The Pension Plus plan, first introduced in 2010, combines a defined benefit (DB) or pension component and a defined contribution (DC) or savings component. Member and employer contributions are required for the DB component and initially for the DC component. Pension Plus members have one of two healthcare benefits: the premium subsidy (3% HCC) benefit or the Personal Healthcare Fund (PHF).
Pension Plus plan contributions
|
Contribution type |
Record type |
Member contribution |
Employer contribution |
|---|---|---|---|
|
Pension Plus DB $0 - $5,000.00 |
DTL2 |
3.0% of reportable wages |
|
|
Premium Subsidy (3% HCC) or Personal Healthcare Fund |
DTL2
DTL4 |
3.0% of reportable wages
2.0% of gross wages* |
See contribution rate tables |
|
Defined Contribution - mandatory (Member may increase or decrease the contribution percent, but any amount over 2.0% must be in whole integers, such as 3.0% or 4.0% but not 3.5%.) |
DTL4 |
2.0% of gross wages* |
1.0% of gross wages* (Must match 50% of employee percent up to 1.0%. See table below for examples.) |
*Once an account has been established with Voya Financial for a member with a Defined Contribution (DC) component, the member may increase or decrease the member DC contribution rate, including decreasing it to 0%. A change in the member contribution rate may result in a change to the employer contribution rate as well. Any member contributions over 2% are reported as DC contributions and an employer matching contribution may apply based on the employee's benefit plan.
Pension Plus and Pension Plus 2
Examples of Defined Contribution employer match
|
Member contribution percent |
Employer match |
|---|---|
|
If member has a 2.0% contribution... |
Employer match would be 1.0% |
|
If member changes their contribution to 1.0% |
Employer match would be 0.5% |
|
If member changes their contribution to 8.0% |
Employer match would be 1.0% |
All employees who first worked on or after Feb. 1, 2018, begin as members of the Pension Plus 2 plan if they elect this plan by logging in to miAccount. Employees whose first day worked was on or after July 1, 2024, will remain in the Pension Plus 2 plan if they do not make an election within 75 days. Those whose first day worked was Feb. 1, 2018 – June 30, 2024, and who did not make an election, are enrolled in the Defined Contribution (DC) plan.
The Pension Plus 2 plan combines a defined benefit (DB) or pension component and a DC or savings component. It requires member and employer contributions toward both the DB and DC components, although member contributions to the DC component may be reduced to 0.0%. With the Pension Plus 2 plan, both employer and member DB contribution rates may change each fiscal year. The DB contribution rate is split evenly between the employer and the member. DC contribution rates may change based on deduction percentage changes initiated by the member through Voya.
Pension Plus 2 plan contributions
|
Contribution type |
Record type |
Member contribution |
Employer contribution |
|
Defined Benefit |
DTL2 |
||
|
Personal Healthcare Fund |
DTL4 |
2.0% of gross wages* |
2.0% of gross wages* |
|
Defined Contribution - mandatory (Member may increase or decrease the contribution percent, but any amount over 2.0% must be in whole integers, such as 3.0% or 4.0% but not 3.5%.) |
DTL4 |
2.0% of gross wages* |
1.0% of gross wages* (Must match 50% of employee percent up to 1.0%. See table above for examples.) |
Last updated: 11/07/2024
