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Calhoun County was looking for a way to reduce its costs and OPEP liabilities while continuing to offer quality and affordable insurance benefits to post-65 retirees who were eligible for Medicare.
Correct a Reported Leave of Absence (LoA) in the MERS Employer Portal.
Employer Reporting - Report Leave of Absence (LoA)
(Video Part 2 of 2) - The GovInvest Total Liability Calculator (TLC) Basic is an actuarial self-service tool that was developed especially for MERS Defined Benefit Plan customers. Join us for a two-part video series where MERS and GovInvest staff will demonstrate how to bring your annual actuarial plan data to life through the tool.
(Video Part 1 of 2) - The GovInvest Total Liability Calculator (TLC) Basic is an actuarial self-service tool that was developed especially for MERS Defined Benefit Plan customers. Join us for a two-part video series where MERS and GovInvest staff will demonstrate how to bring your annual actuarial plan data to life through the tool.
After watching this video, you’ll have a better understanding of the reporting process and how to avoid making errors that could have unintended consequences in the future.
Each year, MERS provides a number of financial reports and statements to help you understand your defined benefit plan. During this recorded webinar, MERS Finance Director Betsy Waldofsky provides a helpful explanation of what each of those financial tools can tell you about the health of your plan, including how the numbers on your quarterly statement translate to your Annual Actuarial Valuation, how investment returns are applied to your plan, and how to use the GovInvest tool to model the impact additional funds will have on your plan.
SECURE 2.0 was passed at the end of 2022 and contains over 90 provisions designed to promote savings and financial wellness, streamline administration for employers and offer more flexibility to participants. Some, but not all, of these provisions apply to retirement programs offered by MERS. To help you better understand SECURE 2.0 and its impacts, check out this video.
The GovInvest Total Liability Calculator (TLC) Basic is an actuarial self-service tool that was developed especially for MERS Defined Benefit Plan customers. During this webinar, experts from GovInvest demonstrated how easy it is to bring your 2021 Annual Actuarial Plan data to life.
Learn how the investment return assumption impacts pension funding and how MERS uses a dedicated gains policy to reduce that assumption in a way that lessens the impact on required contributions.
In simple terms, retirement plans are supposed to provide employees with income in retirement. But how much do you know about how public sector retirement plans work? Are they different than private sector options? How are the various types of programs funded? How much income will they provide to retirees? This video is specifically designed for those looking to understand the basics of how MERS retirement plans and supplemental savings options work to provide income in retirement.
This short video provides an overview of forfeitures in the MERS Defined Contribution and Hybrid Plans. Employers will learn what they are and the options to utilize funds in accordance with IRS guidelines.
If you offer a Defined Benefit Plan, your Annual Actuarial Valuation (AAV) is an important tool to help you understand the current and future health of your retirement plan. We will walk you through understanding key components of your AAV, and what those numbers tell you about your plan's current costs and future sustainability.
Recruiting and retaining talent is a concern for many public sector employers, especially if budget constraints make it difficult to offer competitive pay. An attractive benefits package can make the difference, but only if employers understand and can communicate the value of it to employees. This session will look at how MERS employers can build an affordable and comprehensive retirement benefit, as well as how to make it appealing to both current and prospective employees.
Walk through the changes and provide a demo of the streamlined navigation and upgraded system capabilities.
Is managing unfunded accrued liability (UAL) a priority for your municipality? In this session we will review how UAL develops and discuss plan design and funding strategies available to address it. Whether you’re considering modifying benefit provisions for new hires, bridging benefits for existing employees, changing your plan type or making additional voluntary contributions, you’ll walk away with a better understanding of your options and what may work best for your municipality’s situation.
As PA 202 has increased awareness of unfunded accrued liability for retiree health care and other post-employment benefits (OPEB), it has also created greater demand for tools to prefund those obligations. This video will introduce you to two programs MERS offers to help municipalities take a proactive approach to OPEB: the MERS Retiree Health Funding Vehicle and the MERS Health Care Savings Program.
Investment earnings from the MERS Defined Benefit Portfolio fund more than half of the benefits paid to MERS retirees. In this video, we'll discuss how MERS manages the Defined Benefit Portfolio, including who is responsible for which investment decisions. We’ll share our investment philosophy and how that affects our asset allocation and investment goals. You'll leave with a better understanding of MERS investments and how those investments impact your plan’s funding.
If you manage your MERS employee benefit plan and its assets, it’s important to know that MERS serves as the plan fiduciary. This session will cover the fiduciary best practices MERS follows, the governing laws and regulations that a fiduciary must adhere to, MERS role as plan administrator and your role as a plan sponsor.
As the cost of health care continues to rise, it’s important to know your options for providing retiree health coverage. Especially for those municipalities with underfunded other post-employment benefit (OPEB) plans. In this video, you’ll learn strategies for addressing OPEB obligations using the MERS Retiree Health Funding Vehicle and Health Care Savings Program. In addition, you’ll hear how using these programs in tandem with a private health care exchange can be a win-win for both municipalities and retirees.
Chief Actuary David Kausch from Gabriel, Roeder, Smith & Company joined us to review the updated economic assumptions that were used in your 12/31/19 Annual Actuarial Valuation, as well as the results of the recently completed Experience Study. Additional updates to demographic assumptions will be effective with your 12/31/20 Annual Actuarial Valuation. You will leave with an understanding of the impacts of these upcoming assumption changes and actions that can be taken now to prepare.
We’ll discuss how the MERS Defined Contribution Plan works and how plan design strategies, such as pairing the defined contribution plan with the MERS 457 Supplemental Savings Program, can help employers incentivize higher employee contribution levels, while providing employees the freedom to adjust their rates as needed. We’ll also walk through the benefit provisions modifications coming soon with the implementation of the Employer Reporting project that MERS kicked off this year. You’ll learn more about employer expectations as a result of this project and important next steps you’ll be asked to take.
During this session, we’ll cover the fundamentals of your MERS Defined Benefit Plan. We’ll review how each participant’s retirement benefits are calculated, and how that benefit is funded over their career. We’ll also walk through the benefit provisions modifications coming soon with the implementation of the Employer Reporting project that MERS kicked off this year. You’ll learn more about employer expectations as a result of this project and important next steps you’ll be asked to take.
The annual actuarial valuation (AAV) is an important tool to help you budget for your municipality’s retirement benefits. This report is a snapshot of your defined benefit plan, and it contains insight to your plan’s liabilities, funding levels, required contributions and important GASB and state reporting. In this video we will guide you through understanding each section of your AAV and answer your questions along the way.
Reviewing the results of the recently completed Experience Study, including the updated demographic assumptions that will be used going forward.
Employer Onboarding Training - (for Defined Contribution (including DC portion of Hybrid), 457 and Health Care Savings Program.)
Learn how smoothing effects contribution amounts towards MERS Defined Benefit Plan.
Learn about the basics of a service credit purchase and gain insights to the updated process.
Learn about the resources available to decision-makers within the workplace to help employees better prepare for retirement. We'll discuss the importance of providing benefit education and highlight some ways that MERS can assist in those efforts.
Understanding public pension plan funding is complex. This video helps you understand how Defined Benefit pension plans work, how contributions are determined, and how the practices that MERS follows ensure secure retirement benefits.