Accumulated Contributions - The sum of all the amounts deducted from the compensation of a member and credited to his individual account, together with regular interest.

Active Member - A person currently employed by a Mississippi public employer and making contributions to one of the Mississippi public retirement systems.

Average Compensation - For PERS members, the four high years of earned compensation plus up to 30 days of lump sum unused leave payment averaged. The high four years is defined as the four highest fiscal years, calendar years, a combination of the two where they do not overlap or the last 48 months

Beneficiary - For PERS and SLRP, if any member dies prior to having four (4) years of membership service credit, the spouse of the member shall be the beneficiary for a refund of accumulated contributions and interest unless the member has designated a beneficiary other than the spouse after the date of the marriage. However, if such member has four (4) or more years of membership service, his/her surviving spouse (provided the member has been married to the spouse for at least one (1) year) and dependent children, if any, are by law entitled to monthly benefits in lieu of any payment to a designated beneficiary to the contrary.

For MHSPRS, "Beneficiary" means any person designated to receive a retirement allowance, an annuity or other benefit; however, the lawful spouse of a member at the time of the death of the member shall be the beneficiary of such member, unless the member has designated another beneficiary after the date of marriage

Contribution Rate - The percentage of the member's salary paid by the employee and the employer to the system to fund benefits. This percentage is determined by statute. In the case of University employees, the employee contributes 7.25% of their salary, and this amount is matched by the University.

Creditable Service - For PERS, any membership service, prior service and optional service credit as provided by statute.

Defined Benefit Plan - This type of pension plan defines the amount of benefits to be paid, generally based on a formula which includes years of service and average compensation.

Defined Contribution Plan - A plan in which every participant has an individual account. Benefits are based on the individual's total contributions and interest earnings in each participant's account.

Dual Employment - Employment with two employers which was performed in the same PERS fiscal year. The PERS law limits a person to one year of service credit in a particular plan regardless of the number of positions held during that fiscal year.

Earned Compensation - For PERS and ORP, the full amount earned by an employee for a given pay period including any maintenance furnished up to a maximum of $150,000.00 per year and proportionately for less than one year of service. In addition, any member of PERS in a covered position as defined by PERS law and regulation, who is also employed by another covered agency or political subdivision shall have the earnings of that additional employment reported to PERS regardless of whether the additional employment is sufficient in itself to be a covered position.

Employer Contributions - Employers contribute a percentage of covered wages into the Trust Fund. This money is not refundable to the member or employer if the member withdraws his/her contributions.

Inactive member - Refers to members who have previously contributed to a Plan and who still have an account with the Plan although they are no longer in a covered position.

Membership Service - The unit of measure used to describe the time (years or quarter years) that the member worked in a covered position and contributed to PERS.

Open Enrollment - A period during which subscribers in a health or life insurance program have an opportunity to elect to participate in the program or to select an alternate plan being offered to them.

ORP - Optional Retirement Plan - Available only to newly hired teaching and administrative staff of the Institutions of Higher Learning.

Out-of-State Service - PERS law provides for the purchase of out-of-state service. Service credit which may be purchased for public, nonfederal service performed in another state or for foreign service rendered as a teacher in American overseas schools conducted by the U.S. Armed Forces for dependents of U.S. citizens. Such service must have been of the nature that would have been covered, had it been rendered with a participating PERS employer.

Overlapping Service - Where a member was reported by more than one agency during a fiscal year, or where military or other creditable service overlaps with membership service. Service credit must be adjusted in such instances.

PERS - Public Employees' Retirement System of Mississippi

Purchased Service - Service credit for time a member was employed in an eligible position for which contributions were withdrawn or no contributions were received but which the member may pay an established cost to include in benefit calculations.

Reemployment - The term describes the employment status of a retiree after the retiree has begun to receive benefits from PERS. Reemployment with a covered employer is limited by statute.

Refund - A payout of the member retirement contributions, plus regular interest thereon, to a member or to the member's beneficiary.

Refund Payback - The replacement of withdrawn contributions and interest to restore membership service credit.

Service Credit - Credited years of employment in a particular retirement system. The amount of service the member has credited to his retirement account.

Unfunded Liability - The accumulated cost of benefits previously earned by active, inactive and retired members but not yet collected and paid.

Vested/Vesting - The right to specified benefits granted to eligible employees after a fixed period of employment and membership in the pension system.

Source: http://www.pers.state.ms.us/Glossary.html

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