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What: Any employer with a forfeiture balance will now see that as a funding source when reporting to MERS.

Action Required: No

Key Dates: This new funding source will appear in the Employer Portal effective Friday, October 19, 2018.

Impacted Audiences: Municipalities with a MERS Defined Contribution Plan (including DC Plus and the defined contribution portion of the MERS Hybrid Plan), Health Care Savings Program or 457 Program who have a forfeiture balance from terminated employees.

For More Information: MERS Service Center – 800.767.6377

Key Information:

  • 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

 

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