SEBAC 2011 ARP to SERS Hybrid Transfer Plan
Effective July 1, 2011 the 2011 SEBAC Agreement provided a new retirement plan option for employees hired on or after that date in a position statutorily defined as a state teacher or a professional staff member in higher education, the SERS Hybrid Plan. The Hybrid Plan is a defined benefit plan that provides members with a life-time defined benefit the same as the benefit provided under SERS Tier III with the option at the time of retirement to elect to receive a lump sum payment of their contributions with a five percent employer match and four percent interest in lieu of a defined benefit.
The 2011 SEBAC agreement also provides employees who are members of ARP with a one-time, irrevocable opportunity to elect to transfer their membership from ARP to the new SERS Hybrid Plan and purchase, at the full actuarial cost, their prior ARP service in this plan. A supplemental agreement between the State and SEBAC has also extended this opportunity to ARP members who retired on or after January 1, 2009 through June 1, 2011 in lieu of participation in the September 2010 SEBAC ARP Grievance (SAG) Award.
The information on this website is being made available to ARP members to research their options with respect to this one-time irrevocable option. You will be able to obtain an estimate of the cost of purchasing past service, how much service you can purchase with the ARP funds that are available to you and review the basic Plan provisions and differences between the Plans.
While this information is meant to be helpful and informative, nothing contained in it should be considered a promise or contract. The applicable retirement statutes, regulations, and decided cases that construe them are the governing law. The Retirement Services Division reserves the right to revise, change or revoke without notice the information, rules and procedure detailed in this website.
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