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Financial Retirement Plans

Public Employment Retirement System of Mississippi (PERS)

Optional Retirement Plan (ORP)

Mississippi 457 Deferred Compensation Plan (Great West Financial)

Employees at UMMC have the option of setting aside additional tax-deferred funds in a voluntary Deferred Compensation Plan.  Empower Financial administers the plan as an arm of the Public Employees’ Retirement System.  Through this plan, employees can contribute toward funds of their choice.  Employees may choose from a variety of funds that range from more stable lower-risk funds to more volatile higher-risk funds. 

403b Tax Shelter Annuity Plans

Employees at UMMC have the option of setting aside additional tax-deferred funds in a voluntary Tax Sheltered Annuity Plan. A tax sheltered annuity (TSA) is an IRS 403(b) plan and is also referred to as a tax deferred annuity (TDA). The 403(b) plans were initially designed to invest only in annuity contracts but over time have been modified to include options for investing in mutual funds and money market accounts. In spite of this, the term “Tax Sheltered Annuity” stuck and is now synonymous with any 403(b) plan.  UMMC has five (5) approved vendors who sell a variety of TSA options from guaranteed funds to volatile stock funds.