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PERS of Mississippi - Your Pension Plan

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by PERS of MS on 28 October 2013

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Transcript of PERS of Mississippi - Your Pension Plan

Your Pension Plan
What does PERS mean to you?
PERS is one of the most valuable benefits of your employment as a public worker.

PERS is the promise of a secure retirement.
PERS covers employees working for:
State Agencies
Public Schools
Community Colleges
Universities
Counties
Cities
Participating political subdivisions
PERS is a Defined Benefit Plan
So, what is a Defined Benefit Plan, anyway?
DEFINED BENEFIT PLAN REQUIREMENTS

Mandatory Contributions
You
Your Employer

Cannot refund month unless you terminate employment
You remain a member as long as you leave your funds in your account

Mandatory Vesting Period
Must work designated number of years before becoming eligible for benefits after you retire
DEFINED BENEFIT PLAN BENEFITS

You Are Not on Your Own
Strength in Numbers
Experts Invest for You

Guaranteed Pension Benefit for Life
Pension Includes Annual Cost-of-Living increase

Your Loved Ones Are Protected
Survivor and Disability Benefits Are Available
PERS is here to serve you.
If you have questions, please call, e-mail, or visit us.
RESOURCES

PERS Member Handbook

Call Us

E-Mail Us


SURVIVOR BENEFITS

As a PERS member, your spouse and dependent children may be entitled to certain survivor retirement benefits should you die before retiring.

PERS Survivor Retirement Guide

http://www.pers.ms.gov/Content/RetirementGuides/Survivor_Retirement_Guide.pdf
http://www.pers.ms.gov/Content/Handbooks/Member_Handbook.pdf
customerservice@pers.ms.gov
800-444-7377 or 601-359-3589
CREDITABLE SERVICE

Your years of creditable service are used to calculate your retirement benefit, so be aware of all creditable service available to you.
DEFINED CONTRIBUTION vs. DEFINED BENEFIT

Defined Contribution Plan (DC Plan)
Benefits paid from investment earnings

Defined Benefit Plan (DB Plan)
Benefits calculated using a formula that factors your average compensation, years of creditable service, and the benefit option you select at retirement

Office Hours:
8 a.m. to 5 p.m. weekdays,
except holidays
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