Common use of – HYBRID PLAN Clause in Contracts

– HYBRID PLAN. Employees hired on or after July 1, 2014, 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 2.0% multiplier. • The Defined Contribution portion will include a 1% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. • Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six (6) years.

– HYBRID PLAN. Employees hired on or after July 1, 2014, 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 2.0% multiplier. • The Defined Contribution portion will include a 13% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. • Effective limits effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six (6) years.