Can you tell me how much money I have in my retirement account?
Your account information is confidential and cannot be provided via e-mail or telephone. A member may request a balance of his or her account and receive a balance letter in the following ways:
• Call 1-800-444-PERS (7377) and make the request. • Write PERS at 429 Mississippi Street, Jackson, MS 39201. • Fax a request to (601) 359-6707. When making a request for a balance letter, the following information will be needed: 1. Name 2. Retirement Plan (PERS, SLRP, MHSPRS, or MRS) 3. Social Security Number 4. Current Address 5. Fax number, if you desire the information to be faxed. 6. Member Signature No. We do not currently offer online access to individual account information. Annual member statements normally mail between late September and early October of each year. If your address has changed, please let us know. For the benefit and protection of our retirees and members, PERS will not accept a change of address over the phone. You may change your mailing address by filing a PERS Form 1C, Change of Information, with your employer or with PERS if you are no longer working in covered employment. You may obtain this form by requesting it from PERS, or you may download it from our Forms Library. How can I change my beneficiary?You may change your beneficiary by submitting a completed Form 1B, Beneficiary Designation, to PERS. You may obtain this form by requesting it from PERS. You may also download it from our Forms Library. What does “vest” mean?A PERS member vests by working and contributing to PERS for the required years of membership service. If you are vested, benefits will be available to you or your legal beneficiary at some point, provided that you do not take a refund of your contributions. If you are a PERS or SLRP member who entered covered service before July 1, 2007, you vest after earning four years of membership service. If you are a PERS or SLRP member who entered covered service on or after July 1, 2007, you vest after earning eight years of creditable service. Will I continue to earn service credit while I am on leave with pay or leave without pay status?A member on paid leave status will continue to accrue service credit. A member on leave without pay status does not accrue service credit. Can I use the balance in my employee contribution account as collateral when making a major purchase?No. Your contributions are held in trust until disbursed as either monthly benefits or a refund of contributions. Your employee contributions are protected from attachment by your creditors and are not assignable as collateral. Can I borrow against my employee contribution account?There are no provisions in the laws of the plans administered by PERS for loans, partial refunds or hardship withdrawals on defined benefit employee contribution accounts. To obtain your contributions, you must terminate employment from all covered positions and apply for a refund. If you participate in the Mississippi Deferred Compensation Plan and Trust (MDC), you may be eligible for a hardship withdrawal from that account provided that you meet certain conditions set by the Internal Revenue Service. Please contact MDC at 1-800-846-4551, or visit their website. What forms must be completed to get a refund of employee contributions or a deceased member’s contributions?To receive a refund, a member must complete a PERS Form 5, Member Refund Application. A beneficiary of a deceased member should complete a PERS Form 5D, Beneficiary Refund Application, and attach a copy of the deceased member’s death certificate in order to obtain a refund of unused contributions. Both forms can be obtained by contacting PERS or downloading them from our Forms Library. How long will it take to get my refund?Refund checks for PERS members are processed after final wages and contributions are posted to the member’s account but no later than 90 calendar days from the date of termination from covered employment or from the date of receipt of the properly completed PERS Form 5, Member Refund Application, whichever is later. PERS members can request a waiver of the 90-day waiting period due to emergencies by completing a PERS Form 5W, Emergency Request to Waive Refund Waiting Period. Members must show proof of a documented emergency such as: • illness of member or member’s immediate family; • foreclosure or repossession of real or personal property; • eviction from residence; or • other unforeseen financial emergency. Refund checks for MHSPRS or MRS members are processed as soon as the request is received, usually within 10 to 14 days. What happens to the employer contribution when I refund?It remains in the plan and is not refunded to the employer or paid to you. Employer contributions help fund the benefits for current and future retirees. I applied for a refund. When will I get paid for my unused leave?Payment for unused leave should be requested from and is the responsibility of your former employer(s). Can my refund be direct deposited?No. Your refund check will be mailed to the address listed on your PERS Form 5, Member Refund Application. What if I need to cancel my refund application?Please notify us in writing if you need to cancel your application for refund at any time before you cash your refund check. Can I get a refund of a portion of my retirement contributions and draw the balance in monthly benefits?No. There are no provisions in the laws of the plans administered by PERS for loans, partial refunds, or hardship withdrawals on defined benefit employee accumulation accounts. Is there a penalty for refunding my contributions?PERS will withhold 20 percent for mandatory federal tax from each refund paid. An additional 10 percent penalty for early withdrawal may be assessed by the Internal Revenue Service when you file your taxes, depending on your age. I lost my 1099-R after I received a refund. How do I get a duplicate?You may call or write the PERS office and request a duplicate 1099-R. Please include your name and Social Security number with your request. I am leaving a PERS-covered position and would like to rollover my contributions into a traditional IRA. What do I need to do?PERS, SLRP or MHSPRS members are allowed to rollover their contributions and interest to an eligible retirement plan or a traditional IRA after termination of covered service. Please complete PERS Form 5, Member Refund Application, and have your investment provider submit PERS Form 5C, Rollover Distribution Election. Distributions are made after final wages and contributions are posted to the member’s account but no later than 90 calendar days from the date of termination from covered employment or from the date of receipt of the properly completed form requesting the refund, whichever is later. If I terminate my position, what are my options regarding my contributions?When terminating covered employment, you have two options to consider: you may leave your contributions in the plan or take a refund of your contributions. If you are vested and leave your contributions in the plan, you may qualify for a future benefit, and your spouse and dependent children may qualify for survivor benefits in the event of your death before retirement. If you are not vested and leave your contributions in the plan, you may add to those years of creditable service if you are employed by a covered agency in the future. Should you choose to take a refund of your contributions, you may receive the entire amount or rollover the funds to an eligible retirement plan or a traditional IRA. If you take a refund, all rights to future benefits are forfeited. Can I pay back a previous refund even though I am no longer employed with a PERS-covered agency?PERS, SLRP, and the MHSPRS law allow members to repay a refund upon reemployment in a covered position, provided that amounts repaid and service credit reestablished shall not be used in benefit calculations or determination of benefit eligibility until the member has become vested in the plan. Should you choose to repay your refund, you may rollover distributions from eligible retirement plans and traditional IRA's into PERS, SLRP, MHSPRS, or MRS for the purpose of repaying a refund or purchasing optional service credit. How much will it cost to repay my refund?Contact PERS to request a “Refund Payback Cost Letter,” and include your name, Social Security number, current mailing address, dates of service refunded, date of refund, and the name(s) of your former PERS employer(s). You must receive a refund payback cost letter from PERS to complete any refund payback. However, you may calculate a quick estimate using the Refund Payback Calculator I have paid back my PERS refund. Why weren't my interest charges put into my account when the repaid contributions were posted?Generally, only the refunded amount is posted to the employee contribution account. However, for PERS account refund paybacks, a portion of the interest penalty is credited to the member’s account. This additional credit is based on the amount of interest that would have been credited to the account since July 1, 1994. Do I have to repay contributions for all of the years I withdrew?Though you are not required to make any repayment, a PERS, SLRP or MHSPRS member can repay all of the refund(s) in a lump sum or a portion of the refund in quarterly service credit increments. Can I repay a refund through installment payments or have payment for service credit deducted from my paycheck?No. While you may repay a refund or purchase optional service credit in quarter year increments, PERS does not accept payments for service credit by payroll deduction or in amounts not equal to quarter year increments. What is the smallest increment that I can repay a refund?You may repay a refund in increments of one quarter year at the time. Your refund payback schedule will provide you with a cost per quarter year of service previously refunded. Thus, you may choose to repay one quarter year this month, two or more quarters at a later time, etc. allowing you to adapt the repayment to fit your budget. How often can I make payments to repay a refund?You may make refund payments as often as you desire. Can I move money from my spouse’s contribution account to mine to repay my refund?No. Contributions cannot be moved from one person’s account to another. Likewise, any bank account from which you transfer money directly into your PERS account must be your own account that exists in your own name. How much credit will I get for my unused leave?
How can I get credit for my military service?Submit a copy of your DD Form 214 military discharge paperwork to us by mail at the PERS office, 429 Mississippi Street, Jackson MS 39201-1005, or by fax at 601-359-5262. Provided that we have the required paperwork, applicable service credit will be credited to your account upon retirement. Can I get credit for work I did in a different state?Any member who is vested in PERS may purchase up to five years credit for public, nonfederal service performed in another state or for service rendered as a teacher in American overseas schools conducted by the U.S. Armed Forces for dependents of U.S. citizens. Credit may be purchased in quarter-year increments prior to retirement and at actuarial cost. To have your cost calculated, complete and submit PERS Form 19, Out-of-State Public Employment Certification, which is available in our Forms Library. Who do I need to see first when I want to begin my retirement process?First, you should contact your agency’s human resource or personnel office to obtain a PERS Form 9A SRVC, Pre-Application for Service Retirement Benefits, which is also available in our Form Library. When can I retire?To be eligible for PERS service retirement benefits, a PERS member must be age 60 and vested or any age if the member has 25 years of creditable service and was hired before July 1, 2011, or has 30 years of creditable service and was hired on or after July 1, 2011. Optional credit, such as military credit, out-of-state service credit, and/or credit for accumulated unused leave may be used to reach the 25 or 30 year milestone but cannot be used toward the vesting requirement of eight or four years, as applicable. How do I request an estimate of benefits and/or application for retirement?You may request this information by contacting PERS. You must provide a projected date of retirement, as well as the name(s) and birth date(s) of the beneficiary(ies) to be used in calculating the Estimate of Benefits. Applications for retirement are available from your personnel or human resources office or from our Form Library. The retirement process should be initiated at least three months prior to your retirement date. Is there a deadline for completing a retirement application?Yes. If you are or will soon be eligible and have a specific date in mind, PERS needs all of your completed application materials by the end of the last business day of the month prior to your desired effective date of retirement. To ensure that everything is processed in a timely manner, we ask that you begin the retirement application process at least three months before your desired effective date of retirement. Before benefit payments can be made, PERS must receive the following materials and properly completed forms:
• PERS Form 9A SRVC, Pre-Application for Service Retirement Benefits • PERS Form 9S, Service Retirement Application • PERS Form 9P, Payroll Authorization • Form PLSO, Partial Lump Sum Option Distribution Election (if applicable) • Retiring member’s birth certificate • Birth certificates for all named beneficiaries PERS Form 9A SRVC, Pre-Application for Service Retirement Benefits, may be obtained by requesting it from your employer or PERS or by downloading it from our Forms Library. All other forms will be provided by PERS upon receipt of the completed PERS Form 9A SRVC, Pre-Application for Service Retirement Benefits. Do I need to go to the PERS office in Jackson to meet with a staff member before I can retire?No. Meeting with a PERS staff member is not required to file retirement papers. However, staff is available by appointment to meet with you in the event you have unresolved issues or questions. Walk-ins are welcomed during our regular business hours, 8:00 a.m. to 5:00 p.m., or you may call us to make an appointment. Am I eligible to file an Advanced Application?If you are a member of PERS, SLRP, or MHSPRS, who is eligible to retire, but still employed in a covered position, you may file a PERS Form 16, Advanced Application, to protect rights to monthly benefits for your beneficiary(ies) in the event of your death before retirement. You may obtain this form by contacting PERS or downloading it from the Forms Library. What type of retirement plan is PERS?PERS is a 401(a) governmental defined benefit pension plan as described by the Internal Revenue Service. With 25 years of service, would I receive a greater benefit under service retirement or disability?Disability benefits are available only to employees who are permanently and totally disabled from performing their job. Eligibility must be determined by the PERS Medical Board. If you feel that you may be eligible for service or disability benefits, contact PERS to request an estimate of benefits under service retirement and disability retirement. If I select the Partial Lump Sum Option (PLSO) at retirement, can I continue to work without interruption?No, you must terminate your employment just as you must with any other retirement option. However, you may be reemployed by a PERS covered agency according to the laws and regulations governing reemployment after retirement, including PERS Board Regulation 34, Reemployment after Retirement. Can I return to work for a PERS-covered agency after the 90-day separation period?Yes, but employment must be limited to that allowed under Miss. Code Ann. § 25-11-127 and PERS Board Regulation 34, Reemployment after Retirement, and a PERS Form 4B, Reemployment of PERS Service Retiree Certification/Acknowledgement, must be filed with PERS. Without affecting his or her retirement benefits, a retiree may be reemployed in any fiscal year for a period of time not to exceed the following: a) For a period of time not to exceed one half of the normal working days for the position in any fiscal year during which the retiree will receive no more than one half of the salary in effect for the position at the time of employment, or b) For a period of time in any fiscal year sufficient in length to permit a retiree to earn not in excess of 25 percent of the retiree's average compensation used in calculating his/her retirement benefit. The fiscal year means the period beginning July 1 of any year and ending June 30 of the next year. The member may, under the first alternative, work up to one half of the normal working days for the position. In determining the "normal working days," the employer shall determine the required number of working days for the position on a full-time basis and the equivalent number of hours representing the full-time position. The retiree may work up to one half of the required number of working days or up to one half of the equivalent number of hours and receive up to one half of the salary for the position. In the case of employment with multiple employers, the limitation shall equal one half of the number of days or hours for a single full-time position. After retirement, when can a classroom teacher return to work on a part-time basis?A regular classroom teacher who retires at the end of the school year may be reemployed by a PERS-covered employer 90 days after the new school year commences. Employment must be limited to that allowed under Miss. Code Ann. § 25-11-127 and PERS Board Regulation 34, Reemployment after Retirement, and a PERS Form 4B, Reemployment of PERS Service Retiree Certification/Acknowledgement, must be filed with PERS. Without affecting his or her retirement benefits, a retiree may be reemployed in any fiscal year for a period of time not to exceed the following: a) For a period of time not to exceed one half of the normal working days for the position in any fiscal year during which the retiree will receive no more than one half of the salary in effect for the position at the time of employment, or b) For a period of time in any fiscal year sufficient in length to permit a retiree to earn not in excess of 25 percent of the retiree's average compensation used in calculating his/her retirement benefit. The fiscal year means the period beginning July 1 of any year and ending June 30 of the next year. The member may, under the first alternative, work up to one half of the normal working days for the position. In determining the "normal working days", the employer shall determine the required number of working days for the position on a full-time basis and the equivalent number of hours representing the full-time position. The retiree may work up to one half of the required number of working days or up to one half of the equivalent number of hours and receive up to one half of the salary for the position. In the case of employment with multiple employers, the limitation shall equal one half of the number of days or hours for a single full-time position. | ||||||||||||||||||||||||