Benefit Plans

With all the changes taking place recently, the State Employees' Retirement System now has employees in multiple different Benefit Plans. Below you will find the Benefit Plan type, and description.

Defined Benefit

• Hired prior to April 1, 1997 with no break in service
• Last rehired between April 1, 1997 - December 31, 2011 and elected or defaulted to remain DB
• Elected to remain DB in the 2012 reform
• Contributes 4% of compensation to the DB plan effective 4/1/12
• Eligible for Pension and Premium Insurance Subsidy

DB/DC Transfer

• Former DB member rehired between April 1, 1997- December 31, 2011 and elected to switch to the Defined Contribution Plan
• Receives 4% employer contribution to 401(k), eligible for up to a 3% match
• Eligible for Premium Insurance Subsidy

DB/DC Blend

• Former DB member who elected to convert to DC in the 2012 reform (41,44,46)
• Former DB member rehired with more than 10 years of service on or after January 1, 2012
• Former DB member rehired with less than 10 years of service between January 1, 2012 and December 31, 2013.
• Receives 4% employer contributions to 401(k) and eligible for 3% match as of date of conversion.
• Eligible for pension based on years of service in the DB plan
• Eligible for Premium Insurance Subsidy

Defined Contribution w/ Graded Subsidy

• First hired on or after April 1, 1997, elected or defaulted to remain graded subsidy in 2012 reform.
• Receives 4% employer contribution to 401(k), eligible for up to a 3% match
• Eligible for Graded Premium Insurance Subsidy at retirement

Defined Contribution w/ Personal Healthcare Fund Lump Sum

• First hired on or after April 1, 1997 and elected to switch to PHF during the 2012 reform
• Rehired with more than 10 years of service between January 1, 2012 and December 21, 2013 and elected to switch to PHF
• Rehired with more than 10 years of service after January 1, 2012
• Receives 4% employer contribution to 401(k), eligible for up to a 5% match (3% regular, 2% healthcare)
• No subsidized Insurance
• Lump Sum monetized payout into 401(k), 457 or HRA at retirement

Defined Contribution w/Personal Healthcare Fund- Health Reimbursement Account

• First hired on or after January 1, 2012
• Former DC participant rehired on or after January 1, 2012 with less than 10 years of service
• Former DB member rehired on or after January 1, 2014 with less than 10 years of service
• Receives 4% employer contribution to 401(k), eligible for up to a 5% match (3% regular, 2% healthcare)
• No subsidized Insurance
• $1,000- $2,000 into HRA at retirement based on age and years of service