SLRP Plan and Benefit

The Supplemental Legislative Retirement Plan (SLRP) covers all members of the Mississippi State Legislature and the person serving as the President of the Senate. Mississippi Code Annotated §25-11-305 sets forth the provisions for membership eligibility in the Supplemental Legislative Retirement Plan. For additional information, refer to Subject Index below.

---

SLRP Coverage

MCA Section 25-11-305 sets forth the provisions for membership eligibility in the Supplemental Legislation Retirement Plan, established July 1, 1989.

All members of the Mississippi State Legislature currently serving in the capacity of an elected official of the State Legislature and the person serving as the President of the Senate shall be members of the Plan. If you first became a member of SLRP after July 1, 1989, you must contribute for a period of four (4) years before being eligible to receive prior service credit for any period of elected legislative service which occurred before July 1, 1989.

---

Listing of SLRP Covered Agencies

---

SLRP Contribution Rate*

For the current contribution rate, see PERS Regulation 60, Contribution Rates.
*This contribution is in addition to the contribution paid by the employee and employer on covered wages reported in the PERS Plan.

---

Monthly Retirement Benefit Eligibilty - SLRP

Eligibility for benefits under the Supplemental Legislative Retirement Plan (SLRP) is contingent upon eligibility for benefits under the provisions of the PERS Plan since SLRP members are also members of PERS and since SLRP is a supplement to the PERS benefit. Any SLRP member eligible to retire under the PERS Plan who has also contributed to SLRP will be entitled to a benefit equal to 50% of that payable under the PERS provisions for service credit covered by both PERS and SLRP.

When you become eligible to retire, but elect to continue working, you may file a PERS Form 16, Advanced Application for Optional Settlement Under Service Retirement, which would be processed in the event of your death prior to actual retirement. This Advanced Application process is helpful for members who wish to provide monthly benefit protection to someone other than a spouse.

SLRP Service Retirement Benefit Calculation Formula

1.0% of Average Compensation for the first 25 years of creditable service PLUS 1.25% of Average Compensation for all years of creditable service over 25 years

Note:
The Maximum Benefit is reduced, if selecting an optional form of benefit payment.

Average Compensation is calculated using the four (4) highest years of legislative salary (these do not have to be consecutive.) The total is then divided by four (4) to arrive at the Average Compensation. The "four (4) high years of salary" is defined as one of the following:

---

SLRP Benefit Payment Options

The optional benefit payment plans under SLRP are identical to those under PERS. A SLRP retiree may select an optional benefit payment plan and/or a beneficiary different from that selected in the PERS Plan. A separate application for benefits is required.

Maximum Benefit - This option is a single life annuity which provides the greatest possible monthly benefit, with all payments ceasing at the death of the retiree. For each dollar received in monthly benefits, the total employee contributions will be reduced by that same amount. In the event total retirement benefits paid do not equal the employee contributions, the difference will be refunded to the designated beneficiary. In the event of marriage after retirement, the retiree may apply for a benefit recalculation under Option 2 or 4A to provide protection to the new spouse.

Option 1 - This option is a prorated single life annuity which provides a monthly benefit to the retiree for life. This option allows the employee contributions to be used at a slower rate than under the Maximum Option. At the death of the retiree, unused employee contributions are refunded to the designated beneficiary. In the event of marriage after retirement, the retiree may apply for a benefit recalculation under Option 2 or 4A, to provide protection to the new spouse.

Option 2 - The 100% Joint and Survivor Annuity option provides a reduced benefit payable to the retiree for life. At the death of the retiree, the joint annuitant beneficiary receives a lifetime annuity equal to the monthly benefit being paid the retiree. In the event the joint annuitant predeceases the retiree, or the retiree divorces, the retiree may apply for a benefit recalculation under the Maximum Option.

Internal Revenue Code Section 401 (a)(9) sets forth certain limitations in the payment of benefits under Option 2 and Option 3. This limitation applies when the designated beneficiary is not the spouse and one or both beneficiaries are more than 10 years younger than the retiree. The maximum benefit a non-spouse beneficiary may receive is based upon the number of years, if any, a retiree is older than the youngest beneficiary. This limitation will only affect the beneficiaries' benefit, not the retiree's benefit.

Option 2A - A lifetime benefit payable to the spouse of a member who dies prior to retirement with four (4) or more years of membership service equal to 1.0% of the average compensation for each of the first 25 years of service and 1.25% of the average compensation for each year of service credit in excess of 25 years, reduced by the Option 2, 100% joint and survivor factor using the member and beneficiary's age and further reduced 3.00% for each year the member is under age 60 or each year of legislative service under 25, whichever is less.

Option 2B - A benefit payable to the spouse of a member who dies prior to retirement with four (4) or more years of membership service in an amount equal to 10% of average compensation with a minimum payment of $25 per month. Such payment is made until the death of the spouse.

Option 2D - Benefits may be paid to dependent children of a member who dies prior to retirement with four (4) or more years of membership service credit. A benefit equal to 5% of Average Compensation is payable for each dependent child, up to a maximum of 15% of average compensation for three (3) or more children with a minimum benefit payment of $25 a month for one (1) dependent child, $50 for two (2) dependent children or $75 a month for three (3) or more dependent children. Benefits are payable to age 19, or 23 if the child is a full time student and unmarried.

Option 2K - In the event a member is killed on the job, regardless of the member's age or years of service, a benefit may be paid to the surviving spouse equal to 25% of the Average Compensation until the death of the spouse.

Option 2CK - In the event a member is killed in the line of duty, regardless of the member's age or years of service, a benefit may be paid to one (1) dependent child equal to 12.5% of Average Compensation until age 19 or 23 if a full time student and unmarried, or 25% of Average Compensation divided among two (2) or more dependent children.

Option 3 - The 100% Joint and Survivor Annuity option for two (2) beneficiaries provides a reduced benefit payable to the retiree for life. The retiree may name two (2) beneficiaries at retirement. At the death of the retiree, the named beneficiaries will each receive one-half of the amount being paid to the retiree before death. The amount is payable throughout the lifetimes of the named beneficiaries. Upon the death of one (1) of the beneficiaries, the surviving beneficiary shall receive the full benefit amount.

Internal Revenue Code Section 401 (a)(9) sets forth certain limitations in the payment of benefits under Option 2 and Option 3. This limitation applies when the designated beneficiary is not the spouse and one or both beneficiaries are more than 10 years younger than the retiree. The maximum benefit a non-spouse beneficiary may receive is based upon the number of years, if any, a retiree is older than the youngest beneficiary. This limitation will only affect the beneficiaries' benefit, not the retiree's benefit.

Option 4A - The 50% Joint and Survivor Annuity option provides a reduced benefit payable to the retiree for life. At the death of the retiree, the named beneficiary receives a lifetime annuity equal to one-half of the monthly benefit being paid the retiree prior to death. In the event the designated beneficiary predeceases the retiree, or the retiree divorces, the retiree may apply for a benefit recalculation under the Maximum Option.

Option 4B 10, 15, 20 Years Certain - Option 4B allows a retiree to select either the 10, 15, or 20 years certain provision. Payment is made to the retiree for life. Should the retiree die within 10, 15, or 20 years of the date of retirement, the named beneficiary(ies) will draw the same monthly benefits paid the retiree until the end of the elected period of coverage. The longer the period selected, the greater the reduction in monthly benefits.

Internal Revenue Code Section 401(a)(9) limits the Option 4B certain period which can be elected by a member at retirement. The period cannot exceed the IRS-approved life expectancy of the member at retirement. Benefits payable from the plan must meet the requirements at retirement since benefits cannot be adjusted once they begin.


Option 6 Partial Lump Sum ( Service Retirement Only ) - A member of SLRP who has 28 or more years of service in PERS or who is at least age 63 with four (4) or more years of service in PERS, may upon initial retirement elect to receive a partial lump sum along with a reduced monthly benefit. The member may choose a lump sum equal to 12, 24 or 36 times the unreduced base maximum monthly retirement allowance. The maximum monthly retirement allowance is then reduced based on the member's age and the lump sum selected. The member may then choose any of the other options to provide income protection to a beneficiary except Option 1.

---

Back to top

 

 

Home

|

Site Map

|

Contact Us

|

PERS Disclaimer

©2010, Public Employees' Retirement System of Mississippi
PERS, 429 Mississippi Street, Jackson, MS 39201-1005