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Higher Ed Update on Hybrid Plan

April 1 was the expected open date for state higher education employees who are considering switching to the new hybrid retirement plan.

We have been informed by the Retirement Division of the Comptroller’s Office that the testing on the estimator that is necessary to purchase past service credit has been more extensive than expected.

They expect to actually be able to open the window on or before April 16th.

Please note: The Tier II Hybrid Contribution Rate will be 5%, but of that, only the expected 3% will go into the State Employee Retirement Fund, and the remaining 2% will go into the participant’s ARP account under all the normal rules covering participant’s ARP contributions. This way Tier II Hybrid members get the benefit of their Tier II status without running afoul of the IRS.

In the meantime, scroll down for our expanded "Q&A", and be sure to read Questions 1 and 2 closely, as they address issues surrounding the delay and the contribution allocation.

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