
				  ORP-eligible position be simultaneously employed in a PERS-eligible position
				  with an entity other than an Institution, that person will participate in both
				  the Plan and PERS so long as the qualifications for participation in each are
				  met.
A Participant transferred or reclassified to a position that
				  does not qualify for participation in this Plan will cease to participate in
				  the Plan.
Where an Employee covered under PERS in a position other than
				  one as defined under Section 2.12 of the Plan is employed by the Institutions
				  after July 1, 1990, in an ORP-eligible position, such Employee would be
				  entitled to the option to elect to join the Plan.
An Eligible Employee covered under PERS prior to July 1,
				  1990, who terminates employment with an Institution and who is reemployed by an
				  Institution after a valid Break in Service as defined in Section 2.6 of the
				  Plan may elect to participate in the Plan, provided the Eligible Employee has
				  not retired from the Public Employees' Retirement System of
				  Mississippi.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article III - ELIGIBILITY FOR PARTICIPATION › Section 27-240-III-3.2 - Notification

Current through June 25, 2024
The Institution will notify each Eligible Employee when
				  participation in the Plan begins. Each Participant is entitled to the benefits
				  and is bound by all of the terms, provisions, and conditions of this Plan,
				  including any and all amendments which from time to time may be adopted,
				  including the terms, provisions and conditions of any contract and/or
				  certificate under the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article III - ELIGIBILITY FOR PARTICIPATION › Section 27-240-III-3.3 - Enrollment in Plan upon Initial Employment in an ORP-eligible Position

Current through June 25, 2024
To participate in this Plan, an individual initially employed
				  in an ORP-eligible position on or after July 1, 1990, shall within 30 days of
				  employment complete and return to the employing Institution the
				  following:
(1) Form 4E,
Optional Retirement Plan Election/Vendor Selection
;
(2) Form 4S,
Vendor Selection
				Change
; and
(3) the
				appropriate enrollment form(s) for the Fund Sponsor(s) and Funding Vehicle(s)
				selected.
If an individual initially employed in an ORP-eligible
				  position on or after July 1, 1990, does not return the appropriate Election
				  Form and Vendor Selection Form to the employer within 30 days, he or she shall
				  become a member of the Public Employees' Retirement System of Mississippi
				  (PERS) in accordance with Miss. Code Ann. Section
				  25-11-101
				  et seq. (1972, as amended).
An election to participate in the Plan shall be irrevocable.
				  The election shall be in writing and filed with the employing Institution, or
				  as otherwise provided by the Board.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article III - ELIGIBILITY FOR PARTICIPATION › Section 27-240-III-3.4 - Reemployment

Current through June 25, 2024
Once an Eligible Employee has irrevocably elected to
				  participate in the Plan, the Eligible Employee must once again participate in
				  the Plan upon any subsequent reemployment in a Plan-eligible position. An
				  individual reemployed in an ORP-eligible position shall complete and return to
				  the employing Institution within 30 days of reentry into employment in an
				  ORP-eligible position (1) Form 4S,
Vendor Selection Change
,
				  and (2) the appropriate enrollment form(s) for the Fund Sponsor(s) and Funding
				  Vehicle(s) selected. If an individual reemployed in an ORP-eligible position
				  does not return the Vendor Selection Form to the employer within 30 days of
				  reentry into employment in an ORP-eligible position, his or her previous Vendor
				  Selection Form shall be reactivated. Moreover, any Eligible Employee drawing a
				  monthly retirement allowance from the Public Employees' Retirement System of
				  Mississippi, who is subsequently employed in a Plan-eligible position must
				  comply with the reemployment limitations as they may be amended from time to
				  time as set forth in Miss. Code Ann. Section
				  25-11-127
				  (1972, as amended), unless such retirement allowance is terminated and the
				  Employee returns to PERS-covered employment.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article III - ELIGIBILITY FOR PARTICIPATION › Section 27-240-III-3.5 - Cessation of Active Participation

Current through June 25, 2024
A Participant shall no longer continue to contribute to the
				  Plan if:
(a) he or she assumes a
				position in state service other than as an Employee of an
				Institution;
(b) he or she is
				retired or terminated from employment with the Institution;
(c) he or she is transferred or reclassified
				to a position that does not qualify for participation in this Plan;
				or
(d) the Plan is terminated.
Where a Participant in the Plan accepts a position that is
				  not eligible for the Plan, that individual's participation in the Plan will be
				  suspended during the period in which the individual occupies a position for
				  which participation in the Plan is not available. The individual's
				  participation in the Plan will recommence, by virtue of the election made at
				  the time of initial employment in an ORP-eligible position, when the individual
				  again occupies a position for which participation in the Plan is
				  available.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article IV - PLAN CONTRIBUTIONS › Section 27-240-IV-4.1 - Plan Contributions

Current through June 25, 2024
The Institution will make Institution Plan Contributions
				  monthly during years of participation in accordance with the schedule set forth
				  below except as the same may hereafter be changed by statute, regulation, or
				  termination of the Plan. Pursuant to Miss. Code Ann. §
									25-11-415,
				  (1972, as amended) the Board of Trustees is authorized to deduct a fee of up to
				  two percent (2.00%) of the employers' contribution to defray the cost of
				  administering the plan. Effective July 1, 2009, the Board has set the fee at
				  one percent (1.00%) of the employers' total contribution which shall be
				  transferred each month to PERS when contributions are due.
The Participant's contribution of 9.00% of compensation,
				  which is picked-up by the Institution, shall be credited to the Participant's
				  account. The Institution shall contribute 14.90% of the Participant's
				  compensation, reduced by the administrative fee noted in this section, to be
				  credited to the Participant's account. In addition, the Institution shall
				  contribute 2.50% of the Participant's compensation, reduced by the
				  administrative fee noted in this section, to PERS for application to the
				  accrued liability contribution fund.
Employer and Employee Plan Contributions as a
				  Percentage of Compensation
By the Participant
By the Institution
Total
9.00%
17.40%
26.40%
Allocation of 17.40% Employer
				  Contribution
Administrative Fee
% to PERS UAAL
% to Participant's Account
0.174% of Compensation
(1.00% of 17.40% of compensation)
2.475% of Compensation
(2.50% less pro-rata share of administrative
								fee)
14.751% of Compensation
(14.90% less pro-rata share of administrative
								fee)
Plan Contributions as Credited to Participant's
				  Account
By the Participant
By the Institution
Total
9.00%
14.751
23.751%
In no event will compensation taken into account under the
				  Plan exceed the limit of Code Section 401(a)(17) as such amount may be adjusted
				  by the Secretary of Treasury from time to time.
All Plan contributions are fully vested and nonforfeitable.
				  Plan contributions during educational, maternity and sick leave are provisional
				  on the continuation of salary or compensation by the employing
				  Institution.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article IV - PLAN CONTRIBUTIONS › Section 27-240-IV-4.1(a) - Contributions during Qualified Military Service

Current through June 25, 2024
Notwithstanding any provision of this Plan to the contrary,
				  contributions, benefits and service credit with respect to Qualified Military
				  Service will be provided in accordance with Code Section 414(u)(5). A
				  Participant shall be allowed to make Participant Plan Contributions, on an
				  after-tax basis, for each year of Qualified Military Service in any amount up
				  to the maximum Participant contributions the Participant would have been
				  eligible to contribute had he not been in Qualified Military Service based on
				  his compensation as herein defined, provided such Participant entered such
				  Qualified Military Service directly from the employ of the Institution and was
				  reemployed by the Institution immediately following discharge from such
				  Qualified Military Service. The Participant shall be required to contribute
				  such make-up Participant Plan Contributions during the period which begins on
				  the date of the Participant's reemployment with the Institution and not
				  exceeding three (3) times the Participant's Qualified Military Service;
				  provided however, that in no event shall such period exceed five (5)
				  years.
If the Participant makes the required Participant Plan
				  contribution as noted above, an Institution Plan Contribution shall be made for
				  any eligible Participant for each year of Qualified Military Service in an
				  amount equal to the amount the Participant would have been credited had he not
				  been in Qualified Military Service based on his compensation as herein
				  defined.
A Participant who is in Qualified Military Service shall be
				  treated as receiving compensation during such period of Qualified Military
				  Service equal to the compensation the Participant would have received during
				  such period if the Participant were not in Qualified Military Service,
				  determined based on the rate of pay the Participant would have received from
				  the Institution but for absence during the period of Qualified Military
				  Service.
Any Institution Plan Contributions made pursuant to this
				  Section shall not be subject to any otherwise applicable limitations contained
				  in Code Section 404(a), 402(g), or 415 with respect to the year in which the
				  Institution Plan Contributions are made; however, such Institution Plan
				  Contributions shall be subject to such limitations with respect to the year to
				  which the Institution Plan Contributions relate.
Qualified Military Service means any service in the uniformed
				  services (as defined in Chapter 43, Title 38, United States Code) by any
				  individual if such individual is entitled to reemployment rights under such
				  chapter with respect to such services.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article IV - PLAN CONTRIBUTIONS › Section 27-240-IV-4.2 - Allocation of Plan Contributions

Current through June 25, 2024
Plan contributions to the Participant's account shall be
				  forwarded by the Institution to the Fund Sponsor of the Funding Vehicle(s)
				  selected by a Participant and may be allocated by the Participant to one or
				  more Funding Vehicles in whole-number percentages. At least as frequently as
				  once a month a Participant may change his or her allocation of future Plan
				  contributions to such Funding Vehicle(s) of a Fund Sponsor.
A Participant may direct contributions to more than one Fund
				  Sponsor. A Participant may change Fund Sponsors quarterly, and such changes are
				  effective January 1, April 1, July 1, and October 1 of each year if the correct
				  form is received by the date specified by the Institution.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article IV - PLAN CONTRIBUTIONS › Section 27-240-IV-4.3 - Statements

Current through June 25, 2024
The Institution will determine the total amount of
				  contributions to be made for each Participant from time to time on the basis of
				  its books and records and in accordance with the provisions of this Article.
				  When each contribution payment is made by the Institution, the Institution will
				  prepare a statement showing the name of each Participant and the portion of the
				  payment which is made for him or her and will deliver a copy of the statement
				  to the appropriate Fund Sponsor(s) with the contributions
				  payment.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article IV - PLAN CONTRIBUTIONS › Section 27-240-IV-4.4 - Record Maintenance

Current through June 25, 2024
Records for each Participant under this Plan are maintained
				  on a calendar year basis. At least once a quarter the Fund Sponsor(s) will send
				  each Participant a report summarizing the status of his or her Accumulation
				  Account(s) as of the end of that current quarter. Similar reports or
				  illustrations may be obtained by a Participant upon Termination of Employment
				  or at any other time by writing directly to the Fund
				  Sponsor(s).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article IV - PLAN CONTRIBUTIONS › Section 27-240-IV-4.5 - Limitations

Current through June 25, 2024
Notwithstanding anything to the contrary contained in this
				  Plan, the obligation of the Institution to make Institution Plan Contributions
				  is subject to the provisions of Article X relating to the amendment and
				  termination of the Plan, provided that no amendment or termination will affect
				  any obligation of the Institution to make Institution Plan Contributions with
				  respect to Compensation earned by Participants prior to the date of amendment
				  or termination.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article IV - PLAN CONTRIBUTIONS › Section 27-240-IV-4.6 - Reversion

Current through June 25, 2024
All contributions and earnings thereon credited to the Plan
				  and/or a Participant's Accumulation Account shall be irrevocable except as
				  provided herein and may only be used for the exclusive benefit of the
				  Participant and his or her designated Beneficiaries. Under no circumstances or
				  conditions will any Plan Contributions revert to, be paid to, or inure to the
				  benefit of the Institution, directly or indirectly.
However, erroneous Plan Contributions will be corrected and
				  returned by the Fund Sponsor to the Institution no later than 30 days after
				  notification of the error if such correction and return can be completed within
				  one year of the erroneous contributions. In any event, any correction made
				  under this section shall be made in accordance with the Internal Revenue
				  Service Employee Plans Compliance Resolution System.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article IV - PLAN CONTRIBUTIONS › Section 27-240-IV-4.7 - Maximum Contribution

Current through June 25, 2024
Notwithstanding anything contained in this Plan document to
				  the contrary, the total annual additions made on behalf of any Participant for
				  any year will not exceed the amount permitted under Code Section 415.
				  Notwithstanding the foregoing, the otherwise permissible annual contributions
				  for any Participant under this Plan may be further reduced to the extent
				  necessary to prevent disqualification of the Plan under Code Section
				  415.
If the annual additions exceed the limitations under Code
				  Section 415, the failure to limit annual additions may be corrected in any
				  manner permitted by the Internal Revenue Service under its Employee Plans
				  Compliance Resolution System.
If the limitations are exceeded because the Participant is
				  also participating in another Plan required to be aggregated with this Plan for
				  the purposes of Code Section 415, then the extent to which annual contributions
				  under this Plan will be reduced, as compared with the extent to which annual
				  benefits or contributions under any other plans will be reduced, will be
				  determined by the Institution in a manner as to maximize the aggregate benefits
				  payable to the Participant from all plans. If the reduction is under this Plan,
				  the Institution will advise affected Participants of any additional limitation
				  on their annual contributions required by this paragraph.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article V - FUND SPONSORS/FUNDING VEHICLES › Section 27-240-V-5.1 - Fund Sponsors/Funding Vehicles

Current through June 25, 2024
Plan contributions are invested in one or more Funding
				  Vehicles available to Participants under this Plan. These Funding Vehicles,
				  unless restricted by law, may include collective investment trusts or common
				  group trusts that provide for the pooling of assets of employee benefits
				  trusts, as permitted under Revenue Rulings 81-100 and 2011-1, Notice 2012-6,
				  Revenue Ruling 2014-24, or subsequent guidance, and that are operated or
				  maintained exclusively for the commingling and collective investment of monies,
				  provided that the funds in the group trust consist exclusively of trust assets
				  held under plans qualified under section 401(a) of the Internal Revenue Code,
				  individual retirement accounts that are exempt under section 408(e) of the
				  Internal Revenue Code, eligible governmental plans that meet the requirements
				  of section 457(b) of the Internal Revenue Code, and governmental plans under
				  section 401(a)(24) of the Internal Revenue Code. For this purpose, a trust
				  includes a custodial account or separate tax-favored account maintained by an
				  insurance company that is treated as a trust under section 401(f) or under
				  section 457(g)(3) of the Internal Revenue Code.
Any collective or common group trust to which assets of the
				  Plan are transferred shall be adopted by the Board as part of the Plan by
				  executing appropriate participation, adoption agreements, and/or trust
				  agreements with the group trust's trustee. The separate account maintained by
				  the group trust for the Plan shall not be used for, or diverted to, any purpose
				  other than for the exclusive benefit of the members and beneficiaries of the
				  Plan.
For purposes of valuation, the value of the separate account
				  maintained by the group trust for the Plan shall be the fair market value of
				  the portion of the group trust held for the Plan, determined in accordance with
				  generally recognized valuation procedures.
The Board shall periodically monitor and evaluate the
				  available Fund Sponsors and Funding Vehicles as well as the appropriateness of
				  continued offerings by the Plan. The Board shall determine whether to add
				  additional Funding Vehicles and/or to terminate Funding Vehicles that are
				  determined to be no longer appropriate for offering.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 240 - PERS, Optional Retirement Plan › Article V - FUND SPONSORS/FUNDING VEHICLES › Section 27-240-V-5.2 - Fund Transfers

Current through June 25, 2024
Subject to a Funding Vehicle's rules for transfers and in
				  accordance with the provisions of the Code for maintaining the tax deferral of
				  the Accumulation Account(s), a Participant may specify that a part or all of
				  his or her Accumulation Account in one Funding Vehicle may be transferred to
				  another Funding Vehicle(s) of the Fund Sponsor or the Funding Vehicle(s) of
				  another Fund Sponsor. Transfers between Fund Sponsors are subject to each Fund
				  Sponsor's rules for such transfers.