On December 1, 2022, The MERS Retirement Board approved changes to Sections 6(5), 6(6) and 50(2)[a] of the Plan Document to include amendments relating to employee transfers/rehires for “cash or deferred arrangement” (CODA) prohibition compliance. Per a recent IRS ruling, any benefit option that presents an employee with a choice between cash or deferred compensation after… Continue reading
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
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
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
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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
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
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.