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: 7% 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: 5% 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.
Helpful Links
New Participant Video
Change Your Beneficiaries Online
Related Documents
Defined Benefit Handbook
Defined Benefit Retirement
Retirement Process Guide
Related Documents
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.
Helpful Links
Related Documents
MERS 457 Supplemental Retirement Program
Related Forms
MERS 457 Enrollment Kit
457 Beneficiary Designation
Deferred Compensation Contribution Change Form
