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Sunday, November 18, 2018

Administrative and Policy Change Log

Here you will see a list of Admin and Policy changes.

18
Posting Date: October 18, 2018
Impacted Audiences: MERS reporting contacts with a participant directed account (MERS Defined Contribution Plan (including DC Plus), Hybrid, Health Care Savings Program or 457 Program)
Details: When reporting a new hire or rehire, employers must now provide specific data on the employee or the submitted file will be rejected. ...Learn more
18
Posting Date: October 18, 2018
Impacted Audiences: MERS participants who have a participant directed account (MERS Defined Contribution Plan (including DC Plus), Hybrid, Health Care Savings Program or 457 Program) and municipalities with a Retiree Heath Funding Vehicle or Investment Services Program
Details: Participants and employers are now able to allocate their investments in incremental percentages (ex: 10.25%). Previously, investments could only be allocated in whole numbers or in whole dollars. ...Learn more
18
Posting Date: October 18, 2018
Impacted Audiences: Municipalities with a MERS Defined Contribution Plan (including DC Plus and the defined contribution portion of the MERS Hybrid Plan), Health Care Savings Program or 457 Program who have a forfeiture balance from terminated employees.
Details: Any employer with a forfeiture balance will now see that as a funding source when reporting to MERS....Learn more
02
Posting Date: July 02, 2018
Impacted Audiences: Municipalities with a MERS Defined Benefit Plan, Defined Contribution Plan or Hybrid Plan
Details: At the March MERS Retirement Board Meeting, the Board voted to amend the plan termination policy for the defined benefit, defined contribution and hybrid plans....Learn more
25
Posting Date: May 25, 2018
Impacted Audiences: Municipalities with a MERS Defined Contribution Plan
Details: In order for MERS to provide participants enrolled in the defined contribution plan with a Snapshot retirement readiness report, employers must verify or submit 2017 wages to MERS. ...Learn more
12
Posting Date: December 12, 2017
Impacted Audiences: Municipalities with a MERS Health Care Savings Program
Details: Some municipalities with the MERS Health Care Savings Program may be inaccurately administering the leave conversion provision of their plan...Learn more
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