27 Miss. Code. R. 210-47-102 - Qualifying transfers and/or rollovers must meet the following conditions

1. Funds may be transferred by the member (or surviving spouse who is a member) only for the purpose of establishing service credit as a member through (i) the repayment of part or all of previously withdrawn contributions and interest, or (ii) purchase of optional service credit as allowed by law. The amount of the contribution accepted by the retirement system shall not exceed the cost of the service to be purchased.

2. The member should contact PERS to obtain a cost schedule for the service to be purchased or reinstated. If the member makes less than full payment for the total service credit, payment must be made in increments of not less than one month of creditable service beginning with the most recent service. All service credit purchased or repaid is subject to verification and correction as deemed necessary by PERS.

3. Rollovers from other plans may take one of the following forms:

a. Direct Rollovers:

The plan will accept a direct rollover of an eligible rollover distribution from an eligible retirement plan authorized by federal law including the following:

i. A qualified plan described in Section 401(a) of the Code or an annuity plan described in Section 403(a) of the Code, excluding after-tax contributions.

ii. An annuity contract described in Section 403(b) of the Code, excluding after-tax contributions.

iii. An eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state.

iv. A traditional individual retirement account or annuity described in Section 408(a) or 408(b) of the Code that is eligible to be rolled over and would otherwise be includible in gross income.

v. A SEP IRA described in Section 408(k) of the Code that is eligible to be rolled over and would otherwise be includible in gross income.

vi. A SIMPLE IRA described in Section 408(p) of the Code that is eligible to be rolled over and would otherwise be includible in gross income.

b. Participant Rollover Contributions:

The plan will accept a participant contribution of an eligible rollover distribution from an eligible retirement plan as authorized by federal law as follows:

i. A qualified plan described in Section 401(a) of the Code, including a qualified plan described in Section 401(k) of the Code.

ii. An annuity contract described in Section 403(b) of the Code.

iii. An eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state.

iv. A traditional individual retirement account or annuity described in Section 408(a) or 408(b) of the Code that is eligible to be rolled over and would otherwise be includible in gross income.

v. A SEP IRA described in Section 408(k) of the Code that is eligible to be rolled over and would otherwise be includible in gross income.

vi. A SIMPLE IRA described in Section 408(p) of the Code that is eligible to be rolled over and would otherwise be includible in gross income.

c. Trustee-to-Trustee Transfer:

If permitted under and subject to the provisions of federal law, plans administered by PERS may accept a direct trustee-to-trustee transfer of funds from a plan described under 403(b) or 457(b) of the Code in payment of previously withdrawn contributions and interest or the purchase of optional service credit.

4. The amount of the rollover distribution accepted by the retirement system shall not exceed the cost of the service to be purchased or reinstated.

5. A rollover check from an eligible plan must be payable to the Public Employees' Retirement System of Mississippi, or other applicable plan administered by PERS, for the benefit of the member. The member's name and Social Security number should be clearly noted on the check. The check and accompanying documentation should be directed to the attention of Member Account Support. The check must be accompanied by the required documentation and a copy of the cost schedule for the service to be purchased or reinstated. (Note: No wire transfers will be accepted unless authorized by the executive director.)

6. If the distribution from the originating institution is greater than the cost of such service to be purchased or reinstated, the originating institution must generate separate checks, making the one payable to the appropriate retirement plan for only the exact cost of the service credit to be purchased or reinstated. If the distribution from the originating institution is less than the cost of the service credit to be purchased or reinstated, a personal check or cashier's check for the difference must accompany the rollover proceeds.

7. Neither partial payments for less than a month of service nor payments in excess of the cost of service to be purchased or reinstated will be accepted.

8. It is the responsibility of the member to see that all forms are properly completed and submitted to PERS along with the appropriate funds.

9. Upon PERS' review and acceptance of documentation and payment as provided within this regulation, the member will be notified of the applicable funds and service credit posted to the member's account.

Notes

27 Miss. Code. R. 210-47-102

Adopted effective July 1, 2000; amended effective March 14, 2002; reformatted August 1, 2007; amended effective December 1, 2012 Amended 7/1/2017