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Is retirement income taxable? Generally, retirement income, pensions and annuities are not subject to Mississippi Income tax if the recipient has met the retirement plan requirements.
Your initial retirement benefit is calculated using projected wages certified by your employer before your termination date. After your final wages are reported, PERS will audit your account and, if necessary, adjust your benefit for any underpayment or overpayment.
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.
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.
Your accumulated contributions earn interest monthly at an annual rate, which is set by the PERS Board of Trustees. Member contributions plus accumulated interest are refunded to members who choose to withdraw their contributions following termination of covered employment.
We process complete refund election form packages in the order of receipt. You can typically expect to receive your refund within 30 to 45 days from the date we receive all your necessary forms. However, timeframes can vary if there are holds or other restrictions on your account that require review and action.
Defined Benefit Plans PERS is a defined benefit plan, which is a plan designed based on strength in numbers, automatic participation, and pooled risk so that members may receive a benefit for life at retirement.
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.