Benefits payable to participants under the optional retirement program are not obligations of the State of Mississippi. Those benefits and other rights of optional retirement program participants or their beneficiaries are the liability and responsibility solely of the designated company or companies. The benefits of participants whose funds are invested with annuity providers shall be governed solely by the terms of the contracts issued by that company or companies. The benefits of participants whose funds are invested in mutual funds or other similar investment products shall be limited to the value of the account.
Structure Mississippi Code
Title 25 - Public Officers and Employees; Public Records
Chapter 11 - Social Security and Public Employees' Retirement and Disability Benefits
Article 11 - Optional Retirement Program for Employees of State Institutions of Higher Learning
§ 25-11-401. Eligibility for optional program
§ 25-11-403. Contributions to annuity contracts and mutual funds
§ 25-11-405. Administration of program; delegation of responsibilities
§ 25-11-409. Election to participate in program; time of election
§ 25-11-413. Ineligibility for membership in Public Employees' Retirement System
§ 25-11-415. Deductions from employers' contribution to administer program; expense fund
§ 25-11-417. Benefits payable not obligations of state but of designated companies