27 Miss. Code. R. 240-IV-4.1
The Institution will make Institution Plan Contributions monthly during years of participation in accordance with the schedule set forth below except as the same may hereafter be changed by statute, regulation, or termination of the Plan. Pursuant to Miss. Code Ann. § 25-11-415, (1972, as amended) the Board of Trustees is authorized to deduct a fee of up to two percent (2.00%) of the employers' contribution to defray the cost of administering the plan. Effective July 1, 2009, the Board has set the fee at one percent (1.00%) of the employers' total contribution which shall be transferred each month to PERS when contributions are due.
The Participant's contribution of 9.00% of compensation, which is picked-up by the Institution, shall be credited to the Participant's account. The Institution shall contribute 14.90% of the Participant's compensation, reduced by the administrative fee noted in this section, to be credited to the Participant's account. In addition, the Institution shall contribute 2.50% of the Participant's compensation, reduced by the administrative fee noted in this section, to PERS for application to the accrued liability contribution fund.
Employer and Employee Plan Contributions as a Percentage of Compensation
By the Participant | By the Institution | Total |
9.00% | 17.40% | 26.40% |
Allocation of 17.40% Employer Contribution
Administrative Fee | % to PERS UAAL | % to Participant's Account |
0.174% of Compensation (1.00% of 17.40% of compensation) | 2.475% of Compensation (2.50% less pro-rata share of administrative fee) | 14.751% of Compensation (14.90% less pro-rata share of administrative fee) |
Plan Contributions as Credited to Participant's Account
By the Participant | By the Institution | Total |
9.00% | 14.751 | 23.751% |
In no event will compensation taken into account under the Plan exceed the limit of Code Section 401(a)(17) as such amount may be adjusted by the Secretary of Treasury from time to time.
All Plan contributions are fully vested and nonforfeitable. Plan contributions during educational, maternity and sick leave are provisional on the continuation of salary or compensation by the employing Institution.
27 Miss. Code. R. 240-IV-4.1