1.
Pursuant to Miss. Code Ann. §
25-11-411
(1972, as amended), each participant is required to contribute monthly to the
optional retirement program the same amount that he or she would be required to
contribute to the Public Employees' Retirement System of Mississippi if he or
she were a member of that plan.
Each employer of a participant in the optional retirement
program shall contribute on behalf of each participant therein the same amount
the employer would otherwise be required to contribute on behalf of such
participant if he or she participated in the Public Employees' Retirement
System.
The Board of Trustees of the Public Employees' Retirement
System is authorized to set the contribution rate for both employee and
employer contributions based on the basis of the liabilities of the Public
Employees' Retirement System as shown by the actuarial valuation.
The employee and employer contribution rates are as follows:
a. Employee Contribution Rate - 9.00
percent of earned compensation effective July 1, 2010; and
b. Employer Contribution Rate - 17.40 percent
of earned compensation effective July 1, 2019.
2. Pursuant to Miss. Code Ann. §
25-11-415
(1972, as amended) the Board of Trustees is authorized to deduct not more than
two percent (2%) of the employers' contribution to defray the cost of
administering the plan. Effective July 1, 2009, this administrative fee shall
be one percent (1%) of the employers' total contribution which shall be
transferred each month to PERS when contributions are due.
3. The full amount of the employee
contribution which is 9.00 percent of the participant's earned compensation
shall be remitted to the appropriate company or companies for application to
the participant's contract or account or both.
4. The employers' contribution of seventeen
and four tenths percent (17.40%) of the participant's earned compensation shall
be disbursed as follows:
a. One percent (1%)
of the employer contributions (or the equivalent of 0.174 percent of the
participant's earned compensation) shall be paid to PERS as an administrative
fee.
b. Two and one-half percent
(2.5%) of the participant's earned compensation reduced by the pro-rata share
of the 1% administrative fee, or an equivalent of 2.475 percent of the
participant's earned compensation, shall be remitted to PERS for application to
the unfunded accrued liability.
c.
Fourteen and nine tenths percent (14.90%) of the participant's earned
compensation reduced by the pro-rata share of the 1% administrative fee, or an
equivalent of 14.751 percent of the participant's earned compensation, shall be
remitted to the appropriate company or companies for application to the
participant's contract or account or both.
Notes
27
Miss. Code. R.
210-60-104
Adopted effective
January 19, 2009; amended effective July 1, 2009; amended effective July 1,
2010; amended effective July 1, 2011; amended effective July 1, 2012; amended
effective July 1, 2013; amended effective February 1, 2014
Amended
8/1/2017
Amended
2/1/2019
