Transcription of Refund Payback Cost Fact Sheet - pers.ms.gov
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Refund Payback Cost Fact Sheet - pers.ms.gov
Public Employees Retirement System of Mississippi 429 Mississippi Street, Jackson, MS 39201-1005 , fax Refund Payback Cost Fact Sheet Revised 07/26/2021 Refunds cannot be purchased after the effective date of retirement. In addition, a beneficiary is not eligible to purchase a deceased member s Refund . The cost to pay back a Refund is calculated by using the following factors: o Refunded contributions and accrued interest. o Interest charged to reinstate refunded service credit. The interest charged is compounded annually. The Interest Rate Table for interest charged on a Refund Payback cost is detailed below: Fiscal Year (July 1 June 30) Interest Rate 1954-1980 1981-1985 1986-1994 1995 1996 1997 1998 1999-2015 2016-2021 2022 The interest charged is non-refundable and is not posted to the member account.
Payback Cost: Entered PERS-Covered Service before July 1, 2007 Members who refunded contributions before July 1, 2007, and reenter state service before July 1, 2007, are subject to the four-year membership service requirement. Members must contribute to PERS for a
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