Retirement
An overview of retirement benefits available to eligible faculty and staff.
We want to help you secure your future
If you work at least half-time for an anticipated 4½ months or more, you are required to join one of our mandatory retirement plans.
Your plan options are:
Public Employees’ Retirement System (PERS):
The Public Employees’ Retirement System (PERS) is the state’s defined benefit plan that guarantees a monthly payment for life. Both you and the University contribute to this plan.
As a benefits-eligible employee, you’ll contribute 9% of your wages, and the University contributes 17.90% on behalf of the position in which you are employed. This plan ensures you’ll have a steady income in retirement. You can use tools on the PERS website to estimate your future benefits, taxes and the cost of purchasing additional service credits.
Optional Retirement Plan (ORP):
For new teaching and administrative faculty, coaches, librarians with academic rank, administrators with budgetary authority and researchers, there’s an alternative to PERS: the Optional Retirement Plan (ORP), which is a defined contribution plan.
In ORP, you’ll also contribute 9% of your wages, and the University will contribute 17.90%, with most of it going directly into your personal retirement account. You get to choose where to invest these contributions with one of our trusted vendors: Corebridge Financial, Voya or TIAA. To enroll in ORP, you’ll need to select a vendor, set up your account and choose your investment options. This plan gives you more control over your retirement savings.
If you choose to enroll in ORP, you must complete the paperwork within 30 days of your hire date or date of eligibility. If you fail to submit the paperwork within this 30-day window, you will automatically be enrolled in the PERS plan.
Please note, your choice between PERS and ORP is permanent. If you previously worked at another Mississippi university in an ORP-eligible position, state law requires that you maintain participation in the same plan (PERS or ORP) while you continue to be employed in an ORP-qualifying position.
Select or change your retirement plan beneficiary
Employees may change beneficiary designations at any time. PERS participants must complete the Beneficiary Nomination Form. This form must be forwarded to Department of Human Resources for employer certification.
ORP participants must contact Corebridge Financial, Voya, or TIAA directly to update beneficiary designations or change investments.
Overview of retirement plan options
All benefits-eligible faculty and staff must enroll in one of the retirement plans outlined below.
| Public Employees' Retirement System (PERS) of Mississippi | Optional Retirement Plan (ORP) |
Defined Benefit Plan open to all benefits-eligible employees | Defined Contribution Plan that is an alternative to PERS for new teaching and administrative faculty, coaches, librarians with academic rank, administrators with budgetary authority and researchers Unclassified positions are those positions that are eligible for participation in ORP. The determination of unclassified (ORP-eligible) is made by the Benefits Team within the Human Resources department based upon Mississippi state statue. The unclassified status does not impact or determine, involvement in compensation practices, contract eligibility, EEO status, recruiting/job profile management practices, or the Fair Labor Standards Act (FLSA). |
| 8-year vesting period* | Immediate vesting |
| 9% employee contribution | 9% employee contribution |
| 17.90% employer contribution on behalf of the position | 17.90% employer match (15.246% going to employee and 2.654% applied to unfunded liability with State Retirement System) |
Additional credits and benefits:
| Three vendor options: TIAA, Voya and Corebridge Financial (formerly Valic) |
PERS Plan Election FormsPERS Application Form PERS Beneficiary Designation Change of Information Form | ORP Plan Election FormsORP Election/Vendor Selection Form ORP Vendor Change Form You may change your vendor on a quarterly basis (January, April, July and October) |
Retirement resources
This calculator gives you an estimate of your future benefits, but it’s just a rough guide and shouldn’t be used for final retirement planning. Your actual benefits will be based on an official estimate from PERS, which is calculated using the latest rules and assumptions.
If you’re within a year of retirement or want a more accurate estimate, it’s best to contact PERS directly. The accuracy of your estimate depends on the data you enter, so using your most recent Annual Member Statement can help ensure better results.
View this sheet to better understand the estimates.
This calculator is provided to help you estimate the federal taxes withheld from your PERS retirement benefit. Before using this calculator, you will need to complete the worksheet associated with IRS Form W-4P.
You may purchase optional service credits at actuarial cost or repay refunded contributions and interest to reinstate withdrawn service credit either through a direct payment or through an eligible rollover distribution.
Financial consultants are available to assist you in preparing for the future and will provide guidance in selecting investment options that are in line with your retirement plans.
Corebridge Financial
David Stratton (David.Stratton@CorebridgeFinancial.com)
(601) 605-3590 (office)
(662) 607-4593 (mobile)
Voya
Doug Atkinson
(662) 533-0924 (office)
(662) 832-0082 (mobile)
Mark Atkinson
(662) 533-0924 (office)
(901) 430-1425 (mobile)
TIAA
You can schedule a consultation session with one of the following financial advisors via the online scheduler or by contacting the advisor directly.
Rosaline Rogers Banks (rosaline.banks@tiaa.org)
901-498-6165
770-512-3570 (to reach a customer service representative, select ‘0’)
Supplemental retirement plan options
403(b)
The University offers faculty, staff, student workers and re-employed retirees an opportunity to invest in a voluntary 403(b) pre- and/or after-tax (ROTH) supplemental retirement plans:
Investments are from employee contributions only. Annual contribution limits are defined by IRS code. The contribution limits for calendar year 2024 are:
- General Limit: $23,000
- Age 50 or Older: $30,500 (If your 50th birthday is in 2024, you are eligible to contribute at this level.)
Participants may select from two highly reputable retirement vendors, Voya or TIAA, in which to invest. To learn more about plan features (eligibility, contribution limits, investments options, enrollment instructions, etc.), visit the site below.
Enroll in a 403(b)
Are you ready to begin making contributions to the 403(b) program or do you need to change your contribution election or vendor? Establish a new account of update or existing account through planwithease.
If you have misplaced the letter from planwithease that provides your temporary password, you can contact their office at (855) 464-6928 to request another copy.
Have questions?
Do you have questions about the 403(b) plan or would you like to know more about the difference between a traditional (pre-tax) and Roth (after-tax) account? The following resources provide educational materials and tools. If you are interested in scheduling an individual consultation, financial advisors are available to assistant you with plan enrollment and to provide retirement readiness services.
457 Mississippi Deferred Compensation Plan and Trust (MDC)
The University offers faculty and staff an opportunity to invest in this voluntary pre-tax retirement plan administered by the Public Employees’ Retirement System of Mississippi. Investments are from employee contributions only. Annual contribution limits for calendar year 2024 are:
- General Limit: $23,000
- Age 50 and Older: $30,500 (If your 50th birthday is in 2024, you are eligible to contribute at this level.)
To learn more about plan features (eligibility, contribution limits, investments options), establish a new account, or log into an existing account, visit the Deferred Comp website.
Enroll in a 457
- Online Enrollment Instructions (enrollment code provided)
Investment Advisor Representative:
- Zach Carey (zach.carey@empower.com)
(662) 701-9469 (mobile)
Zach Carey will visit campus the first Tuesday of every month to hold individual consultation sessions. Schedule a consultation.
Additional support is also available:
- Participant services: 1-800-846-4551
- Email our local MDC team: contact.mdcplan@empower.com
- Online: www.MDCplan.com
Resources
The Mississippi Deferred Compensation Plan offers financial wellness tools to assist you with financial planning and retirement savings. The learning center offers education materials and calculators. Each month, MDC offers live webinars hosted by retirement plan advisors. These 60-minute sessions include a 30-45 minute presentation as well as time for questions and answers.
Mississippi Deferred Compensation 457(b) Education Live Webinars:
Contact the HR Service Center
If you have a question, need help, or are dealing with an HR problem, the HR Service Center is here for you. Whether it's about benefits, pay, leave, insurance, tuition waivers, or anything else, our team of experienced HR Service Coordinators is ready to get you the answers you need as quickly as possible.
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