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.

– 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.

– 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.

– 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.