What: The MERS Retirement Board approved an amendment to the unforeseen emergency distribution policy allowing employees to continue making contributions to their 457 program immediately after receiving such a distribution. Previously the policy stated that they must wait a minimum of six months after taking an unforeseen emergency distribution to continue making contributions.This new policy is effective immediately and therefore any participants who received an unforeseen emergency distribution within the past six months, or receives an approved distribution of this type going forward, can continue making contributions without delay if they so choose.
Action Required: None
Key Dates: Policy effective immediately
Impacted Audiences: MERS 457 Program participants who have taken an unforeseen emergency distribution within the last six months, or take such a distribution going forward
For More Information: Contact the MERS Service Center at 800.767.6377