State Retirement

***Please note that you must complete an Application and Beneficiary Form for State Retirement (PERS or ORP)***  

Mandatory for those who qualify

Employed 50% or more for more than 4 ½ months OR
Employed 1 fall or spring semester for 9 month employees

PERS (Public Employees' Retirement System) : Available to all employees-- www.pers.state.ms.us

ORP (Optional Retirement Plan) : Available to Teaching and Administrative Faculty, Coaches, Librarians with Academic Rank, Administrators with Budgetary authority, Postdoctoral Research Associates, and Research Scientists

Supplemental Retirement Plans:

Tax Sheltered Annuities (TSAs)/403(b)
Deferred Compensation

Public Employees' Retirement System (PERS) -

Application for Enrollment In PERS
Beneficiary Nomination Form for PERS

Defined benefit plan (potential benefits are based on a pre-determined formula)

Employee contributes 7.25% of their income (pre-tax)

University contributes 11.85% of employee's income

Monthly retirement benefits are available from PERS for members who meet the following criteria:

Members hired prior to July 1, 2007

* You are age 60 with at least four years of membership credit
* You have accumulated at least 25 years of service credit, regardless of age

Members hired on or after July 1, 2007

* You are age 60 with at least eight years of membership credit
* You have accumulated at least 25 years of service credit, regardless of age

You will receive a percentage of your four highest years' average salary based on your total years of service credit. The percentage received
is based on a systematic phase as follows. an employee receives 2 percent of the average compensation for 1-25 years of service and
2.5 percent for years of service in excess of 25 years.

Once an employee is vested, there are several other potential benefits.

If you leave the University before you are vested:

If you leave the University after you are vested:

 

Optional Retirement Plan (ORP) -

ORP Election/Vendor Selection Form
ORP Beneficiary Selection Form

Qualifying employees have 30 calendar days from their date of hire to enroll in ORP.

Defined contribution plan (benefit is based on contributions, and interest on contributions)

Employee chooses a company to invest with, as well as the type of investment

If you leave the University

Advantages and Disadvantages of ORP versus PERS:

ADVANTAGES OF PERS

DISADVANTAGES OF PERS

-- Disability income protection
-- Military service credit
-- Unused leave credit
-- Death benefits in line of duty
-- Cost of living increase (13th check)
-- Stability of system
-- Can purchase professional leave credit
-- Minimum monthly benefit after 4 years' service upon qualification for retirement for members hired prior to July 1, 2007
-- Minimum monthly benefit after 8 years' service upon qualification for retirement for members hired on or after July 1, 2007
-- Can purchase out-of-state service

-- Not transferable
-- 4-year service requirement for monthly disability, survivor and retirement benefits for members hired prior to July 1, 2007
-- 8-year service requirement for monthly disability, survivor and retirement benefits for members hired on or after July 1, 2007
-- Employee does not have access to employer contributions if terminates prior to eligibility for monthly benefits.

ADVANTAGES OF ORP

DISADVANTAGES OF ORP

-- Access to contributions of 16.60%
-- Portability
-- Benefits available upon termination at any age subject to applicable penalties
-- Control over investment
-- Immediate vesting

-- Disability benefits based on account value
-- Survivor benefits based on account value
-- No additional credit for unused or military leave
-- No cost of living increase
-- Employee does not have access to 2.5% of employer contribution

*If a person has recently begun participating in the ORP and has a small account balance, benefits are based solely on the value of the account with no minimum guarantee.

Supplemental Retirement

Pre-tax 403(b)

Employees of The University of Mississippi are offered certain tax advantages in that part of the gross compensation may be excluded from current income taxes when used to purchase an annuity for additional retirement benefits under the provisions of Section 403(b) of the Internal Revenue Code. Invested moneys will be taxed at the time the annuity matures, and payment is made to the individual. This could result in considerable tax savings to the individual. Employees interested in this program may contact the Department of Human Resources at 662-915-7431 or directly contact a representative of the following companies authorized by the University to handle these annuities.

Please note that this program is voluntary with no contributions from the University or the State.

Please visit the Human Resources web site ( www.olemiss.edu/depts/HR/master_hrweb/403B.htm) for links to each company's web site. To enroll in the pre-tax 403(b) program, you must complete a Salary Reduction Agreement Form (available online at http://www.olemiss.edu/depts/HR/forms/salary_reduction.pdf). Please be sure to indicate your withholding preferences in the proper location on the form. Once your withholdings are made you will not be able to redirect those monies (i.e. have pre-tax 403(b) dollars submitted to a post-tax Roth 403(b) account).

 

Post-tax Roth 403(b)
 

The University of Mississippi offers the Roth 403(b) as an option to have post-tax earning deducted for supplemental retirement savings. The earnings from these accounts are allowed to accumulate on a tax free basis as long as proper methods are followed for withdrawals. These retirement mechanisms are a new opportunity recently allowed beginning this calendar year. The contribution limits for Roth 403(b) accounts are the same as the traditional pre-tax 403(b) accounts. However, the combined amounts withheld cannot exceed the calendar year contribution limit.

The following vendors have been authorized to offer Roth 403(b) accounts with the University.

Please note that this program is voluntary with no contributions from the University or the State.

Please visit the Human Resources web site ( www.olemiss.edu/depts/HR/master_hrweb/403B.htm) for links to each company's web site. To enroll in the pre-tax 403(b) program, you must complete a Salary Reduction Agreement Form (available online at http://www.olemiss.edu/depts/HR/forms/salary_reduction.pdf). Please be sure to indicate your withholding preferences in the proper location on the form. Once your withholdings are made you will not be able to redirect those monies (i.e. have pre-tax 403(b) dollars submitted to a post-tax Roth 403(b) account). You should contact a vendor representative once you decided to have funds withhold from your earnings. The representative can assist you in determining how your funds should be invested. Employees interested in this program may contact the Department of Human Resources at (662) 915-7431 or directly contact a vendor representative for more information.

Deferred Compensation - The 1973 and 1974 Mississippi Legislatures passed legislation that allows any public employee in the State of Mississippi to participate in a Deferred Compensation Plan. Participation is voluntary with no contributions by the state or the University.

Deferred compensation, like tax-sheltered annuity, offers certain tax advantages in that a part of an employee's gross compensation may be excluded from current income taxes and invested. The Public Employees' Retirement System is the state agency chosen to administer the program. For more information, please contact Johnny Peters with Mississippi Deferred Compensation at (800) 846-4551 or visit their website at www.pers.state.ms.us (click on "Deferred Comp" and select list Mississippi Deferred Compensation Plan.



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