RETIREMENT & BENEFIT SERVICES DIVISION MEMORANDUM
June 10, 1997
TO THE HEADS OF ALL STATE AGENCIES
|ATTENTION:||Personnel and Payroll Officers|
|SUBJECT:||SEBAC V - State Employees Retirement System Tier Placement/Form CO-931/Tier IIA MSA Payroll Retirement Coding|
Comptroller's Memorandum No. 97-23, dated May 12, 1997, introduced the new State Employees Retirement System (SERS) defined benefit plan, Tier IIA.
Employees first hired on and after July 1, 1997 will become members of Tier IIA unless they are eligible for and choose membership in the Alternate Retirement Program or the Teachers Retirement System.
Employees rehired on and after July 1, 1997 will also become members of Tier IIA, unless the application of SERS service bridging provisions mandates their placement in either the Tier I or Tier II retirement plan OR they are eligible for and choose membership in the Alternate Retirement Plan or the Teachers Retirement System.
The purpose of this memorandum is to provide (1) a revised Form CO-931, "Designation of Retirement System-Tier-Plan-Beneficiary", to be used on and after July 1, 1997 and (2) MSA payroll retirement plan codes and D/OEs for Tier IIA members.
1. Form CO-931, "Designation of Retirement System-Tier-Plan-Beneficiary". Attached to this memorandum is a copy of the revised CO-931 form. This form will be available through the State's forms management program within the next thirty days. Until the revised forms are available, please reproduce the attached copy for use for all required CO-931 actions on and after July 1, 1997. Please be sure to both retain a copy of the completed form for agency personnel records and provide a copy to the employee. The Retirement & Benefit Services Division will no longer send a copy of this form to the employee after processing. A separate memorandum describing in detail the revised procedures for the completion of the new CO-931 form will be forthcoming. In the interim, any questions you have regarding completion of the CO-931 form should be addressed to the Division's Data Base Unit at 702-3515.
2. Tier IIA Retirement Plan Codes. Tier IIA is a contributory retirement plan. Tier IIA members employed in classifications designated as hazardous duty pursuant to the 1988 - 1994 Pension Arbitration Award are required to contribute 5.0% of their earnings towards retirement; non-hazardous duty Tier IIA members are required to contribute 2.0% of their earnings towards retirement . The MSA payroll retirement codes and D/OEs assigned to Tier IIA members are as follows: Tier IIA hazardous duty, retirement code D, D/OE 4P and Tier IIA non-hazardous duty, retirement code Q, D/OE 4N.
Any questions you have regarding payroll procedures should be addressed to the Office of the State Comptroller's Payroll Services Division at 702-3463.
Questions concerning this memorandum may be directed to the Division's Data Base Unit at 702-3515.
Very truly yours,
STATE EMPLOYEES RETIREMENT COMMISSION
NANCY WYMAN, SECRETARY EX OFFICIO
Steven Weinberger, Director
Retirement and Benefit Services Division
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