Citation: Stat. - Miss. Code Ann. § 25-14-5

Chapter 14. Government Employees Deferred Compensation Plan Law

� 25-14-5. Program authorized; investment; exemption

The State of Mississippi, or any state agency, county, municipality or other political subdivision may, by contract, agree with any employee to defer, in whole or in part, any portion of that employee's income and may subsequently purchase a fixed or variable life insurance or annuity contract for the purpose of protecting its obligation to the deferred compensation program for the employee from any life underwriter duly licensed by this state who represents an insurance company licensed to contract fixed and variable annuities and fixed or variable life insurance business in this state or to purchase any investments authorized for purchase by the Public Employees' Retirement System of Mississippi under Section 25-11-121; or to invest such monies in a fund or funds maintained by a corporate trustee; which fund or funds are used as an investment media for retirement, pension or profit sharing plans that are tax qualified for such purpose. Provided that in the administration of this plan, the Public Employees' Retirement System of Mississippi may adopt such regulations as are reasonable and necessary to assure the orderly functioning of the plan, but such regulations shall not unreasonably restrict all licensed life underwriters and insurance companies described herein from concurrently participating in providing contracts authorized hereunder. Anything in any other law to the contrary notwithstanding, the deferred portion of the employee's compensation, the plan and the monies in the plan created by said article, are exempt from any state, county or municipal ad valorem taxes, income taxes, premium taxes, privilege taxes, property taxes, sales and use taxes and any other taxes not so named, until the deferred compensation is paid to the employee or beneficiary and exempt from levy, garnishment, attachment or any other process whatsoever.