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

Investment Allocation Now Permitted on Incremental Basis

Based on customer feedback, participants and customers who are able to make changes to their MERS invested-accounts can now allocate investment funds in incremental percentages. Previously, funds could only be allocated in whole number percentages. Changes can still be made by dollar amount.

Forfeitures Now Available as a Funding Source

Based on customer feedback, municipalities with a forfeiture balance will now have the ability to use that balance as a funding source when reporting to MERS Check, wire and ACH will continue to be offered as funding sources. Resources Available: Wage, Contribution, and Employer Portal Guide  

Plan Termination Policy Updated

It is important to ensure a fair and transparent process that protects the integrity of our entire pool of customers. The previous process for electing to terminate participation, specifically in the MERS Defined Benefit Plan, was established over 70 years ago, presumably in an effort to protect the volatility a small pool of municipalities. Today… Continue reading