Section 27-210-60-104 - Contribution rates for the Optional Retirement Program for Employees of the State Institutions of Higher Learning1. 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. 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