What: For participants with a MERS Defined Benefit plan who terminated employment, took a refund of their contributions, then rehired at that same employer and would like to restore service- the interest rate used to calculate the amount they are required to repay upon re-employment changed from 4% to 7.35%. Going forward the rate will follow the plan investment rate assumption.
Action Required: None
Key Dates: This change is effective 1/1/2021
Impacted Audiences: Participants with a MERS Defined Benefit Plan who are rehired with the employer they took a refund of employee contributions from and would like to restore the service they earned during that previous employment
For More Information: Contact the MERS Service Center at 800.767.6377