Insurance Premium Payments for Public Safety Officers

Former public safety officers* may be eligible for a tax exemption by using funds from their MERS Defined Contribution (or DC portion of Hybrid) or MERS 457 account to pay their insurance provider directly for health insurance premiums. Important information: Payments must be made directly to the insurance provider; this is not a reimbursement Participants… Continue reading

Defined Contribution Enhancements Approved

On September 26, 2022, the MERS Retirement Board also approved the following enhancements to the MERS Defined Contribution (DC) Plan:  The first enhancement defines when a DC Plan participant is considered a retiree. This change clarifies for employers and participants when a rehired DC Plan participant is subject to the working in retirement guidelines. Moving… Continue reading

Expanded Plan Close/Freeze Policies

In an effort to proactively offer employers options to help meet their unique financial needs and manage the affordability of their MERS plans, the MERS Plan Document was revised to allow more options to employers to close or freeze their current MERS retirement plan and choose a different retirement plan style for their current and/or… Continue reading

Reserve Account Changes

If you have a MERS Defined Contribution Plan (including the DC portion of the MERS Hybrid Plan) or MERS 457 Program, effective April 27, 2021, there are some changes to the way that you can use your plan reserves. These changes are necessary in order to align with IRS guidelines. Plan reserves are assets within… Continue reading

Participant Directed Account/Institutional Fund Cost Reduction

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… Continue reading

Information Now Required When Reporting a New Hire

To improve plan administration and customer communication processes, MERS is now requiring that specific data be included when reporting a new hire or a rehired employee. The following fields will now be required entries: Social Security Number Full name (first and last) MERS plan number Date of birth Original date of hire Participant status Address… Continue reading