Mississippi Savings Plan for Employees

State:
Multi-State
Control #:
US-CC-22-109E
Format:
Word; 
Rich Text
Instant download

Description

22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
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  • Preview Savings Plan for Employees
  • Preview Savings Plan for Employees
  • Preview Savings Plan for Employees
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FAQ

Full Retirement and Age 62 Benefit By Year Of Birth Year of Birth 1.Full (normal) Retirement AgeAt Age 62 3.The spouse's benefit is reduced by 5.195866 and 8 months33.33%195966 and 10 months34.17%1960 and later6735.00%5 more rows

Public Employees' Retirement System of Mississippi (PERS): The employee's pre-tax contribution is 9.00% of gross wages and the University contribution is 17.40% of the employee's gross income. PERS is a defined benefits plan which entitles qualified employees to a guaranteed retirement benefit.

PERS 13th Check is the annual 3% cost of living increase given to current public sector employees and Mississippi retirees at the year's end. The 13th Check or payment is paid to the ex-employees entirely by employer contributions.

If you are no longer employed by a PERS-participating employer, you may choose to ?withdraw? the member contributions and earnings that have accumulated in your Individual Account Program (IAP), as long as certain conditions have been met. Doing so completely cancels your membership in OPSRP/PERS.

You may request a balance of your account by contacting PERS Customer Service. You may call in your request at 800-444-7377 or 601-359-3589, or you may fax your request to 601-359-6707 with the following information: Name.

The 13th check is referred to as a bonus check. The bonus check, which is usually issued each December 15th , is computed on a percentage basis multiplied by the number of years retired and annual income received.

You become vested when you have worked the required number of years of service as a contributing member. Being vested entitles you and your beneficiaries to certain benefits when you reach a specified age or years of service or if you become disabled or die prior to retirement.

Designate Your Beneficiaries No matter what option you select upon retirement, you will receive a monthly benefit and Cost-of-Living Adjustment (COLA) for life.

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Mississippi Savings Plan for Employees