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>> Other Health and Pension Documents
>> Q & A on Hybrid Retirement Plan
>> Important Considerations for Retiring Faculty Who Plan to Return as Adjuncts
All state employees share the same health and pension benefits as negotiated by SEBAC, the State Employees Bargaining Agent Coalition. The current Agreement is in effect until 2022. What follows is a summary of the health and pension benefits. More comprehensive information is available from your college personnel or business office or from the State Comptroller.
Health Benefits
The level of health care coverage is guaranteed through 2022. Even if the insurance companies offering the coverage change, the benefits will mirror current benefits.
The State offers a choice of plans at varying cost to the employee, depending on the plan and type of coverage (individual, family). All plans will gradually increase co-pays for office visits and most plans will gradually raise the monthly premiums.
Part-time employees scheduled to work at least 17.5 hours per week receive the same health insurance coverage as full-time employees. Those who work less than 17.5 hours may buy health insurance at the group rate.
All employees, both full-time and part-time, are in a pension program. Two options are open to all employees: The State Employees Retirement System (SERS) and the alternate retirement plan, ARP. A third option, available only to those already enrolled in it, is the Teachers Retirement System (TRS). A fourth option, called the Hybrid Plan, will be available in the near future. The program you choose will depend on your own unique circumstances.
Employees must make a choice in the first semester of employment. Those who do not choose will automatically be places in SERS.
Key features of each plan are listed below:
- SERS: A defined benefit plan — benefits based on years of service and earnings. All employees are eligible. There is a 5-year vesting.
- ARP: An income-earning investment plan — benefits are based on contributions and income earned by the chosen funds. All employees are eligible. There is immediate vesting, but you do not access the full funds until retirement.
- TRS: A defined benefit plan — benefits are based on years of service and income. Participants must already be enrolled in the plan to have their earnings in the community college system credited.
- Hybrid Plan: An employee has the option, upon leaving state service, of accepting the defined benefit amount, or electing to receive a return of his/her contributions to the Hybrid Plan plus a 5% employer match, and 4% interest .
> Q & A on Hybrid Retirement Plan
> Video presentation by Dan Livingston