State Retirement – Public Employees’ Retirement System
| POLICY STATEMENT |
All employees except those eligible for the Optional Retirement Plan, who are employed half time or more with Delta State University are required to become members of the Public Employees’ Retirement System of Mississippi.
| DEFINITIONS |
Employee: This generally includes faculty and staff employees who are working on paid appointments by the University. It generally excludes students or temporary employees. For specific information on who is considered an employee, contact the Human Resources Department.
| PROCEDURES and RESPONSIBILITIES |
The Public Employees’ Retirement System of Mississippi enacted by the 1952 Legislature requires participation of all state employees who work twenty (20) hours per week or more for a state employer. The State of Mississippi mandates participation in the retirement system as a condition of employment.
Exemptions
Employees who are classified part‑time, who work less than 15‑days a month or who work less than the equivalent of 1/2 of a normal work load for their position and receive less than 1/2 of the normal wages for the position are exempt from participation. An exception to this policy is if a part-time employee is a member of the Public Employee’s Retirement System at another agency, then the employee must be a member at the University. Also, students of any state educational institution employed by an agency of the state for temporary, part‑time, or intermittent work may not enter membership into the system.
Temporary Employees
Persons whose employment is temporary in nature or intermittent and who are not employed for at least four and one‑half months in a fiscal year shall not be covered by the State Retirement System.
Contributions and Withdrawals
Contributions are taken in payroll deductions under a pre‑tax arrangement so that funds contributed are taxable only at retirement or termination. Employees who terminate from state service may choose to withdraw contributions they have made to the system in a lump sum amount, or they may leave the contributions in the retirement system until retirement or transfer to another state agency. Employees with less than four (4) years of service with the state must withdraw his/her funds.
Retirement eligibility
Members may retire and receive full retirement allowance: (1) if they are age 60 with credit of at least 4 years of membership service; or, (2) they have accumulated at least 25 years of creditable service, regardless of age.
More detailed information on the retirement 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.ms.gov.
Responsible Office and/or Policy Owner: Office of Human Resources
| RELATED DOCUMENTS |
- Miss. Code Ann., Sec. 25-11-10
| STATUS |
Active
| DATES(S) |
Change/Review/Approval Date:
Revised/Approved by Cabinet: 08/22/2013
