Pension

 Deferred Compensation

Pension

All regular full-time employees will be automatically enrolled in a defined benefit pension plan administered by Municipal Employees’ Retirement System (MERS).  Participation in the pension program is mandatory.

What is a Defined Benefit?

A defined benefit pension plan is a type of pension plan that provides a fixed, pre-established benefit for employees at retirement based on their final average compensation (FAC), service credit and benefit multiplier. The defined benefit formula is as follows:

FAC x Service Credit x Benefit Multiplier = Annual Benefit

Benefit Details

Employees hired before 01/01/2012

  • Benefit multiplier: 2.25%
  • Final average compensation (FAC): 3 highest consecutive years
  • Vesting: 8 years
  • Retirement eligibility: 55/25
  • Employee contribution: 8% of gross pay
  • Other: E-2 COLA

Employees hired after 01/01/2012 

  • Benefit multiplier: 1.5%
  • Final average compensation (FAC): 3 highest consecutive years
  • Vesting: 8 years
  • Retirement eligibility: 60
  • Employee contribution: 8% of gross pay

myMERS

The myMERS portal is a secure online tool that allows employees to manage account balances, review beneficiary information, retrieve statements and obtain forms.  We strongly encourage employees to register for a myMERS account.

Deferred Compensation

WCRC offers supplemental, voluntary savings options to employees for retirement.  The deferred compensation programs are offered through MERS are a way to  for employees to prepare for the future conveniently through payroll dedications.  These voluntary contributions can be changed at any time.

Contribution Limits

Plan Maximum Contribution Age-50 Catch-Up Pre-Retirement Catch-Up
457 $19,500 $6,500 $19,500

Enrollment

Representatives from ICMA-RC and MERS are available to meet with employees at the spring luncheon and pancake breakfast each year.  Employees can enroll in a plan with either company at any time by completing an enrollment form and submitting it to HR.

Plan Service Providers/Vendors

Vendor Account Rep Email Phone Number
MERS 800-767-6377