Loans
This plan does not allow loans.
ORP plan
Plan details
Welcome to your ORP retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
Note: The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
Take advantage today
Employees who do not participate in the Public Employees' Retirement System of Mississippi defined benefit plan may make an irrevocable election to participate in the Mississippi Optional Retirement Plan.
Newly hired employees who are eligible for the Mississippi Optional Retirement Plan must make an election to participate in the plan within 30 days of employment. If no election is made, the employee will automatically default to the Public Employees' Retirement System of Mississippi defined benefit plan.
Starting early has its advantages
Contributions
The institutions will make contributions to the plan as follows:
Plan Contributions Credited to Member's Account
| By the Participant | By the Institution | Total |
|---|---|---|
| 9.00% | 14.751% | 23.751% |
Vesting
Vesting is a participant’s right of ownership to the money in his or her plan account. You are always 100% vested in the money that you and your employer contribute to your individual account from the date you begin participation in the ORP.
Important considerations before deciding to move funds either into or out of a Corebridge Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations. Consult a tax professional before making a decision to move funds either into or out of a Corebridge account.
Accessing your money before retirement
Withdrawals
Generally, depending on your employer’s plan provisions, you may withdraw your account balance if you meet one of the following requirements:
Retirement or separation from service
Your death
Total and permanent disability
Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ might be subject to federal restrictions and a 10% federal tax penalty.
Be sure to talk with your tax advisor before withdrawing any money from your plan account.
In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:
- Age 73 if you were born January 1, 1951, or later (The RMD eligible age will increase to age 75 after December 31, 2032)
- Age 72 if you were born after June 30, 1949, and before January 1, 1951 (For individuals turning age 72 in 2023, no RMD payment is required in 2023)
- Age 70 ½ if you were born before July 1, 1949.
An array of investment choices
The following mutual funds and the Fixed-Interest Option are available in your Optional Retirement Plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
You decide how to invest your plan account, selecting from investment choices provided under the plan, as determined by Public Employees' Retirement System of Mississippi. You may change your investment choices anytime.
MUTUAL FUND PERFORMANCE: Click here to view the entire list of funds and performance available in your Optional Retirement Plan.
For participants still invested in the annuity plan:
ANNUITY FUND PERFORMANCE: Click here to view the entire list of funds and performance available in your Optional Retirement Plan. (Please note: It may take a few minutes to load the performance.)
For mutual fund: To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1.800.428.2542.
For annuity: To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit corebridgefinancial.com/retirementservices or call 1.800.428.2542 and follow the prompts. The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Policy Form Series UIT-194, UITG-194 and UITG-194P.
RO 2767020 (3/2023)