{"id":624,"date":"2018-10-09T16:09:30","date_gmt":"2018-10-09T16:09:30","guid":{"rendered":"https:\/\/www.deltastate.edu\/human-resources\/?page_id=624"},"modified":"2024-02-01T16:26:46","modified_gmt":"2024-02-01T16:26:46","slug":"benefits-for-retirees-at-delta-state-university","status":"publish","type":"page","link":"https:\/\/www.deltastate.edu\/human-resources\/benefits-for-retirees-at-delta-state-university\/","title":{"rendered":"Benefits for Retirees at Delta State University"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

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RESOURCES FOR RETIREE BENEFITS<\/strong><\/span><\/h3>\n

2019 Retiree Benefit Premiums (pdf)<\/a>
\nPERS Retiree Handbook<\/a>
\nPERS Retiree Resources<\/a>
\nSubscribe to PERS Updates<\/a><\/p>\n\n\n\n
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YOUR RETIREMENT SYSTEM:\u00a0 A BRIEF OVERVIEW<\/strong><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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The Public Employees\u2019 Retirement System of Mississippi (PERS or the System) is a governmental defined benefit plan qualified under Section 401(a) of the Internal Revenue Code. PERS was established by the state Legislature in 1952 to provide benefits to eligible Mississippi public employees working for state agencies, universities, community\/junior colleges, and public schools, as well as counties, cities, and other participating political subdivisions.<\/p>\n

Unlike a defined contribution plan (e.g., a 401(k)-type plan) where a participant\u2019s retirement benefit is based on contributions and any investment earnings accumulated in that participant\u2019s account, a defined benefit plan determines a member\u2019s retirement benefit using a formula based on the member\u2019s average compensation, years of creditable service, and the benefit payment option selected at retirement. PERS is a trust fund operating on a fiscal year calendar from July 1 through June 30. All funds are held in trust for the exclusive benefit of the members.<\/p>\n

Funding for PERS comes from member and employer contributions and investment earnings on those contributions that accumulate over time. As a defined benefit plan, PERS has access to professional investment management, which eliminates the need for members to manage their contributions in the markets. Defined benefit plans are designed based on strength in numbers, automatic participation, and pooled risk so that members are guaranteed to receive lifetime benefit payouts at retirement, regardless of market downturns. In addition, PERS provides disability and survivor protection.<\/p>\n<\/div>\n

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WHO IS ELIGIBLE?<\/strong><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The University offers certain benefits to retirees, including tuition assistance, activity card, alumni membership, etc. Life insurance and health insurance are provided by the Office of Insurance through the State of Mississippi Health Insurance Plan. To be classified as a Delta State University retiree, an employee must have been a full-time employee with ten or more years of full-time service to DSU or a part-time employee with fifteen or more years of service.<\/p>\n

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. (See table below outlining vesting and eligibility requirements.)<\/div>\n
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If you were hired<\/td>\nOn or before June 30, 2007<\/td>\nJuly 1, 2007 to June 30, 2011<\/td>\nOn or after July 1, 2014<\/td>\n<\/tr>\n
Vesting requires that<\/td>\nYou have 4 years of membership service to be vested.<\/td>\nYou have 8 years of membership service to be vested.<\/td>\nYou have 8 years of membership service to be vested.<\/td>\n<\/tr>\n
Service Retirement Eligibility requires that<\/td>\nYou can retire with 25 years of creditable service at any age or age 60 and vested.<\/td>\nYou can retire with 25 years of creditable service at any age or age 60 and vested.<\/td>\nYou can retire with 30 years of creditable service at any age or age 60 and vested.<\/td>\n<\/tr>\n
Partial Lump Sum Option (PLSO) eligibility requires that<\/td>\nYou are eligible for PLSO with 28 years of creditable service or age 63 and vested.<\/td>\nYou are eligible for PLSO with 28 years of creditable service.<\/td>\nYou are eligible for PLSO with 33 years of creditable service.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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SERVICE CREDIT<\/strong><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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While working in a PERS-covered position where wages are properly reported and applicable contributions are paid, you earn membership service that counts toward your retirement. No membership service is awarded for leave of absence without pay.\u00a0service is awarded for leave of absence without pay. To\u00a0receive service credit other than membership service, you must be vested and eligible to qualify as follows:<\/p>\n<\/div>\n

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You may receive service credit for accumulated\u00a0uncompensated, unused leave, if eligible. Credit for non-elected positions\u00a0State law relating to leave allows service to be awarded\u00a0to a PERS member upon retirement for lawfully\u00a0accumulated unused and uncompensated personal\u00a0(vacation) and major medical (sick) leave certified to PERS at or prior to retirement. State and university employees who terminate covered employment on or\u00a0after July 1, 1984, and school employees who terminate\u00a0covered employment on or after May 15, 1984, may\u00a0receive service credit for lawfully accumulated unused\u00a0leave.<\/div>\n<\/div>\n
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For members who terminate on or after July 1, 1984, the\u00a0employer must have a written policy in place authorizing accumulated unused leave to be certified to PERS at termination and\/or retirement to receive credit for that leave. For retirement purposes, policies of covered\u00a0employers that allow for the accumulation of unused leave cannot exceed the provisions of the state law\u00a0relating to leave.\u00a0Except at retirement, accumulated unused leave is certified by the employer.<\/div>\n
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\nActive Duty Military Service Credit at No Cost and for Purchase<\/strong>
\nQualifying active duty military service credit is available at\u00a0no cost and for purchase. Military service performed after\u00a0terminating from covered public service or while drawing\u00a0a retirement allowance is not eligible for credit.<\/div>\n

\nMilitary Service Credit at No Cost<\/em><\/span><\/div>\n
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Military service credit at no cost requires that you must:<\/div>\n
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  • have served on active duty in:\n
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    • the U.S. Army, Air Force, Marine Corps, or Coast Guard;<\/li>\n
    • maritime service during periods of hostility in World War II; or<\/li>\n
    • the Commissioned Corps of the U.S. Public Health Service prior to 1972. This credit is available only to members who retire on or after July 1, 2002.<\/li>\n<\/ul>\n<\/li>\n
    • have entered or reentered state service after discharge from qualifying service and be vested in PERS;<\/li>\n
    • not have received a dishonorable discharge;<\/li>\n
    • not have credit for this service in any other retirement system administered by PERS and not have overlapping service for the same period of time; and<\/li>\n
    • provide necessary documentation prior to retirement.<\/li>\n<\/ul>\n

      If eligible, you may receive, at no cost, up to four years\u00a0of service credit, or more if you were retained in the\u00a0armed forces or maritime service during World War II by causes beyond your control and without opportunity for discharge. You must submit a copy of your DD-214 discharge form or comparable documentation to qualify for this additional credit. You also may be eligible for service credit as a National Guard or Reserve member if your unit was federally activated into the U.S. Armed Forces and you provide PERS with a copy of your DD-214. Neither the\u00a0Guard NGB Form nor the U.S. Army Reserve Personnel\u00a0Center Chronological Statement of Retirement Points will be\u00a0accepted to establish eligibility for active duty military service.<\/p>\n

      Military Service Credit for Purchase<\/em><\/span>
      \nUnder certain circumstances, you may be awarded credit\u00a0for military service that interrupts covered public service,\u00a0provided the appropriate employee and employer contributions are paid.<\/p>\n

      To purchase service under the Uniformed Services\u00a0Employment and Reemployment Rights Act (USERRA),\u00a0you must have worked for a covered employer, left\u00a0employment for a military leave of absence, and returned\u00a0to work with the same employer within 90 days of\u00a0discharge or release except as otherwise provided under\u00a0USERRA. The Heroes Earnings Assistance and Relief
      \nTax (HEART) Act extends the right to purchase service\u00a0under USERRA to survivors after a member’s death.<\/p>\n

      If a member dies while performing qualified military\u00a0service as defined by the United States Code, his or\u00a0her survivors are entitled to any additional benefits that\u00a0the system would provide if the member had resumed\u00a0employment and then died. A deceased member’s period\u00a0of qualified military service must be counted for vesting\u00a0 purposes. An individual receiving differential wage payments from an employer shall be treated as employed\u00a0by that employer, and the differential wage payment shall\u00a0be treated as compensation.<\/p>\n

      Out-of-State Service<\/strong>
      \nA vested member may purchase up to five years of out of-state\u00a0service for qualifying public, non-federal service performed in another state as a public employee of the other state; a political subdivision, public education\u00a0system, or other governmental instrumentality of the other state; or as a teacher in American overseas dependent schools operated by the U.S. Armed Forces
      \nfor children of U.S. citizens residing in areas outside the\u00a0continental U.S. A member who enters or reenters state\u00a0service after his or her out-of-state public employment\u00a0may purchase his or her qualifying out-of-state service at actuarial cost prior to retirement. For PERS to\u00a0determine eligibility and the cost of the purchase, PERS\u00a0must receive a completed Form 19, Out-of-State Public\u00a0Employment Certification.<\/p>\n

      Professional Leave<\/strong>
      \nProfessional leave is leave without pay for professional\u00a0purposes directly related to employment in state service and performed with a public institution or public agency of Mississippi or another state or federal agency, as\u00a0authorized by the employer. As a vested member, you\u00a0may purchase a maximum of two years of qualifying\u00a0professional leave for any 10-year period of state\u00a0service. Credit for professional leave may be purchased\u00a0at actuarial cost prior to retirement.<\/p>\n

      Refund Payback<\/strong>
      \nIf you return to covered service after refunding previous\u00a0contributions and interest, you may reinstate withdrawn\u00a0service credit by repaying your refund plus interest.\u00a0Service credit will be\u00a0 reinstated when you become\u00a0vested.<\/p>\n

      RETIREMENT ORIENTATION & PLANNING RESOURCES<\/h3>\n
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      Our office is dedicated to helping employees prepare, plan for\u00a0and transition into their life in retirement. In order to help employees better understand the benefits available to them, we have created a\u00a0Retirement Orientation\u00a0that is delivered every other month. Please refer to the\u00a0Getting Ready to Retire section_____________________ of our website to learn more and register for Orientation and other retirement workshops.<\/p>\n

      WHAT BENEFITS WILL I RECEIVE IN RETIREMENT?<\/h3>\n
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      • Continuing your\u00a0medical insurance\u00a0(Retiree paid)<\/li>\n
      • Voluntary,\u00a0dental insurance (Retiree paid)<\/li>\n
      • Voluntary, vision insurance (Retiree paid)<\/li>\n
      • $5,000, $10,000 or $15,000 of term life insurance\u00a0(Retiree paid)<\/li>\n
      • Tuition benefits\u00a0for yourself, your dependent children, or spouse<\/li>\n
      • Membership in the Delta State University Dedicated Statesmen Association<\/li>\n
      • Parking decal which allows the retiree to park in most parking spaces.<\/li>\n
      • Symbolic retirement gift subject to the availability of the Foundation funds to cover the cost.<\/li>\n
      • “Retiree” ID card which entitles the retiree with access to the following at no charge:\n
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        • Roberts-LaForge Library<\/li>\n
        • Athletic Events (regular season only)<\/li>\n
        • Fitness Center<\/li>\n
        • Wyatt Gym<\/li>\n
        • Aquatics Center<\/li>\n
        • Tennis Courts<\/li>\n
        • Limited Health Services<\/li>\n<\/ul>\n<\/li>\n
        • DSU retiree email account if requested. This email will provide limited access to the University email system.\n
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          • An application may be completed with the Office of Information Technology, Bailey 102.<\/li>\n<\/ul>\n<\/li>\n
          • Lifetime membership in the Alumni Association<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n
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            WHAT ABOUT COBRA?<\/h3>\n

            Please note as a recent retiree, you will also receive COBRA paperwork, mailed to your home address. Blue Cross and Blue Shield of Mississippi will mail you COBRA paperwork, even though you are entitled to receive retiree medical benefits, for one important reason:<\/p>\n

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            • COBRA regulations require us to send you this paperwork.<\/li>\n<\/ul>\n

              QUESTIONS?<\/h3>\n

              You can contact Delta State University Human Resources’ Office at 1-662-846-4035 between the hours of 8am – 5pm.<\/p>\n

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