Mississippi Administrative Code
Title 27 - Personnel
Part 210 - PERS, Regulations for Retirement Plans Administered by the Board of Trustees
Chapter 55 - Administration of Excess Benefit Arrangements for all Defined Benefit Plans Administered by the PERS Board of Trustees
Section 27-210-55-101 - Administration of excess benefit arrangements

1. The Board of Trustees of the Public Employees' Retirement System (Board), pursuant to the authority vested in it by virtue of Miss. Code Ann. Sections 25-11-15, 25-11-301, 25-13-7 (Rev. 2006), 21-29-105 and 21-29-207 (Rev. 2001) shall maintain and administer a qualified governmental excess benefit arrangement under Section 415(m) of the Internal Revenue Code of 1986 (the Code), as amended from time to time, for the purpose of providing the retirement allowances payable from the Public Employees' Retirement System, the Supplemental Legislative Retirement Plan, the Mississippi Highway Safety Patrol Retirement System or the Municipal Retirement Systems that would otherwise be limited by Section 415 of the Code.

2. The excess benefit arrangement, as provided herein, shall be maintained solely for the purpose of providing participants in the excess benefit arrangements that part of the participant's annual benefit, otherwise payable under the applicable state law, that exceeds the limitations on benefits imposed by Section 415 of the Code. Participants do not make an election, directly or indirectly, to defer compensation to the excess benefit arrangement.

3. The Board shall have the authority to establish the necessary and appropriate policies and procedures for the administration of such benefit arrangements under the Code and to determine all questions arising in connection with the arrangements (including its interpretation and factual questions arising thereunder). The Board shall have the duty and responsibility to maintain records, perform calculations, and determine benefits payable thereunder.

4. The qualified excess benefit arrangement shall be a separate portion of each system noted in sub-section 101.1. Each system shall establish a separate account to hold employer contributions from which excess benefits shall be paid.

5. These excess benefit arrangements shall be administered by the Board of Trustees of the Public Employees' Retirement System. The Board shall have the same authority in its administration as it has in the administration of the Public Employees' Retirement System, the Supplemental Legislative Retirement Plan, the Mississippi Highway Safety Patrol Retirement System, and the Municipal Retirement Systems.

6. The excess benefit arrangements shall constitute qualified governmental excess benefit arrangements as provided in Section 415(m) of the Code.