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Saturday, August 17, 2019

Administrative and Policy Change Log

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


Defined Contribution Plan

24
Posting Date: June 24, 2019
Impacted Audiences: Employers who report for MERS Defined Contribution (including DC PLUS), Hybrid, 457 Program and Health Care Savings Program using the upload method
Details: See below...Learn more
15
Posting Date: March 15, 2019
Impacted Audiences: All MERS participants
Details: Participants now have the ability to add, edit and delete beneficiaries for all MERS products EXCEPT the DC PLUS program online through their myMERS account. We are working to add this capability for DC PLUS participants as soon as possible.
20
Posting Date: December 20, 2018
Impacted Audiences: All MERS municipalities
Details: Effective January 1, 2019, we are asking all customers to establish an authorized signatory to execute contracts with MERS. This change is in an effort to ensure consistency and compliance when completing legally-binding documents.

The authorized signatory will be a designated position (ex: Finance Director, Administrator), not a person. You will have the option to choose up to three positions to serve as signatories. Employees in this role will be authorized to sign MERS' contracts relating to the adoption, amendment and termination of MERS' products, and defined benefit service credit purchase approvals.

Municipalities have the option to opt out of selecting an authorized signatory. However, in that event, all contracts related to the above mentioned items will need to be accompanied by Board minutes showing approval.
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.
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
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Disclaimer
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).