Service Retirement Guide
Providing Benets for Life
Public Employees' Retirement System of Mississippi
As a public employee in Mississippi, you
have worked your entire covered career to
earn your retirement. Your contributions,
the contributions made on your behalf by
your employer, and your vested status
with the Public Employees’ Retirement
System of Mississippi (PERS) entitle
you to life-long benefits upon retirement.
However, the payment of these service
retirement benefits (i.e., benefits paid after
working a set number of years or once
you reach a specific age) is not automatic
(if you are retiring due to a disability, see
PERS Disability Retirement Guide). You
must plan and prepare for your retirement,
a process that can be both exciting and,
possibly, overwhelming. This is why PERS
is here to help.
Eligibility and Deciding to Retire
Before you can retire, you must meet
the service retirement eligibility criteria of
your Retirement Tier (see PERS Member
Handbook), choose the right time to retire,
complete the PERS service retirement
application process, and terminate
employment. This PERS Service
Retirement Guide provides an overview of
the retirement application process and is
intended to help you confidently transition
from being a PERS member to being a
PERS retiree.
Retirement Education and Timing
PERS invites you to take advantage of
our retirement education opportunities
throughout your career. But, at least one
year before you retire, you should begin
the retirement process by attending a
PERS Pre-Retirement Full-Day Seminar
or Focus Session or by visiting one-on-
one with a PERS benefit analyst. While
not required for retirement, these sessions
can be very helpful, offering information
on retirement eligibility, benefit options,
and the entire retirement process. Call or
visit PERS online for details about these
opportunities.
When you are about three to six months
out from the date you want to retire,
you will need to begin the actual PERS
service retirement application process.
See the following pages of this guide for
details about this process, the required
forms, your benefit options, taxes,
insurance offerings, and other important
information to help you make a smooth
transition into the retirement years you
have worked so hard to reach.
Before You Retire
Account Audit
We encourage you to request an audit
of your account several years before
retirement to ensure there are no
errors. Early detection of account
errors results in less frustration and
better accuracy when you begin the
actual retirement process.
Purchasing Service Credit
If you received a refund of your
PERS contributions earlier in your
career, you may purchase the
associated service credit prior to
retirement. If interested, request a
refund buyback cost estimate before
beginning the retirement process.
Advanced Application
To establish how benefits are to be
paid in the event of death before
retirement, Form 16, Advanced
Application, should be submitted when
you become eligible for retirement.
Revisit your Advanced Application
before beginning the retirement
process and submit a new one if you
have any changes. If you have not
submitted an Advanced Application
and are eligible to retire, submit one
before beginning the retirement
process so that your wishes are met
should you die before completing the
process. The Advanced Application
can be found online.
covered employers and receipt of the
completed Form 9A SRVC by PERS.
After PERS receives your completed Form
9A SRVC, a PERS benefit analyst will audit
your account for any discrepancies and
then, if eligible, mail you a packet that will
include a Final Estimate of Benefits and
the necessary forms for completing your
application. This analyst will work with
you as you progress through the entire
application process. If the audit shows that
you are not eligible for retirement, PERS
will notify you in writing.
Applying as an Inactive Member
Your membership is considered inactive if
you are no longer working in any PERS-
covered position and have not retired or
received a refund of your contributions.
To apply for retirement benefits, complete
sections 1 through 4 of Form 9A SRVC and
submit the form directly to PERS. Monthly
benefits, if applicable, will be effective the
first of the month after PERS receives the
completed form, provided you meet the
minimum eligibility requirements.
A PERS analyst will contact your last
covered employer, if necessary; audit
your account for any discrepancies; and
mail you a packet that will include a Final
Estimate of Benefits and the necessary
forms for completing your application. This
analyst will work with you as you progress
through the entire application process. If
the audit shows that you are not eligible for
retirement, PERS will notify you in writing.
The PERS service retirement process
consists of four forms, which are completed
over the two-phase application process.
Only the first form, Form 9A SRVC, Pre-
Application for Service Retirement Benefits,
is available online. All subsequent forms will
be sent to you by PERS. The process can
take time; so, we recommend you begin
the application process at least three to six
months before your anticipated retirement
date. If an authorized representative
completes the member section of the
forms for you, he or she must provide a
copy of the durable power of attorney,
conservatorship or guardianship papers, or
other legal documents as proof of authority.
Phase 1
Pre-Applying, Audit, &
Setting the Date
Obtain Form 9A SRVC. This form establishes
an anticipated effective date of retirement
and acknowledges your understanding of
the 90-day submission deadline.
Applying as an Active Member
Your membership is considered active
as long as you are contributing to PERS
through covered employment. To apply for
retirement benefits, complete sections 1
through 4 of Form 9A SRVC then forward
the form to your employer to complete
Section 5 and to submit to PERS. Your
retirement date will be no earlier than
the first day of the month following your
termination from employment with all
2 - PERS Service Retirement Guide www.pers.ms.gov
Phase 2
Option Selection,
Naming Beneficiaries,
& Direct Deposit
The forms and materials in Phase 2 will
be sent to you by a PERS benefit analyst
after your completed Form 9A SRVC has
been received and processed. The Partial
Lump Sum Option (PLSO) form will be
sent only if you are eligible to elect the
PLSO.
Choose Your Benefit Options and
Designate Your Beneficiaries
Using the Form 9S, Service Retirement
Application, you receive from your PERS
benefit analyst, you will choose your
benefit option (see pages 4 through
6), designate your beneficiaries, and, if
eligible, elect whether or not you want
a partial lump sum. Reference the Final
Estimate of Benefits sent in your Phase 2
packet to compare how different benefit
options affect your monthly benefits
and the benefits any beneficiaries
might receive. You must provide a birth
certificate for each beneficiary if selecting
a joint and survivor annuity. No matter
what option you select upon retirement,
you will receive a monthly benefit and
Cost-of-Living Adjustment (COLA) for life.
Give Your Payroll Authorization
You also will need to complete and submit
the Form 9P, Payroll Authorization, that
is sent to you so PERS has your banking
information for routing benefit payments
as direct deposits, which is mandatory for
all retirees. You will provide PERS with
your federal tax withholding preferences
on benefit payments and designate
whether or not you wish to receive your
COLA every month or as an annual lump
sum issued each December.
Choose Your Partial Lump Sum
Option Distribution
If eligible, you will also receive a Form
PLSO, Partial Lump Sum Option
Distribution Election, to complete if
you elect to take a PLSO. The PLSO
distribution can be paid directly to you by
check, or, if you prefer, part or all of the
distribution may be rolled over to another
eligible retirement account. If you opt
for the rollover, your financial trustee or
custodian will need to certify the selection.
Ideally, all forms and elections should be
completed and submitted to PERS prior to
your anticipated retirement date. However,
all forms and elections must be completed
and submitted to PERS no later than 90
days after your anticipated effective date
of retirement. Failure to meet the filing
deadline will result in your having to re-
apply for service retirement and establish
a new effective date of retirement.
www.pers.ms.gov PERS Service Retirement Guide - 3
PERS provides seven base options from
which to choose at retirement, plus, if
eligible and desired, a Partial Lump Sum
Option (PLSO) (see page 7) to add to
a base option. (See Base Option Quick
Comparison Chart, pages 8-9.)
Upon retirement, you should select
the benefit option that best suits your
needs and circumstances. All base
options will provide you with monthly
benefits for life, but the options vary in
how benefit amounts are calculated.
Retirement benefits calculated under
PERS options 2, 3, 4, and 4A are
based on actuarial calculations, which
change periodically based on actuarial
experience. Furthermore, some options
contain special Pop-Up and Pop-Down
provisions (see sidebar at right) to allow
eligible retirees to change options and
beneficiary designations under certain
limited circumstances.
PERS’ benefit options as follows:
Single Life Annuities with
Refund and Pop-Down
Provisions
No monthly beneficiary protection
Maximum Retirement
Allowance Option
The Maximum Retirement Allowance
Option provides the highest possible
monthly benefit for life available to you at
retirement. This single life annuity is the
basic benefit option offered by PERS.
• Monthly benefit payments stop at
your death.
• No monthly benefits are payable to
any beneficiary.
• If the total monthly retirement benefits
paid before your death is less than
your contributions and interest, the
remainder will be refunded to your
designated beneficiaries.
» You must name one or more
beneficiaries as primary
or contingent or to share
proportionately any remaining
account balance after your death.
» There are no restrictions on who
you may name as a beneficiary.
You may name a person,
estate, organization, or trust as
beneficiary.
» You are not required to name
your spouse as a beneficiary.
» You may change your
beneficiaries at any time.
• If you marry after retirement while
receiving benefits under this option,
you may apply to Pop-Down to
Option 2, Option 4, or Option 4A to
provide beneficiary protection for your
new spouse. You must apply for this
provision within one year of the date
of the marriage.
• PLSO is available with this option, if
you are eligible.
Changing Your Benefit
Option after Retirement
Pop-Up Provision
The Pop-Up Provision allows a
retiree who selected Option 2, Option
4, or Option 4A to change to the
Maximum Retirement Allowance
Option if the designated beneficiary
predeceases the retiree or if the
retiree divorces the designated
beneficiary. (All options require that
at least one beneficiary be named.)
Pop-Down Provision
The Pop-Down Provision allows a
retiree who selected the Maximum
Retirement Allowance Option or
Option 1 to change to Option 2,
Option 4, or Option 4A to provide
beneficiary protection to a new
spouse married after the retiree
selected the Maximum Retirement
Allowance Option or Option 1. The
retiree must apply for this provision
within one year of the date of the
marriage.
4 - PERS Service Retirement Guide www.pers.ms.gov
Option 1 - Pro-rated
Single Life Annuity
Option 1 provides you with reduced
monthly benefits for life compared to what
you would receive under the Maximum
Retirement Allowance Option because
your contributions are pro-rated over your
actuarial life expectancy, which could
increase the available refund amount for
beneficiaries.
• Monthly benefit payments stop at
your death.
• No monthly benefits are payable to
any beneficiary.
• If there are contributions and interest
remaining at your death, that
remainder will be refunded to your
designated beneficiaries.
» You must name one or more
beneficiaries as primary
or contingent or to share
proportionately any remaining
account balance after your death.
» There are no restrictions on who
you may name as a beneficiary.
You may name a person,
estate, organization, or trust as
beneficiary.
» You are not required to name
your spouse as a beneficiary.
» You may change your
beneficiaries at any time.
• If you marry after retirement while
receiving benefits under this option,
you may apply to Pop-Down to
Option 2, Option 4, or Option 4A to
provide beneficiary protection for your
new spouse. You must apply for this
provision within one year of the date
of the marriage.
• PLSO is not available with this option,
regardless of eligibility.
Joint and Survivor Annuities
with Pop-Up Provision
One beneficiary
Option 2 - 100 Percent
Joint and Survivor Annuity
Option 2 provides you with reduced
monthly benefits for life compared to what
you would receive under the Maximum
Retirement Allowance Option so that, after
your death, your beneficiary will receive
the same monthly amount for life.
• You must name one beneficiary.
• Your beneficiary must be a person,
not an estate, organization, or trust.
• You are not required to name your
spouse as a beneficiary.
• You may not change your beneficiary
once selected unless he or she
dies or unless you divorce and your
spouse is named as beneficiary. If
so, you may apply to Pop-Up to the
Maximum Retirement Allowance
Option. In the event of a late filing,
the recalculation of benefits can be
retroactively effective for up to three
months if the beneficiary dies.
• Your beneficiary’s benefit may be
limited by the Internal Revenue Code if
the beneficiary is not your spouse.
• PLSO is available with this option, if
you are eligible.
Option 4 - 75 Percent
Joint and Survivor Annuity
Option 4 provides you with reduced monthly
benefits for life compared to what you would
receive under the Maximum Retirement
Allowance Option so that, after your death,
your beneficiary will receive 75 percent of
the same monthly amount for life.
• You must name one beneficiary.
• Your beneficiary must be a person, not
an estate, organization, or trust.
• You are not required to name your
spouse as a beneficiary.
• You may not change your beneficiary
once selected unless he or she dies or
unless you divorce and your spouse
is named as beneficiary. If so, you
may apply to Pop-Up to the Maximum
Retirement Allowance Option. In the
event of a late filing, the recalculation
of benefits can be retroactively effective
for up to three months if the beneficiary
dies.
• PLSO is available with this option, if
you are eligible.
www.pers.ms.gov PERS Service Retirement Guide - 5
Option 4A - 50 Percent
Joint and Survivor Annuity
Option 4A provides you with reduced
monthly benefits for life compared to what
you would receive under the Maximum
Retirement Allowance Option so that, after
your death, your beneficiary will receive
50 percent of the same monthly amount
for life.
• You must name one beneficiary.
• Your beneficiary must be a person,
not an estate, organization, or trust.
• You are not required to name your
spouse as a beneficiary.
• You may not change your beneficiary
once selected unless he or she
dies or unless you divorce and your
spouse is named as beneficiary. If
so, you may apply to Pop-Up to the
Maximum Retirement Allowance
Option. In the event of a late filing,
the recalculation of benefits can be
retroactively effective for up to three
months if the beneficiary dies.
• PLSO is available with this option, if
you are eligible.
Joint and Survivor Annuity
Fixed
Two beneficiaries
Option 3 - 100 Percent
Joint and Survivor Annuity
Option 3 provides you with reduced
monthly benefits for life compared to what
you would receive under the Maximum
Retirement Allowance Option so that, after
your death, each of your two beneficiaries
will receive half of the same monthly
amount for life.
• You must name two beneficiaries.
• Your beneficiaries must be people, not
estates, organizations, or trusts.
• You are not required to name your
spouse as a beneficiary.
• You may not change your
beneficiaries once selected.
• If one beneficiary dies, your remaining
beneficiary receives 100 percent of
the monthly benefit for life.
• If both beneficiaries die, any
remaining contribution balance is
refunded to the contingent beneficiary
designated on your retirement
application.
• Your beneficiaries’ benefits may be
limited by the Internal Revenue Code.
• PLSO is available with this option, if
you are eligible.
Guaranteed Payment Periods
Fixed
One or more beneficiaries
Option 4B - 10, 15, or 20
Years Certain
Option 4B provides you with reduced
monthly benefits for life compared to what
you would receive under the Maximum
Retirement Allowance Option so that,
after your death, your beneficiaries will
receive the same amount monthly for the
remainder of your selected guaranteed
payment period. You select one of three
guaranteed payment periods—10, 15, or
20 years—that begin from your effective
date of retirement.
• You must name one or more
beneficiaries.
• There are no restrictions on who you
may name as a beneficiary. You may
name a person, estate, organization,
or trust as beneficiary.
• You are not required to name your
spouse as a beneficiary.
• You may change your beneficiaries at
any time.
• The applicable Internal Revenue
Code may limit your eligibility for
selecting Option 4B based on your
age at retirement.
• PLSO is available with this option, if
you are eligible.
6 - PERS Service Retirement Guide www.pers.ms.gov
The Partial Lump Sum Option (PLSO) is
available to eligible members in addition
to the selected base option. By choosing
the PLSO, any monthly retirement benefit
received by you or a beneficiary who is
designated on your Form 16, Advanced
Application, to receive a PLSO distribution
will be actuarially reduced.
By electing to receive a PLSO distribution,
your monthly benefit and Cost-of-Living
Adjustment (COLA) will be reduced for
your lifetime. Seek assistance from a
financial advisor and/or a tax professional
to help you decide if selecting the PLSO
is the right choice for you and your
retirement needs.
Eligibility
The PLSO is available to first-time
retirees who are entering service
retirement. A member who is PLSO
eligible may preselect the PLSO for his
or her beneficiary by filing an Advanced
Application. A member retiring on
disability retirement is not eligible for the
PLSO.
To be eligible, you must meet the
requirements of your respective
Retirement Tier.
• Tiers 1 and 2 - Hired June 30, 2007,
or earlier; must have 28 years of
creditable service at any age or must
be at least age 63 and vested (four-
year vesting)
• Tier 3 - Hired July 1, 2007, through
June 30, 2011; must have 28 years of
creditable service at any age
• Tier 4 - Hired July 1, 2011, or later;
must have 33 years of creditable
service at any age
Distribution Options
At retirement, you may elect a PLSO
distribution in an amount equal to either 12
months, 24 months, or 36 months of your
Maximum Retirement Allowance.
Your PLSO distribution will be a single
payment and will be paid near the same
time as your first monthly retirement
benefit. The PLSO distribution can be
paid directly to you by check, or, if you
prefer, part or all of the distribution may be
rolled over to another eligible retirement
account. Generally, 20 percent of a PLSO
distribution paid directly to a retiring
PERS member will be withheld for federal
income taxes. All PLSO distributions
are considered final once cashed or
deposited.
If you receive a PLSO distribution before
you reach age 55 (age 50 for police
officers, firefighters, and emergency
medical technicians), the Internal
Revenue Service may impose an
additional 10 percent federal tax penalty
on the distribution. Payment of all taxes
and/or associated penalties are your
responsibility.
Calculation
You may use the Benefit Estimate Calculator
on the PERS website to generate an
estimate of your PLSO distribution.
Effect of Reemployment
Should a retiree who selects the PLSO
come out of retirement to return to covered
employment and later retire again, the new
retirement benefit will be calculated taking
into consideration the fact that the PLSO
distribution was paid. The new Maximum
Retirement Allowance will be reduced by the
same dollar amount of the original PLSO
reduction plus 1 percent of that amount for
each month the retiree was reemployed.
www.pers.ms.gov PERS Service Retirement Guide - 7
Base Options Quick Comparison Chart
PERS
Base
Option
How Benets Are
Paid to You and
to Beneciaries
Number
of Allowed
Beneciaries
Restrictions
on Naming
Beneciaries
Provisions
to Change
Beneciaries
Provisions
to Change
Base Option*
Internal
Revenue
Limitations
Partial
Lump Sum
Availability
Maximum Retirement
Allowance Option
Single Life Annuity
Maximum benet for life for you, any
remaining balance refunded to
beneciaries after your death
Multiple None You may change
beneciaries at
any time
Pop-Down if you marry after
retirement while receiving the
Maximum Retirement Allowance**
None Yes, if eligible
Option 1
Pro-Rated
Single Life Annuity
Reduced benet for life for you,
any remaining balance refunded to
beneciaries after your death
Multiple None You may change
beneciaries at
any time
Pop-Down if you marry after
retirement while receiving
benets under Option 1**
None No
Option 2
100 percent
Joint/Survivor Annuity
Reduced benet for life for you,
beneciary receives your same
monthly amount for life after your death,
unless limited by IRC Section 401(a)(9)
One Must be a person You may not change
your beneciary except
when Popping Up
Pop-Up if your Option 2
beneciary dies or if you divorce
your Option 2 beneciary
Possible limit on
beneciary benet if your
beneciary is not your
spouse
Yes, if eligible
Option 3
100 percent
Joint/Survivor Annuity
Reduced benet for life for you,
beneciaries each receive 50 percent of
your monthly amount for life after your
death, unless limited by IRC Section
401(a)(9)
Two Each must be a person You may not change
your beneciaries
You may not change your option Possible limit on
beneciary benets
Yes, if eligible
Option 4
75 percent
Joint/Survivor Annuity
Reduced benet for life for you,
beneciary receives 75 percent of your
monthly amount for life after your death
One Must be a person You may not change
your beneciary except
when Popping Up
Pop-Up if your Option 4
beneciary dies or if you divorce
your Option 4 beneciary
None Yes, if eligible
Option 4A
50 percent
Joint/Survivor Annuity
Reduced benet for life for you,
beneciary receives 50 percent of your
monthly amount for life after your death
One Must be a person You may not change
your beneciary except
when Popping Up
Pop-Up if your Option 4A
beneciary dies or if you divorce
your Option 4A beneciary
None Yes, if eligible
Option 4B
10-, 15-, and 20-Year
Certain
Reduced benet for life for you, after
your death beneciaries receive your
same monthly amount for up to 10, 15,
or 20 years from your eective date of
retirement
Multiple None You may change
beneciaries at
any time
You may not change your option Possible based on your
age at retirement
Yes, if eligible
8 - PERS Service Retirement Guide www.pers.ms.gov
PERS
Base
Option
How Benets Are
Paid to You and
to Beneciaries
Number
of Allowed
Beneciaries
Restrictions
on Naming
Beneciaries
Provisions
to Change
Beneciaries
Provisions
to Change
Base Option*
Internal
Revenue
Limitations
Partial
Lump Sum
Availability
Maximum Retirement
Allowance Option
Single Life Annuity
Maximum benet for life for you, any
remaining balance refunded to
beneciaries after your death
Multiple None You may change
beneciaries at
any time
Pop-Down if you marry after
retirement while receiving the
Maximum Retirement Allowance**
None Yes, if eligible
Option 1
Pro-Rated
Single Life Annuity
Reduced benet for life for you,
any remaining balance refunded to
beneciaries after your death
Multiple None You may change
beneciaries at
any time
Pop-Down if you marry after
retirement while receiving
benets under Option 1**
None No
Option 2
100 percent
Joint/Survivor Annuity
Reduced benet for life for you,
beneciary receives your same
monthly amount for life after your death,
unless limited by IRC Section 401(a)(9)
One Must be a person You may not change
your beneciary except
when Popping Up
Pop-Up if your Option 2
beneciary dies or if you divorce
your Option 2 beneciary
Possible limit on
beneciary benet if your
beneciary is not your
spouse
Yes, if eligible
Option 3
100 percent
Joint/Survivor Annuity
Reduced benet for life for you,
beneciaries each receive 50 percent of
your monthly amount for life after your
death, unless limited by IRC Section
401(a)(9)
Two Each must be a person You may not change
your beneciaries
You may not change your option Possible limit on
beneciary benets
Yes, if eligible
Option 4
75 percent
Joint/Survivor Annuity
Reduced benet for life for you,
beneciary receives 75 percent of your
monthly amount for life after your death
One Must be a person You may not change
your beneciary except
when Popping Up
Pop-Up if your Option 4
beneciary dies or if you divorce
your Option 4 beneciary
None Yes, if eligible
Option 4A
50 percent
Joint/Survivor Annuity
Reduced benet for life for you,
beneciary receives 50 percent of your
monthly amount for life after your death
One Must be a person You may not change
your beneciary except
when Popping Up
Pop-Up if your Option 4A
beneciary dies or if you divorce
your Option 4A beneciary
None Yes, if eligible
Option 4B
10-, 15-, and 20-Year
Certain
Reduced benet for life for you, after
your death beneciaries receive your
same monthly amount for up to 10, 15,
or 20 years from your eective date of
retirement
Multiple None You may change
beneciaries at
any time
You may not change your option Possible based on your
age at retirement
Yes, if eligible
* For explanation of Pop-Up and Pop-Down provisions, see PERS Member Handbook.
** Must apply for the Pop-Down within one year of the date of the marriage.
www.pers.ms.gov PERS Service Retirement Guide - 9
Cost-of-Living Adjustment Insurance
PERS will withhold premiums for state/
employer sponsored or PERS-sponsored
insurance. Talk with your human resources
or payroll representative about filing the
necessary paperwork to continue the
insurance that is available to you when you
retire.
For information regarding state-sponsored
life and health insurance, contact the
Mississippi Department of Finance and
Administration (DFA) at 866-586-2781.
The Retiree Medical Insurance Plan and
Retiree Group Term Life Insurance Plan are
underwritten and administered by third-
party companies. Visit www.pers.ms.gov for
contact information.
Retirees and beneficiaries who have been receiving benefit payments for at least
one full fiscal year (July 1 to June 30) are eligible to receive an annual Cost-of-
Living Adjustment (COLA). If you retire effective July 1, you would be eligible
for the COLA during the fiscal year beginning 12 months later on July 1. If you
retire effective August 1, you would be eligible for the COLA during the fiscal year
beginning July 1, 23 months after the effective date of retirement.
You may irrevocably elect to receive your COLA in 12 equal monthly installments.
If you do not make that election, your COLA will be paid annually in one lump sum
payment on or about December 15. If you choose lump sum but would rather
receive your COLA monthly, you must complete and submit Form 20, Election of
Monthly Cost-of-Living Adjustment (found online). Choosing monthly payments is
irrevocable.
The COLA is equal to 3 percent of your annual base benefit for each full fiscal
year of retirement prior to the year in which you reach age 55 (Retirement Tiers
1 through 3) or 60 (Retirement Tier 4), plus 3 percent compounded for each
fiscal year thereafter, beginning with the fiscal year in which you turn age 55
(Retirement Tiers 1 through 3) or 60 (Retirement Tier 4).
PERS sends COLA notices in late June/early July of each year to inform retirees
of their December COLA amount and the amount to be withheld in taxes. Once
an individual receives and reviews his or her notice, he or she has the option to
adjust his or her lump sum COLA tax withholding preference. This change must
be done by the last working day in October of that same year.
10 - PERS Service Retirement Guide www.pers.ms.gov
Post-Retirement Audit
Your initial retirement benefit is calculated
using projected wages certified by your
employer before your termination date.
After your final wages are reported, PERS
will audit your account and, if necessary,
adjust your benefit for any underpayment or
overpayment. The recalculation of benefits
should be done within six months after
receipt of your first retirement check.
Taxes
Your monthly benefits are subject to federal
taxes. PERS will withhold taxes based on
your preference, but you are responsible
for any taxes that you might owe to the IRS.
You may elect to have no federal income
taxes withheld, to withhold income tax
based upon marital status and exemptions,
and/or to have additional federal income
tax withheld.
In the absence of submitted tax withholding
information, PERS automatically withholds
taxes based on a status of “married with
three withholding exemptions.”
Retirement benefits are not subject to
Mississippi state income tax; however, if
you move to another state, your retirement
benefits may be subject to taxes in that
state.
Changing Benefit Options
If you selected Option 3 or Option 4B
at retirement, you cannot change your
option after retirement; however, the
other retirement options contain Pop-
Up and Pop-Down provisions that allow
retirees to change options and beneficiary
designations under certain limited
circumstances (see pages 4-6).
Returning to Work
Except as otherwise provided in PERS
Board Regulation 34, Reemployment after
Retirement, no PERS retiree may return
to employment with a PERS-covered
employer for at least 90 consecutive
calendar days from his or her effective
date of retirement or from the beginning of
the next school year, as applicable, without
canceling retirement. For more information,
see PERS' Thinking of Returning to Work?
guide.
If you decide to return to employment
with a covered employer after you
retire, you and the employer must notify
PERS in writing within five days of the
reemployment and provide the conditions
under which you are being reemployed.
Notification must be repeated each new
fiscal year of post-retirement employment.
Once you choose to return to work with a
covered employer, you must either:
• come out of retirement and become,
once again, a contributing member of
PERS or
• return to employment with a covered
employer under limited reemployment
conditions.
Should you choose to provide services
as an independent contractor for a
governmental employer after retirement,
refer to Regulation 34.
Keeping Account Updated
You have a responsibility to keep your
PERS account information current,
even after retiring. Having your correct
address on file means PERS can reach
you if the need arises, and keeping other
information up to date makes transitions
and processing smoother for you and your
loved ones down the road.
For your convenience, several forms are
available on the PERS website to help you
update your personal information, amend
your beneficiary designations, change
your benefit option (if eligible), change the
tax withholding status of your benefit, and
change direct deposit information.
Staying Informed
PERS is here to serve you, whether you
are a member, retiree, or beneficiary. We
encourage you to contact us and to use
our printed and online resources. Our
Customer Service Center, website, and
other communication materials are reliable
sources for information and answers to
questions.
www.pers.ms.gov PERS Service Retirement Guide - 11
Disclaimer
This guide is published for members of
the Public Employees’ Retirement System
of Mississippi (PERS) to provide general
information regarding PERS laws, policies,
and regulations and is subject to periodic
revision as laws, policies, and regulations
change. See all current PERS Board of
Trustees Regulations at www.pers.ms.gov/
Content/Pages/Board-Regulations.aspx.
PERS administers the benefits described in
this guide on behalf of participating employers.
This guide is meant to serve as a general
reference to our members and should not
be used as a legal reference or a complete
statement of the laws or administrative rules
related to service retirement. If any conflict
exists between the information in this guide
and the applicable laws or administrative rules,
the laws and administrative rules shall prevail.
Public Employees' Retirement System of Mississippi
429 Mississippi Street, Jackson, Mississippi 39201-1005
800.444.7377 or 601.359.3589
www.pers.ms.gov
This guide was revised July 27, 2023.
Other Resources
The following resources can be found
on the PERS website.
• PERS Member Handbook
• PERS Retiree Handbook
• PERS Disability Retirement Guide
• PERS' Thinking of Returning to
Work? guide
• PERS Board Regulation 34,
Reemployment after Retirement
• PERS Board Regulation 35, Filing
an Application for Monthly Benefits
and Establishing an Effective Date
of Retirement
• PERS Board Regulation 48, Partial
Lump Sum Option (PLSO)
• PERS Board Regulation 49,
Military Service
• PERS Board Regulation 51,
Administration of Certification of
Accumulated Unused Leave for
Service Credit and Lump Sum
Payments of Leave at Termination/
Retirement
• PERS Board Regulation 64,
Purchase of Service Credit in the
Public Employees’ Retirement
System at Actuarial Cost
