Tier IV employees who were hired on or after July 31, 2017, and are enrolled in Tier IV of the State Employees Retirement System (SERS) or the Tier IV Hybrid Plan. PDF File opens in a new window. No; employer-provided disability insurance policies. Municipality, School District or Probate Court employees: Please see special instructions for completing enrollment. Keep in mind that application of asset allocation and diversification concepts does not assure a profit or protect against loss in a declining market. your Dedicated Retirement Counselor for assistance. See more about how we calculate your benefit. However, you may enroll in a TIAA supplemental retirement plan at any time. 1. Should you have questions or need assistance enrolling online in the State of Connecticut 457 Plan, please contact your Dedicated Retirement Counselor for assistance. Potential solutions include: Retirement accounts Typically tax-advantaged investment accounts that may help you build wealth as you save for retirement. Did you receive a PIN letter? EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser, Empower Advisory Group, LLC. Its never too early, or late, to plan for retirement, health care expenses and future education needs.Potential solutions include: Typically tax-advantaged investment accounts that may help you build wealth as you save for retirement. If youre thinking of retiring, here is a Retirement Planning page to help you take the necessary steps so the process goes smoothly. Separation from Employment Withdrawal Request 401(k) Plan . That amount will be prorated for employees with less than 25 years of service. The site will automatically prompt you to change your password and choose your challenge questions the first time you log in. We offer the Empower Premier Investment Account, which offers help and guidance on your investments, and the Empower Investment Account, which makes it easy to research and trade investments online. Welcome to SERS Established in 1923, the Pennsylvania State Employees' Retirement System is one of the nation's oldest and largest statewide retirement plans for public employees. Choose the date and time that works best for you. RICaka the Retirement Income Calculatormay just be your new BFF: This powerful online tool helps you define your income goal, shows you if you're on track to meet it, and gives you specific steps to take if not. EMPOWER and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America. Selection of a retirement plan is part of your online benefits enrollment through Workday. Here are five moves to consider now. Tier 1 Retirement. For example, if your birthday is March 12, 1970, and your SIN number is 123456, your initial password will be 03121970456. Employees hired on or after July 1, 2011 are vested for retiree health benefits upon completion of 15 years of actual state service. You have the option to defer income either on a pre-tax basis or after-tax (Roth) basis. It is important to understand the differences, particularly when determining which service or services to select. Yes, at any time for service-related disability. You may lose money. Estimate your retirement benefit in minutes using the personalized Benefit Estimator in your online account. If you leave state employment before you work three years, you have a right to your contributions; however, you would have no right to your employers contributions. The following individuals are required to take RMDs: Calculating RMDs At retirement, vested employees have a choice of a SERS benefit (pension) or a cash out employee contributions. Participants should consider their other assets, income and investments (e.g. Scroll down to the section titled "Discuss your financial situation with a TIAA Consultant.". But, of course, past performance of any investment does not guarantee future results. Keep in mind that asset allocation and diversification do not assure a profit or protect against loss in a declining market. Employees hired on or after July 1, 2011 are required to contribute 3% of their gross earnings on a pre-tax basis toward the Retiree Health Fund for the first ten (10) years of employment in order to offset the future cost of retiree health benefits. The Prudential website is www.ctdcp.com. For more information about these services and their differences, speak with your Merrill financial advisor. Luckily, your plan offers different ways to build a well-diversified portfolio: DIYers can choose among investment options that cover all the major asset classes. If you're already in a plan (or two), set up your account online, set your contribution rate, review or update your investments and beneficiariesand start taking advantage of a wealth of tools and resources from Empower. If you are employed in a position statutorily defined as a state teacher or a professional staff member in higher education you may elect membership in the State Employees Retirement System (SERS) Tier IV retirement plan, the SERS Hybrid Plan, the Alternate Retirement Program (ARP), or, if eligible, the Teachers Retirement System (TRS) at the time of your employment. As with the 403(b) plan, maximum contribution limits are established annually by the Federal government. Unclassified employees of a constituent unit of the State system of higher education, as well as the Department of Higher Education's central office staff, may participate in the ARP. Information, including plan highlights and enrollment forms, is available at www.ctdcp.com or by calling 1-844-505-7283. Or, for a truly personalized approach, the GoalMaker optional asset allocation program makes it easy to create and maintain a portfolio based on your "investor style" and expected years to retirementat no extra cost to you. Bring your investing and banking together online., Merrill Lynch Investment Advisory Program (IAP), Wealth Management for Sports & Entertainment Professionals. Insurance Wealth Planning All Save for the future It's never too early, or late, to plan for retirement, health care expenses and future education needs. Additionally, HR has prepared the following Retirement Resources an effort to help you understand . Failure to communicate a selection within 45 days is an affirmative action to remain in the A-5 classs of service. Empower Retirement, su compaa matriz y/o sus subsidiarias no se hacen responsables por el contenido proporcionado y/o las actualizaciones relacionadas con el materialLos valores bsicos, cuando se ofrecen, se hace a travs de GWFS . Spousal benefit, if employee met age and service required for immediate retirement or completed 25 years of service (at any age). Asset allocation, rebalancing and diversification do not guarantee against risk in broadly declining markets. Employees must serve for 10 years to vest in the Hybrid Plan. Diversify your portfolio with a wider variety of solutions. Pennsylvania State Employees Retirement System. Financial wellness & participant experience, Do not sell or share my personal information, Market timing and excessive trading policies. All you need is a phone and an internet-connected computer to access your private, secure online meeting room. The contribution would continue for ten (10) years for all employees or until retirement, whichever is sooner. Retirement income is determined by the amount you contribute (5%), the amount contributed by Penn State (9.29%), and the performance of the investments you choose. You can click the "Return to Merrill; button now to return to the previous page, or you can close the new window after you leave. Weve created an easier, more intuitive personalized retirement planning experience to help you prepare for tomorrow while still enjoying today. Sorry, you need to enable JavaScript to visit this website. For example, an employee who leaves service upon the completion of 15 years would be eligible to receive the retiree health benefits at the age of 60 (i.e., Age 60 + 15 Years of Service = 75). Plus access tools designed to help you track, manage and plan your finances. Employees may make voluntary contributions to tax-deferred annuities through the State 403(b) Program. All visuals are illustrative only. Benefits include: Low fees and no account minimums. All other employees who were not paying the three percent (3%) contribution on June 30, 2013, shall begin paying a contribution. Help manage current and future health expenses not covered by insurance. Anyone planning on retiring in the current academic year should review the information on the PSERS Retirement Planning website first. Tier IV employees who were hired on or after July 31, 2017, and are enrolled in Tier IV of the State Employees Retirement System (SERS) or the Tier IV Hybrid Plan. SERS options available to these employees are as follows: The 331 Building, Suite 136 University Park, PA 16802, Reinstatement of Dependent after a Failed Dependent Verification, Handling Disciplinary Meetings with Tech Service Employees, Reporting a Work-Related Illness or Injury, Diversity, Equity, Inclusion, & Belonging, TOTAL CONTRIBUTIONS SAME AS CURRENT CLASS OF SERVICE, 2% years of service X average earning for 3 highest years, 2.5% X years of service X average earnings for 3 highest years, Full retirement income at age 65 with at least 3 years of credited service, or your age plus years of credited service equal 92 or higher. Prudential is the Third Party Administrator for this plan, and can be contacted at 844-505-7283. Investing involves risk. Prudential Retirement belongs the . Tier II - a non-contributory plan (except for hazardous duty positions) that covers employees who were first hired and chose the SERS after July 1, 1984 and up to June 30, 1997. EAG is a registered investment adviser with the Securities and Exchange Commission (SEC) and subsidiary of Empower Annuity Insurance Company of America. Registration does not imply a certain level of skill or training. Rollover assets may be assessed fees or other surrender charges. Alternate Retirement Program The Alternate Pensions Program is available to all add unclassified employees. You and your employer make mandatory contributions toward your investment plan and the amount you have for retirement depends on the accumulation of contributions and the performance of the investments you choose. Please have your pay stub, which includes your employee ID, ready when enrolling. DRS maintains your defined benefit component (the part your employer contributes to). If you have pension or other general benefit questions, please contact the SEI Help Centre at 1-866-667-6753. The plan available to employees is dependent on the date of hire. Get personalized guidance, straightforward solutions and actionable information that helps get you closer to your financial goals. If the cash out option is chosen, the employee receives their contributions, plus a 5% State match, plus 4% interest. It is a defined benefit plan (pension) with a cash-out option. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser, Empower Advisory Group, LLC. You will enter SERS in the class A-5 hybrid plan, with the option to choose the other hybrid plan (A-6) or the straight defined contribution plan within you first 45 days of membership. The following chart describes the Alternate Retirement Program (ARP) for employees hired on or after 7/1/17 and for postdoctoral research associates hired on or after 1/14/22. We encourage everyone to stay calm and follow their long-term investing strategies. If reach milestone: 1 of the Department of Corrections, Unified School District No. Browse through different dates and times to find a suitable date/time. Withdrawals are taxed at ordinary income tax rates. Use our innovative income projection calculator to get a more accurate view of where you stand in reaching your retirement income replacement goal. Who is eligible? Get the professional help you need when youre considering consolidating your retirement assets into your Empower plan. Type of Plan. Banking products are provided by Bank of America, N.A. Mandatory 1% of compensation (pre-tax) to a defined contribution plan. Who is eligible? Fax: 860.486.0378 To find more helpful account information for retirement savers during the COVID-19 crisis, visit the Market Volatility Communications Center. If you're a customer who doesn't have a DRS pension account, use this login. Browse Empower Institute for cutting-edge research and actionable insights. With a member services account, you can view your SERS benefit information and if you are an active SERS member, you can estimate your future retirement benefit. State Employees (full- and part-time) Employee Contribution. The retirement plans described below are the current versions available to new hires. Tier IV - a contributory plan that is available to employees who were first hired on or after July 1, 2017. Financial wellness & participant experience, Do not sell or share my personal information, Market timing and excessive trading policies. Payment Options When you retire, you have several payment options to fit your retirement income needs. This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Tier IIA - a contributory plan that is available to employees who were first hired on or after July 1, 1997. 2023 Empower Annuity Insurance Company of America. A range of no- or low-cost investment options. 8% of compensation (pre-tax)(plus up to an additional 2% for adverse actuarial performance), Yes, if lifetime monthly benefit payment elected, 6.5% of compensation (pre-tax); employees may elect to contribute 5% of compensation (pre-tax), Based, solely, on contributions and investment performance, Employee-directed through menu of mutual or annuity funds, Age 55 (applies to employees with 5 or more years of participation. Maximum contribution limits are set by the federal government and change annually. How it works Participant Empower processes withdrawals without approval Empower processes in-service and separation from service withdrawal requests based on plan document provisions. This material does not take into account a clients particular investment objectives, financial situations, or needs and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any security or investment strategy. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. Welcome. Roth 403(b) and 457 Programs Please note that by clicking the "Leave this Empower website" button you will be directed to a website that is not owned or operated by Empower. The contributions are defined because the amounts that you both contribute are known in advance. The rules regarding eligibility for participation in the Retiree Health Plan are based on hire date and retirement plan as outlined in Division Memorandum 2013-06. Our mission is to empower financial freedom for all. Empower employees can access their retirement accounts to check balances, view retirement plan activity and more. If you do not make your decision within that time period, state regulations require that you automatically be enrolled in SERS. Participation is voluntary with pre-tax contributions made through payroll deduction that allow employees to defer taxes on the contributions until withdrawn for retirement. Use our innovative income projection calculator to get a more accurate view of where you stand in reaching your retirement income replacement goal. May continue 13% contributions to plan during disability. Employees who leave prior to becoming eligible for retiree health benefits qualify for a refund of their contributions. The plans offer a wide variety of investment options and accept pre-tax funds (rollovers) from other 401, 403(b), and 457(b) government plans and traditional IRAs. To assist employees in selecting a retirement plan, watch this videocomparingSERS vs. ARP plans. After how much you save, how you invest is one of the most critical factors in meeting your retirement income goal. Eligibility Full-time Faculty and Staff are eligible to participate in one of two mandatory retirement plans (Technical Service employees are a part of the Staff employee population for benefit eligibility purposes, unless specifically indicated otherwise): State Employees Retirement System (SERS) Retirement Options | Human Resources Flexible (lump sum, periodic, or monthly payment), Account balance payable to spouse or named beneficiary, as applicable, Yes, if employee separates from service before 5 years of plan participation. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Our vision is to transform financial lives through advice, people and technology. Our websites may use cookies to personalize and enhance your experience. Please enter your Employee Number and password to log in to the portal.. Formula based, in part, on average of 5 highest years earnings and years of service. Penalty does not apply to 457(b) plans. Your total pension amount is based on your years of service and your income. The Office of the State Comptroller and the Retirement Commission are not involved in the creation of educational tools and materials included in this section. . Access to specific tools and data are granted, depending upon the employer and the level of authorization needed. Personal Capital is an affiliate of Empower Retirement, LLC. 3 of the Department of Developmental Services, Riverview Hospital of the Department of Children and Families, Greater Bridgeport Community Mental Health Center, Southwest Connecticut Mental Health System, Capitol Region Mental Health Center of the Department of Mental Health and Addiction Services (nonresident aliens are ineligible). Get the latest on legislative, regulatory activities Read updates from the Hill and regulators. Contributions are tax-deductible or pre-taxed through Bank of America Health Savings Accounts. Consolidation can offer a number of benefits, but it may not be right for everyone. The Alternate Retirement Program is available to all new unclassified employees. Regardless of the plan you choose, you are required to contribute apercentage of your income to the retirement plan. If you are working for a SERS-participating employer and contributing to the Defined Contribution Plan(investment plan), we will send you an annual statement that provides a snapshot of your investment account as of December 31. Detailed information on the Pennsylvania State System is available on the State System website. HCR 6, introduced by Representatives Angela King (R-Celina) and Phil Plummer (R-Dayton), urges. Best of all, RIC updates every time you log in to your account, so you'll always know where you standand where you may need to goon the road to retirement readiness. 888-737-4480. Review, access and adjust your account via a single statement and one website. Some of this material is general in nature and may not be applicable to your employee benefits or personal situation. Empower reviews withdrawal requests and returns requests that lack required information to participants. Therefore, there is no rule of thumb for calculating, far in advance, the amount of TIAA benefit that you might receive at time of retirement. Limit on wages used to calculated contributions, Employee Social Security & Medicare Participation, 1. Our mission is to prepare our members and participants to achieve financial success and security in retirement. Effective April 1, 2022, Empower officially acquired the full-service retirement business of Prudential. The results may vary with each use and over time. Years of service Review your service credit detail through your online account. You also have the option to convert assets into an annuity through MetLife Institutional Income Annuities. 3% reduction for each year under age 67, Age 62/10 years of service Easily manage your assets and reduce the need for multiple accounts. Empower does not receive compensation from Personal Capital for any referrals. The following chart describes the SERS Hybrid Plan retirement plan for employees hired on or after 7/1/17. Tier I - a contributory plan that covers employees who were first hired and chose the SERS on or before July 1, 1984. Investing involves risk. By continuing without changing your cookie settings, you agree to this collection. We offer a variety of products and services that can help no matter where you are on your financial journey. State Employees Retirement System (SERS) Tier IV. All rights reserved. Once you are enrolled in a retirement plan, the enrollment is irrevocable. Watch this short video on the ups and downs of market volatility. Mandatory 1% of compensation (pre-tax) to a defined contribution plan. State Employees Retirement System (SERS) As a new SERS member, you have the choice of two hybrid defined benefit pension/defined contribution investment plans, referred to as class A-5 and A-6. Employees are offered the opportunity to save additional money for retirement using after-tax dollars by enrolling in the Roth 403(b) Plan and/or the Roth 457 Plan. The plan available to employees is dependent on the date of hire. Tier IV- a contributory plan that is available to employees who were first hired on or after July 1, 2017. Employees interested in a one to one virtual or phone meeting with George, please follow these simple steps: Heidi Barnett from SERS is available for counseling sessions or to answer questions by phone or email. Notices: The retirement plans listed below has changed owed to an 2017 SEBAC agreements. EMPOWER and all associated logos, and product names are trademarks of Empower Annuity Insurance Company of America. For Postdoctoral Associates: Please note, should you elect to waive retirement as a Postdoc, and in the future are hired into a full-time retirement eligible position under a non-Postdoc title, you would be eligible to elect a retirement plan from the available plan options at that time. Plan representatives will be available for appointments with employees by phone or email. Tier III - a contributory plan that is available to employees who were first hired on or after July 1, 2011. This portal provides information and tools related to your retirement. If granted, no Retiree Health Fund contributions will be required and the employee is exempted from eligibility for the Retiree Health Plan. Your annual statement lists the contributions you and your employer made to your investment account, any rollovers you made from other investment plans, the change in value of your account, the expenses withheld from your investment account, and any withdrawals or distributions you took from your account over the year. This material is for informational purposes only and is not intended to provide investment, legal, or tax recommendations or advice. Employees planning for an upcoming retirement can, For employees interested in enrollment, all instructions and required codes can be found on the, For more information on the 457 plan, go to the. Pursuant to a solicitation agreement, Empower may refer eligible customers to Personal Capital. We offer the Empower Premier Investment Account, which offers help and guidance on your investments, and the Empower Investment Account, which makes it easy to research and trade investments online. The following chart describes the SERS Tier IV retirement plan for employees hired on or after 7/1/17. The State Employees' Retirement System contracts with Empower Retirement as the administrator for the deferred compensation 457 plan. If you want professional assistance with your investments, Empower also provides investment advisor services at an additional charge. The SERS board has contracted with Empower Retirement as the third-party administrator of this investment plan. Email: hr@uconn.edu, Allyn Larabee Brown Building Vested after 15 Years of Service This letter is from the DRS record keeper, Voya Financial. Consult with your retirement plan vendor, TIAA or SERS, regarding your upcoming plans to retire. Sorry, you need to enable JavaScript to visit this website. Simple Easily manage your assets and reduce the need for multiple accounts. A team of experienced retirement consultants who are available to help make consolidating your assets as easy as they can. If you have any questions or concerns about the products and services offered on the third-party website, please contact the third party directly. in addition to their interest in the plan, to the extent those items are not taken into account in the model. Any State employee or any individual performing paid services for the State either by appointment or election, except rehired retirees and nonresident aliens. If employees should resign from service prior to reaching the age for early or normal retirement eligibility, the employee would be able to receive the retiree health benefits according to the Rule of 75 (Age + Service = 75). Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. All Penn State retirement plan contributions are tax deferred. Please read the security and privacy policies on the third-party website closely as they may differ from Empower's policies. Standard Actuarial reduction from 62-67 plus special 7.375% rate actuarial reduction for each year under 62. Reduced clutter and paper waste with one statement. Benefits include: This exclusive, customized portfolio and dedicated advisor team specializes in what matters most to you. Contributions are made by payroll deduction, and are pre-tax. 5% (8% Hazardous Duty) of compensation (pre-tax) (plus up to an additional 2% for adverse actuarial performance) 2. The value of those contributions will vary with investment gains and losses. For more details, review the important information associated with the acquisition Giancarlo can be reached directly at 860-819-6972 or giancarlo.diroma@prudential.com, and Scott can be reached directly at 860-937-7263 or scott.mann@prudential.com. Employees hired prior to July 1, 2009, who had less than 5 years of service as of July 1, 2010, are required to contribute 3% of their gross earnings on a pre-tax basis toward the Retiree Health Fund for ten (10) years in order to offset the future cost of retiree health benefits. Employees may make voluntary contributions to tax-deferred annuities through the State 457(b) Deferred Compensation Program in addition to the 403(b) plan. If you were hired prior to 7/1/17 or are a postdoctoral research associate hired prior to 1/14/22, your plan features will be different. We offer the Empower Premier IRA, which provides straightforward help and advice on your financial goals, and the Empower Brokerage IRA, which lets you select and monitor your own investments. An IRA is a great way to invest for retirement because of its tax advantages. Please contact current account provider for this information. Our online employer services allow the convenient exchange of information. Contact your on-site retirement counselor. Enroll in the deferred compensation plan Full-Time Faculty and Staff: You have 31 days from the effective date of your appointment to choose your retirement plan. The State Employees Retirement System consists of several defined benefit plans, listed below.