27 Miss. Code. R. 240-II-2.9
"Compensation" means the full amount earned during a fiscal year by an employee as defined in Miss. Code Ann. § 25-11-103(k) (1972, as amended), including any maintenance furnished subject to the conditions and limits prescribed in PERS Board Regulation 33, Value of Maintenance, not to exceed the employee compensation limit set pursuant to Section 401(a)(17) of the Internal Revenue Code for the calendar year in which the fiscal year begins and proportionately for less than one (1) year of service. Such amount shall also include compensation which is not currently includable in the Participant's gross income by reason of application of Code Sections 125, 403(b), 414(h)(2), or 457. Compensation includes the following amounts paid following the Participant's Termination of Employment: (1) amounts that would have been paid in the absence of a Termination of Employment and is regular pay for services (such as regular wages, overtime, or shift differential or other similar compensation); and (2) amounts that are payment for accrued bona fide sick, vacation, or other leave pursuant to Miss. Code Ann. Sections 25-3-93 and 25-3-95 (1972, as amended) that would have been used if employment continued, provided such payments are made by the later of 2 1/2 months after Termination of Employment or the last day of the Plan Year that includes the date of the Termination of Employment. Compensation does not include other amounts paid following Termination of Employment, including severance pay or deferred compensation.
27 Miss. Code. R. 240-II-2.9