§ 25-11-405. Administration of program; delegation of responsibilities
The Board of Trustees of the Public Employees’ Retirement System shall provide for the administration of the optional retirement program. The board of trustees may delegate to the state institutions of higher learning certain responsibilities for administering the optional retirement program with respect to each institution’s own employees.
§ 25-11-407. Designation of life insurance companies for purchase of annuity contracts and mutual funds
The Board of Trustees of the Public Employees’ Retirement System shall designate not less than three (3) nor more than five (5) companies to provide annuity contracts, mutual fund accounts or similar investment products, and the types of investment contracts or funds that may be offered by those companies. In making those designations, the board […]
§ 25-11-409. Election to participate in program; time of election
Eligible employees initially employed on or after July 1, 1990, shall elect to participate in the optional retirement program within thirty (30) days after (i) entry into state service, or (ii) the effective date of the optional retirement program, whichever is later. The election must be made in writing and filed with the board of […]
§ 25-11-411. Contributions made by reduction in salary; contributions by employer; amount; accrued liability contribution fund
Each participant shall contribute monthly to the optional retirement program the same amount that he or she would be required to contribute to the Public Employees’ Retirement System of Mississippi if he or she were a member of that retirement system. Participant contributions may be made by a reduction in salary in accordance with the […]
§ 25-11-413. Ineligibility for membership in Public Employees’ Retirement System
Any person electing to participate in the optional retirement program shall be ineligible for membership in the Public Employees’ Retirement System of Mississippi so long as he is employed in a position for which the optional retirement program is available. If an optional retirement program participant assumes a position in state service other than as […]
§ 25-11-415. Deductions from employers’ contribution to administer program; expense fund
The Public Employees’ Retirement System of Mississippi may deduct not more than two percent (2%) of all employers’ contributions and transfer such deductions to the expense fund of the Public Employees’ Retirement System to defray the cost of administering the optional retirement program created by this article.
§ 25-11-417. Benefits payable not obligations of state but of designated companies
Benefits payable to participants under the optional retirement program are not obligations of the State of Mississippi. Those benefits and other rights of optional retirement program participants or their beneficiaries are the liability and responsibility solely of the designated company or companies. The benefits of participants whose funds are invested with annuity providers shall be […]
§ 25-11-419. Exemption from state or municipal tax; exemption from levy, garnishment, attachment, or other process; application of State Life and Health Insurance Guaranty Association Act
Annuity contracts, mutual fund accounts or similar investment products authorized under the optional retirement program and all rights thereto of a participant in the optional retirement program shall be exempt from any state or municipal tax (except to the extent that state income tax is payable under Chapter 7, Title 27, Mississippi Code of 1972), […]
§ 25-11-421. Qualification under Section 401(a) or conformity with section 403(b) of Internal Revenue Code; determination letter from Internal Revenue Service
The Board of Trustees of the Public Employees’ Retirement System shall determine whether the optional retirement program shall be operated in conformity with Section 403(b) of the Internal Revenue Code or be qualified under Section 401(a) of the Internal Revenue Code (or any successor section). If the optional retirement program is to be qualified, the […]
§ 25-11-423. Actuarial study; report of study
After a period of three (3) years has elapsed from March 24, 1990, and not later than December 1, 1993, the Board of Trustees of the Public Employees’ Retirement System shall have an actuarial study conducted to determine what effect the optional retirement system created by this article has had on the Public Employees’ Retirement […]