Mississippi PERS Retirement Calculator: How to Use It
PERS pays 2% a year for your first 25 or 30 years and 2.5% for each year after. Your tier decides which, and when you can start.
What this calculator does
It figures your Maximum Retirement Allowance, the unreduced single-life amount, from your tier, projected service and average compensation, using the PERS Member Handbook and the Hybrid Plan Handbook. It checks eligibility at your planned age and projects the COLA. It doesn't model survivor options, the Partial Lump Sum Option, disability, or the Tier 5 defined contribution account. For Tier 4 and 5 actuarial reductions it shows the unreduced figure, because PERS doesn't publish the reduction rate.
What each input means
Retirement tier
Set by your hire and entry date. Your PERS statement shows it.
Years of service so far
Creditable service today. The calculator adds the years until your planned age. Credit for unused leave and purchased service count in the formula.
Average compensation
Your four highest years of salary plus up to 240 hours of leave pay.
Planned retirement age
The age you leave PERS-covered work. If you leave vested but too young to draw, the calculator shows the benefit from the age you can start.
Understanding the outputs
Tier 2, 28 years, $52,000: 25 x 2% + 3 x 2.5% = 57.5%, or $29,900 a year at any age. Tier 4, 28 years, $52,000, leaving at 60: 56%, or $29,120 before an actuarial reduction for 2 years (2 years short of 30 is fewer than 5 years under 65). Keep working two more years and the Tier 4 member reaches 30 years with no reduction at 60%, or $31,200.
The COLA rows add the annual COLA to the base benefit and show it monthly. PERS actually pays it as one December payment unless you pick 12 installments.
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Frequently asked questions
Which PERS tier am I in?
Tier 1: hired on or before June 30, 1992. Tier 2: July 1, 1992 to June 30, 2007. Tier 3: July 1, 2007 to June 30, 2011. Tier 4: July 1, 2011 to Feb. 28, 2026. Tier 5: members on or after March 1, 2026.
Can I retire at 55 with a reduction?
No. PERS has no reduced early retirement at 55. Tiers 1-3 retire with 25 years at any age or at 60 once vested. Tier 4 needs 30 years or 60 and vested; Tier 5 needs 30 years or 62 and vested.
Why does the calculator show an unreduced amount for Tier 4 at 62?
Tier 4 and Tier 5 members retiring before 65 without 30 years take an actuarial reduction, but PERS doesn't publish a fixed rate. Rather than guess, the calculator shows the unreduced amount and tells you how many years the reduction covers. PERS can give you the exact figure.
How is the COLA figured?
3% of your base benefit for each full fiscal year retired before the year you turn 55 (Tiers 1-3) or 60 (Tier 4), plus 3% compounded for each year after. Tier 5 has no automatic COLA.
What counts in average compensation?
Your four highest years of salary, consecutive or not, plus payment for up to 240 hours of leave. Large raises in the last 24 months (over 8% a year) are generally excluded.