The Cost-of-Living Adjustment (COLA) helps maintain your purchasing power as a retiree no matter how long you live after retirement and despite the effects of inflation. Retirees and beneficiaries who have been receiving benefits for at least one full fiscal year receive a COLA.
At retirement, you have the option to choose whether to receive your COLA monthly or in a lump sum paid each December. If you choose lump sum but would rather receive your COLA monthly, you must complete and submit Form 20, Election of Monthly Cost-of-Living Adjustment. Choosing monthly payments is irrevocable.
PERS sends COLA notices in late June/early July of each year to inform retirees of their December COLA amount and the amount to be withheld in taxes. Once an individual receives and reviews his or her notice, he or she has the option to adjust his or her lump sum COLA tax withholding preference. This change must be done by the last working day in October of that same year. Click here for an overview of the COLA notice.
Direct Deposit of Monthly Benefits
Enjoy the convenience and timeliness of direct deposit of your benefits on the first banking day of each month by submitting a completed Form 21, Direct Deposit Authorization, to PERS. Your check by mail will continue for one to two months after submitting the form.
Direct Deposit and Check Mailing Schedules
Direct Deposit 2019
- January 2 (Wednesday)*
- February 1 (Friday)
- March 1 (Friday)
- April 1 (Monday)
- May 1 (Wednesday)
- June 3 (Monday)
- July 1 (Monday)
- August 1 (Thursday)
- September 3 (Tuesday)*
- October 1 (Tuesday)
- November 1 (Friday)
- December 2 (Monday)
- December 16 (Monday) COLA
Check Mailing 2019
- December 31, 2018 (Monday)
- January 31 (Thursday)
- February 28 (Thursday)
- March 29 (Friday)
- April 30 (Tuesday)
- May 31 (Friday)
- June 28 (Friday)
- July 31 (Wednesday)
- August 30 (Friday)
- September 30 (Monday)
- October 31 (Thursday)
- November 29 (Friday)
- December 13 (Friday) COLA
*Tuesday, January 1, 2019, and Monday, September 2, 2019, are Bank Holidays (New Year’s Day and Labor Day).
Federal Reserve Bank Holiday Policy: When holidays fall on Saturday, Federal Reserve Banks and branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve offices will be closed the following Monday.
Each retiree is responsible for deciding on the right insurance coverage to fit his or her personal needs. However, for the members who continue participation in the state-sponsored insurance plan after they retire and for the Medicare-eligible retirees who choose participation in the PERS-sponsored plan, PERS conveniently withholds premiums from benefit payments.
State-Sponsored State and School Employees' Life and Health Plans
The state-sponsored plans are administered by the Mississippi Department of Finance and Administration. For more information, contact DFA’s Office of Insurance at 866-586-2781 or 601-359-3411 or visit knowyourbenefits.dfa.ms.gov.
PERS-Sponsored Group Medicare Solutions
The PERS-sponsored group medical insurance plans are underwritten by Transamerica Premier Life Insurance Company of Cedar Rapids, IA. For more information call 800-634-0168.
Retiree Medical Insurance Plan
PERS-Sponsored Senior Term Life Insurance Plan
The PERS-sponsored senior term life insurance plan is underwritten by Securian Life Insurance Company, Saint Paul, MN. For more information call 877-863-1503.
Senior Term Life Insurance Plan