View eBlast containing the process change details.
View eBlast containing the process change details.
Who: Employers with MERS Defined Contribution, DC PLUS, 457 and Health Care Savings Program who submit reporting using the upload template Why: The purpose of these changes is to ensure accuracy of the data that employers are providing to MERS when reporting. When: Week of June 24, 2020 What: Beginning the week of 6/24, employers… Continue reading
There are special instructions if you plan to continue contributing to your employees’ HCSP account post-employment: Use the upload spreadsheet to enroll your retirees. All required census information must be included to ensure MERS is appropriately communicating with retirees, including instructions on using their account. The following information is necessary to create that enrollment: First/Last… Continue reading
In order to ensure that participants understand how their Health Care Savings Program account funds can be used in compliance with IRS regulations, MERS recently began providing more detailed information to employees when they separate from employment (either to retire or for other reasons). When an employee is reported as “terminated” to MERS, we mail them… Continue reading
See above
See above.
Since there have been many improvements to the HCSP since the plan was created 15 years ago, we want to ensure that all plan participants are aware of the benefits their program provides. At the end of the first quarter in 2019 we will be performing a plan re-enrollment into the HCSP default fund (Retirement… Continue reading
Effective January 1, 2019, the default fund for HCSP is changing to an age-appropriate Retirement Strategies fund. There are several reasons for this change: Our data indicates that participants rarely move out of the default fund, which does not change or rebalance as the participant moves closer to retirement age. The Retirement Strategies fund will… Continue reading
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
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). Terminated employees who have an HCSP account balance will see the following changes and enhancements: All newly eligible participants will receive a debit card automatically going forward; cards will… Continue reading