Chapters

Introduction to the PursePro YouTube Channel - 00:29

Overview of COLA Series - 00:37

Choosing Monthly COLA Payment - 01:04

Subscribe for More Content - 01:22

Disclaimer - 01:45

Downloading and Understanding Form 20 - 02:15

Filling Out Form 20 Sections - 02:42

Section 1: Personal Information - 02:57

Section 2: Retirement Plan Selection - 03:33

Section 3: Account Type Selection - 04:12

Section 4: Monthly COLA Election - 04:51

Section 5: Acknowledgment and Submission - 06:42

Conclusion and Next Steps - 07:13

Thank You and Call to Action - 08:04

Transcript

Hi everyone, I'm Ryan Earley, host of the PERS Pro YouTube channel. In our last video, we dove deep into the choice between receiving your COLA as one annual lump sum or as 12 equal monthly payments. If you decided that the monthly COLA payment is the right choice for you, well today we're walking you step by step through the process of completing PERS Form 20 Election for Monthly Cost of Living Adjustment. Let's get started.

Before we dive in, make sure you hit that subscribe button below so you don't miss any of our future videos. Our goal with this channel is to provide you with short, easy to understand, financial education videos that are relevant to PERS members like you.

Disclaimer. This video is for educational and informational purposes only. Neither the host nor this YouTube channel are officially affiliated with, endorsed by, or sponsored by the Public Employees Retirement System of Mississippi. Always consult a qualified professional for personal advice specific to your situation.

To get started and follow along, can download Form 20 directly from the Mississippi PERS website. The form is officially titled, Election for Monthly Cost of Living Adjustment. A crucial piece of information is right at the top. This form must be received by PERS on or before June 1st to be applicable for the following fiscal year. Mark your calendar so you don't miss this deadline.

Form 20 is divided into five quick sections. Let's look at what you need to fill out in each one.

Section 1 is simple. You'll fill in your personal identification information. First name, last name, mailing address, city, state, zip. Be aware that PERS will automatically update the mailing address on file with the address you list here. Social security number and email, phone, include your phone number and check the box indicating if it's cellular, home, or work.

In Section 2, you need to select the retirement plan for which you are electing the monthly COLA. Check the applicable box. Public Employees Retirement System of Mississippi. This is the most common option. Mississippi Highway Safety Patrol Retirement System, supplemental legislative retirement plan, or municipal retirement system. If you select MRS, you must also specify the city next to it.

In Section 3, you select the type of account receiving the benefit. You'll check either Retiree Account or Beneficiary Account. A very important note here. If you receive more than one benefit from a retirement system or plan administered by PERS, for example, a benefit from PERS and a separate benefit from a municipal retirement system, then you must complete a separate Form 20 for each account.

Section 4 is really the core of the form and a decision you need to be certain about as the election of a monthly COLA payment is an irrevocable election. Once the monthly payment method begins, you cannot switch back to the annual lump sum option. If you select no option here, your COLA benefits will default to a lump sum paid each December.

In Section 4, you have two main choices based on your retirement plan. If you are a benefit recipient of PERS, SLRP, or MHSPRS, or a Municipal Retirement System recipient from Biloxi, Gulfport, or Macomb, you will select the first option to receive your COLA in 12 equal monthly installments beginning in July of each year. If you are a MRS benefit recipient from Clinton, Columbus, Greenville, Hattiesburg, Pascagoula, Vicksburg, or Yazoo City, you will select the second option which gives you a sub-choice for how many consecutive months your monthly COLA installments will be paid beginning in January of each year. You must then select one of the following, two, three, four, five, or six consecutive months. So your monthly COLA may go from January to February, January to March, January to April, January to May or January to June of each year.

Finally, in Section 5, you acknowledge that you understand the terms, especially that the decision is permanent. You will sign and date the form here. Important though, if an authorized representative is signing this form, such as an individual with power of attorney, a conservator, or a guardian, then you must attach a copy of the legal documents as proof of that authority.

Once complete, mail or fax the form to the address or fax number listed at the bottom of the form. And remember that crucial June 1st deadline for the COLA to take effect in the following fiscal year.

So there you have it, completing PERS form 20 is a straightforward process once you understand the sections and the major caveats. But the conversation around COLA is constantly evolving. In our next and last video of the COLA series, we'll dive into how legislative changes will impact COLA and new PERS members hired under tier five. Make sure you subscribe so you don't miss that important discussion.

If you found this video helpful, can thank me by liking the video and sharing it with other PERS members. If you have a follow-up question about COLA, PERS, or anything else related to personal finance that impacts PERS members, please visit our website at perspro.ms and submit your question for future episode. Thank you for your valuable public service to the state of Mississippi. We'll see you next time.