Common use of – HYBRID PLAN Clause in Contracts

– HYBRID PLAN. Employees hired on or after June 23, 2008, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. o Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six (6) years. • Three (3) year F.A.C. (Final Average Compensation) o Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement at age 60. All active Hybrid members, without regards to vesting, will be offered a one-time irrevocable option to convert to the MERS Defined Contribution Plus Plan. The conversion option will be available for no less than three months from the initial effective date of the Defined Contribution Plus Plan. XXXX will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan. For those electing to convert, the lump sum transfer will be made 30-45 days after the conversion date. The lump sum will be 100% vested employee dollars and will be deposited in the 401(a) portion of the Defined Contribution Plus Plan.

– HYBRID PLAN. Employees hired on or after June 23January 1, 20082010, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefitdefined benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0a 1% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. o Effective July 1, 20182019, the employer contribution will increase to 3%. • Vesting is Six (6) years. • Three (3) year F.A.C. (Final Average Compensation) o Effective January 1, 20192020, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement at age 60. All active Hybrid members, without regards to vesting, will be offered a one-time irrevocable option to convert to the MERS Defined Contribution Plus Plan. The conversion option will be available for no less than three months from the initial effective date of the Defined Contribution Plus Plan. XXXX MERS will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan. For those electing to convert, the lump sum transfer will be made 30-45 days after the conversion date. The lump sum will be 100% vested employee dollars and will be deposited in the 401(a) portion of the Defined Contribution Plus Plan.

– HYBRID PLAN. Employees Employee’s hired on or after June 23July 1, 2008, 2008 shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, as a Defined Contribution component. : • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0a 1% employer contribution and a 2.0% employee contribution, with employees being able to contribute additional after-tax funds up to the IRS limits. o Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six six (6) years. • Three There is a three (3) year F.A.C. (Final Average Compensation) ). o Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement The normal retirement age is at age 60. All active Hybrid members, without regards to vesting, will be offered a one-time irrevocable option to convert to the MERS Defined Contribution Plus Plan. The conversion option will be available for no less than three months from the initial effective date of the Defined Contribution Plus Plan. XXXX MERS will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan. For those electing to convert, the lump sum transfer will be made 30-45 days after the conversion date. The lump sum will be 100% vested employee dollars and will be deposited in the 401(a) portion of the Defined Contribution Plus Plan.

– HYBRID PLAN. Employees hired on or after June 23January 1, 20082010, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefitdefined benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0a 1% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. o Effective July 1, 20182019, the employer contribution will increase to 3%. • Vesting is Six (6) years. • Three (3) year F.A.C. (Final Average Compensation) o Effective January 1, 20192020, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement at age 60. All active Hybrid members, without regards to vesting, will be offered a one-time irrevocable option to convert to the MERS Defined Contribution Plus Plan. The conversion option will be available for no less than three months from the initial effective date of the Defined Contribution Plus Plan. XXXX will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan. For those electing to convert, the lump sum transfer will be made 30-45 days after the conversion date. The lump sum will be 100% vested employee dollars and will be deposited in the 401(a) portion of the Defined Contribution Plus Plan.

– HYBRID PLAN. Employees Employee’s hired on or after June 23July 1, 2008, 2008 shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, as a Defined Contribution component. : • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0a 1% employer contribution and a 2.0% employee contribution, with employees being able to contribute additional after-tax funds up to the IRS limits. o Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six six (6) years. • Three There is a three (3) year F.A.C. (Final Average Compensation) ). o Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement The normal retirement age is at age 60. All active Hybrid members, without regards to vesting, will be offered a one-time irrevocable option to convert to the MERS Defined Contribution Plus Plan. The conversion option will be available for no less than three months from the initial effective date of the Defined Contribution Plus Plan. XXXX will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan. For those electing to convert, the lump sum transfer will be made 30-45 days after the conversion date. The lump sum will be 100% vested employee dollars and will be deposited in the 401(a) portion of the Defined Contribution Plus Plan.