What changes go into effect in October 2017?
Employees hired after September 4, 2012 who elected the DC plan will have new contribution and employer match amounts mandated by PA 92. The first change is the mandatory 4% employer contribution, which goes into effect for records with a begin date on or after October 1, 2017.
For any record begin date before February 1, 2018, the current employer match is 50% of the first 6% of the employee’s retirement savings contribution remains in place.
The change to the employer match takes effect for records with a begin date on or after February 1, 2018. The employer match will be 100% of the first 3% of the employee’s retirement savings.