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Tuesday, December 11, 2018

Administrative and Policy Change Log

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


Health Care Savings Program

26
Posting Date: November 26, 2018
Impacted Audiences: All MERS Health Care Savings Program participants
Details: At the end of the first quarter in 2019 MERS will be performing 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)
Details: Effective January 1, 2019, MERS is reducing the operational cost on participant directed accounts by two basis points ($0.20 per $1,000 invested) and removing the $24/year administrative fee currently accessed to HCSP participant accounts....Learn more
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
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
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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