Optional Retirement Plan (ORP) State Retirement System
Delta State University employees in administrative positions and teaching faculty of the State Institutions of Higher Learning are eligible to participate in the Optional Retirement (ORP).
Teaching Faculty: This generally includes full-time faculty employees who are working on paid appointments (contract) by the University. It generally excludes adjunct faculty, or temporary instructors. For specific information on who is covered under this plan, contact the Human Resources Department.
Administrative positions: This generally includes full-time staff employees with budgetary responsibility who are working on paid appointments (contract) by the University. For specific information on who is covered under this plan, contact the Human Resources Department.
PROCEDURES and RESPONSIBILITIES
The Optional Retirement Plan (ORP), administered by the Board of Trustees of the Public Employees’ Retirement System of Mississippi, allows eligible employees to elect participation with one of three companies:
- Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA/CREF),
- Aetna Life Insurance and Annuity Company (AETNA), or the
- Variable Annuity Life Insurance Company (VALIC).
Upon employment, eligible employees have 90 days to elect participation in the ORP. If no election is made, employees will automatically be enrolled in the Public Employees’ Retirement System (PERS). An election to participate in the Optional Retirement Plan is irrevocable and results in employees’ ineligibility to participate in PERS.
Contributions to the ORP are the same as those required for PERS participation except that the University’s contribution is split between the ORP and the PERS. University payments to PERS on behalf of ORP participants are applied to the accrued liability fund to offset losses resulting from non-participation, but do not earn employees participating in the ORP any additional retirement benefits in PERS.
All contributions are fully vested and non-forfeitable in the ORP. They are portable and remain with employees upon termination.
More detailed information on the optional retirement plan system is available in the Human Resources Department or by contacting the Public Employees’ Retirement System of Mississippi, 429 Mississippi Street, Jackson, Mississippi 39201‑1005, telephone (601) 325‑3589 or 1‑800‑444‑7377 or www.pers.state.ms.us.
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Miss. Code Ann., Sec. 25-11-401 (Supp. 1990)
