Any benefits eligible employee may elect to participate in PERS. However, if an employee has made a previous ORP election while employed with another IHL institution through the State of Mississippi and holds an ORP eligible position through Mississippi State University, they are not eligible for participation in PERS.
PERS is a defined benefit plan that is designed to provide a monthly retirement benefit to employees at time of retirement.
The employee's pre-tax contribution is 9% of gross wages and the university's contribution is 17.40% of the employee's gross wages.
Vesting Period prior to July 1, 2007
A member who entered PERS prior to July 1, 2007, is vested after 4 years of service as a contributing member provided that he or she does not subsequently refund his or her account balance.
Vesting Period on or after July 1, 2007
A member who entered PERS on or after July 1, 2007, is vested after 8 years of service as a contributing member provided that he or she does not subsequently refund his or her account balance.
See page 25 of the PERS Member Handbook.