Retiree Handbook - Mississippi

1 Retiree Handbook Public Employees' Retirement System of Mississippi Providing Benefits for Life Our Mission Providing secure benefits to our members and consistently delivering quality service by meeting our customers' needs; operating efficiently and transparently;. investing and managing assets prudently; and acting in the best interest of all members. Center Cover Photo Credit: Anissa Thompson 2 Welcome Whether you worked your career as an educator, Providing secure retirement benefits is only one physician, county supervisor, engineer, clerk, part of our agency's mission. We also strive to accountant, or as one of the myriad of other public provide quality service. employees serving the state of Mississippi , one Moreover, we want you to know about your of the most valuable benefits of your employment retirement system. This Handbook is one of was knowing you had a secure retirement future several valuable tools we provide for retirees with the Public Employees' Retirement System of to learn about PERS.

2 Along with our website, Mississippi (PERS). newsletters, annual reports, and educational PERS is Mississippi 's retirement system for state opportunities, we have a team of dedicated and agencies, public schools, community colleges, and trained staff who can respond to you personally via universities, as well as counties, cities, and other phone and in person. We listen carefully to your participating political subdivisions. We believe that questions and seek to understand your needs. Mississippi 's public employees deserve a strong We strive to treat each person from new hires retirement system. to long-time retirees with dignity, respect, and Since established by the Mississippi Legislature in compassion. 1952, PERS has worked to accomplish its mission We hope this Handbook will be helpful to you, of providing secure retirement benefits by closely and we encourage you to share any suggestions monitoring investments, studying possibilities for toward improving this Handbook or any of our plan adjustments, recommending changes to the services.

3 PERS is your retirement system and Legislature, and following a strong chain of checks your future. and balances that starts with the Mississippi Constitution and ends with the people we serve. Ray Higgins Executive Director Providing Benef its for Life 3. Public Employees' Retirement System of Mississippi 429 Mississippi Street Jackson, Mississippi 39201-1005. 8:00 to 5:00 , Monday - Friday Visitor parking is available in the parking garage behind the PERS Building at 429. Mississippi Street. Entrance to the parking garage is from President Street, between Yazoo Street and Mississippi Street.. I-220. MEMPHIS.. N CARTHAGE.. 25. LAKELAND DR.. FORTIFICATION ST. HIGH ST. NORTH STATE ST. CAPITOL. PRESIDENT ST. Mississippi ST.. YAZOO ST. AMITE ST. CAPITOL ST. I-55. PEARL ST. 475. 80. VICKSBURG. I-20 MERIDIAN.. HATTIESBURG. BROOKHAVEN. 49. I-55.. 4 Table of Contents 3 Changing Options after 16. Your Retirement System: A Brief 7 Disability Retirement 16.

4 Staying 8 Insurance 18. Your Monthly Benefit 10 Planning for Physical/Mental 19. Cost-of-Living Adjustment Estimate 12 Keeping Your Account Up to 19. Base Options Quick Comparison 14 Returning to 20. Staying Involved with PERS and 23. After Your Death or a Beneficiary's 23. 26. Discover More Online Along with this Handbook , PERS provides online resources for retirees. Look for the pointing finger symbol (at left) throughout this Handbook to guide you to resources found at 5. 6. Photo Credit: Charlie Godbold, Godbold & Company Photography Your Retirement System: A Brief Overview The Public Employees' Retirement System of member of PERS, two state employees, two PERS. Mississippi (PERS) is a governmental defined retirees, one representative of public schools benefit plan qualified under Section 401(a) of the and community colleges, one representative Internal Revenue Code. PERS was established by of the state's institutions of higher learning, the state Legislature in 1952 to provide benefits to one representative of municipalities, and one eligible Mississippi public employees working for representative of counties.

5 Under the guidance of state agencies, universities, community colleges, a consulting actuary, the PERS Board monitors and public schools, as well as counties, cities, and funding to ensure the financial soundness of other participating political subdivisions. the plans administered and compliance with the guidelines established by the Governmental Unlike a defined contribution plan ( , a 401(k)- Accounting Standards Board. The PERS Board type plan) where a participant's retirement benefit also appoints the executive director to serve as the is based on contributions and any investment agency's chief executive officer. earnings accumulated in that participant's account, a defined benefit plan determines a member's Along with PERS, the Board administers: retirement benefit using a formula based on Mississippi Highway Safety Patrol Retirement the member's average compensation, years System (MHSPRS), established in 1958;. of creditable service, and the benefit payment option selected at retirement.

6 PERS is a trust fund Mississippi Government Employees'. operating on a fiscal year calendar from July 1 Deferred Compensation Plan & Trust (MDC), through June 30. All funds are held in trust for the established in 1973 with administration exclusive benefit of the members. transferred to PERS in 1974;. Funding for PERS comes from member and Municipal Retirement Systems (MRS) 17 fire employer contributions and investment earnings and police and two municipal employee plans, on those contributions that accumulate over time. closed plans with administration transferred to As a defined benefit plan, PERS has access to PERS in 1987;. professional investment management, which eliminates the need for members to manage their PERS-sponsored Retiree Medical and Life contributions in the markets. Defined benefit plans Insurance Plans, authorized in 1988;. are designed based on strength in numbers, Supplemental Legislative Retirement Plan automatic participation, and pooled risk so that (SLRP), established in 1989; and members are guaranteed to receive lifetime benefit payouts at retirement, regardless of market Optional Retirement Plan for the Institutions of downturns.

7 In addition, PERS provides disability Higher Learning (ORP), established in 1990. and survivor protection. PERS is administered by its 10-member Board of Trustees, which includes the state treasurer, Read more about all PERS Plans one gubernatorial appointee who must be a Details on all the plans administered by PERS can be found at 7. Staying Informed PERS is here to serve you, whether you are a eUpdates member, Retiree , or beneficiary. We encourage you PERS eUpdates are e-mailed news alerts that to contact us and to use our printed and online include information about legislative, regulatory, resources. Our Customer Service Center, website, and retirement plan changes; leadsership updates;. newsletters, and other communication materials and more. Visit to subscribe. are reliable sources for information and answers to questions. Publications and Reports Our Comprehensive Annual Financial Report and Customer Service Center actuarial reports are posted on our website and PERS' Customer Service Center analysts assist provide detailed information about PERS.

8 Callers with questions and concerns. The center is open from 8 to 5 weekdays (except Handbooks state holidays). Call 800-444-7377 or 601-359- Along with this Handbook , PERS provides 3589. handbooks to members, employers, and members of the Supplemental Legislative Retirement Newsletters Plan and the Mississippi Highway Safety Patrol Our member newsletter, Looking Forward, and Retirement System. All handbooks are available Retiree newsletter, Forward, provide helpful online and in print. information. Electronic versions of the newsletters are available on the PERS website, and audio Guides versions of the newsletters are available through PERS has created a library of various guides the National Federation of the Blind of Mississippi . that address the needs of members from all stages of employment. From the guide for PERS. News Releases newcomers to the guide for retirees who want PERS news releases keep you up to date on what to return to employment with a PERS-covered is happening with the agency.

9 All news releases employer, these guides are quick reference tools are posted online for the public to view. for answering commonly asked questions. All guides are available online and in print. Safeguarding Your Identity Regulations We take precautions to protect your identity and In addition to retirement law, PERS Board keep your information safe. Though your Social regulations provide guidance on the way PERS. Security number may be used over the phone operates on a day-to-day basis. All current to verify your identity when you call us, we will regulations are posted on the PERS website. never share that number or any of your personal information with anyone but you. In the case that a Find all PERS Resources Online Social Security number is not sufficient verification, Newsletters, news releases, publications we may ask you to provide additional identifying and reports, handbooks, and regulations information that only you would know. can all be found at 8 Website Our website, , is a valuable Moreover, we have links on our site to take you resource for employers, members, retirees, and directly to pertinent information you may need as the public.

10 A Retiree of PERS. Our Retiree resources page links directly to policy providers and, from our The latest news can be found in the PERS. home page, you can link directly to Mississippi Updates section of the home page. Government Employees' Deferred Compensation Our Forms Library provides quick access to most Plan & Trust, Social Security, the Internal Revenue forms, including many listed in this Handbook . Service, and Medicare. Along with news and forms, our website includes We are continually working to improve our information about the leadership of your retirement website, and we welcome feedback from our system, with biographical information about our members and retirees to let us know how we can Board of Trustees and Executive Staff. better serve them online. ov 9. Your Monthly Benefit Allocation No matter your benefit option, you receive a not receive your check, you must contact PERS in monthly benefit plus an annual Cost-of-Living writing (providing your name, last four digits of your Adjustment (COLA) for life once you retire.)