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Thursday, January 23, 2020

Administrative and Policy Change Log

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

Entries for November 2018

26
Posting Date: November 26, 2018
Impacted Audiences: All MERS Health Care Savings Program participants enrolled in the program prior to 1/1/2019 (regardless of status)
Details: At the end of the first quarter in 2019 MERS will perform a plan re-enrollment for all Health Care Savings Program participants into the updated default fund. ...Learn more
26
Posting Date: November 26, 2018
Impacted Audiences: All new hires with the MERS Health Care Savings Program
Details: Effective January 1, 2019, the default fund for HCSP is changing to an age-appropriate Retirement Strategies fund....Learn more
26
Posting Date: November 26, 2018
Impacted Audiences: All participants with a participant directed account (Defined Contribution, including DC PLUS and the DC portion of Hybrid, Health Care Savings Program, 457 Program and MERS IRA) and employers with RHFV and/or ISP
Details: In an effort to provide our customers with superior value and plan transparency, MERS conducts an annual pricing review for all of the plans we offer. Through operational efficiencies and continued growth, MERS has been able to consistently reduce our costs. Since 2012 costs have been reduced seven times.

Effective January 1, 2019, MERS is once again reducing the operational cost on participant directed accounts and institutional funds by two basis points ($0.20 per $1,000 invested). Specific programs impacted include:

- MERS Defined Contribution Plan

- MERS Hybrid Plan (defined contribution portion only)

- MERS Heath Care Savings Program

- MERS 457 Program

- MERS IRA

- MERS Retiree Health Funding Vehicle

- Investment Services Program

Additionally, due to cost savings as a result of partnering with a new claims administrator, we are able to remove the $24/year administrative fee currently accessed to Health Care Savings Program participant accounts.
26
Posting Date: November 26, 2018
Impacted Audiences: Terminated employees with a MERS Health Care Savings Program account balance
Details: Effective January 1, 2019, Alerus Retirement and Benefits (MERS' partner for recordkeeping services) will be the new claims administrator for the Health Care Savings Program (HCSP)....Learn more
26
Posting Date: November 26, 2018
Impacted Audiences: All MERS Health Care Savings Program employers with terminated participants who are using their HCSP account for eligible medical-related purchases
Details: All employers with the MERS Health Care Savings Program must complete and submit 1094-B and 1095-B forms to comply with IRS regulations relating to the Affordable Care Act....Learn more
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The information contained in this Web site is being made available as a public service. The information is not intended to constitute legal or investment advice, or to replace official versions of that information. Benefit Estimates or Service Credit Purchase estimates requested through this Web site are not official descriptions of any benefits, and do not represent a promise by MERS to provide any benefit(s) to any person(s). No one can detrimentally rely upon the information provided in, or requested through this Web site. MERS reserves the right to correct any errors, and presents this information without warranties, express or implied, regarding the information?s accuracy, timeliness or completeness. If you believe the information is inaccurate, out-of-date, or incomplete, or if you have problems accessing or reading the information, please call MERS at 800.767.MERS (6377).