A LIFETIME BENEFIT FOR YOUR YEARS OF SERVICE

What is the greatest reward you can receive for your years of dedication and service? It’s the promise of a safe, secure and comfortable retirement.

As a MERS Defined Benefit Plan retiree, you join more than 28,000 retirees who are enjoying a lifetime benefit from their employers.

How it works.
It’s important to understand, with a MERS Defined Benefit Plan, your benefit doesn’t fluctuate due to investment gains or losses in the market. Your pension is calculated using the benefit formula.

Read the MERS DB Handbook to learn more.

Payments

Direct deposit payments are made on the 18th of each month. If the 18th falls on a weekend or holiday, the payment will be sent electronically to your financial institution the business day before. If you are not signed up for direct deposit by January 1, 2016, your payments will be suspended until direct deposit arrangements can be set up. Your first payment will be effective the month following the your date of direct deposit authorization.

Direct Deposit

• Sign up for direct deposit.
• Make changes by logging into your myMERS account, select your Defined Benefit account, and edit your payment method. Changes must be received by the first of the month in order to be effective for that month’s direct deposit.

Retiree Pay Dates
2024
	January – 18th (Wednesday)
	February – 16th (Friday)
	March – 18th (Monday)
	April – 18th (Thursday)
	May – 17th (Friday)
	June – 18th (Tuesday)
	July – 18th (Thursday)
	August – 16th (Friday)
	September – 18th (Wednesday)
	October – 18th (Friday)
	November – 18th (Monday)
	December – 18th (Wednesday)

Working in Retirement

If you retire and later decide to return to the workplace, there are restrictions that can affect your MERS pension under certain conditions. These restrictions apply only if you rehire at the SAME employer you retired from. There are also different rules for elected officials than regular (salaried or hourly) employees. There are no restrictions if you are hired anywhere other than the employer you retired from.

If you rehire and are returning to a regular (non-elected/appointed) position, the following rules apply:

• You must complete and submit the Working in Retirement Certification form (F-29c), signed by both you and your employer.
• You must have a bona fide separation before returning to work, per IRS rules. Bona fide separation is defined as NO formal or informal agreement to return to work prior to retirement.
• You must have 60 days of separation.
• You may work up to 1,000 hours in a calendar year. If you exceed 1,000 hours, your pension payments will be cut off until separation. (The suspension of benefits on rehired retirees who work more than 1,000 hours in a calendar year has been waived through December 31, 2027. This means that currently there is no limit to the amount of hours they may work each year.)

If you rehire and are returning to an elected/appointed position, the following rules apply:

• You must complete and submit the Working in Retirement Certification form (F-29c), signed by both you and your employer.
• You must have a bona fide separation before returning to work, per IRS rules. Bona fide separation is defined as NO formal or informal agreement to return to work prior to retirement.
• If you are re-elected/appointed into the SAME position, you must have two years of separation.
• If you are elected/appointed into a DIFFERENT position, you must have 60 days of separation.
• You are not subject to any hour limitation.

If you are rehired into a position after 9/26/2022 that is covered under a MERS Defined Contribution Plan, you may be enrolled in that plan, which would subject you to the requirements of that plan. Be sure to work with your Human Resource department on understanding the benefits in your rehired position that apply to you.

Taxability of MERS Benefits

Federal income tax, and under certain conditions, state tax is required on your MERS pension, with the exception of any post-tax employee contributions you may have made.

You choose how you want your taxes to be withheld at the time of your first payment. You may change your tax choice at any time.

Change Your Tax Withholding

This can be done online – securely and conveniently.
1. Log into (or set up) your myMERS account
2. Select your MERS Defined Benefit Plan
3. Complete your task

 

Want to learn more?

• MyMERS Account
  • You can also log into your account to find up-to-the-minute information about your MERS retirement at any time.
• Publications
  • You’ll receive quarterly statements detailing your retirement account, including information about MERS, your benefits, and the issues affecting you.
• Forms
• Calculators
• Service Center
  • Our Service Center offers friendly, knowledgeable, over-the-phone assistance for a wide variety of benefit questions and issues. Service Center staff is available weekdays 8:30 a.m. – 5:00 p.m. at 800.767.6377.

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