SEBAC Retirement Plan Changes for 7/1/19

University of Connecticut

Faculty/Staff Daily Digest

Thursday, July 11, 2019

 

Human Resources and Benefits

  • SEBAC Retirement Plan Changes Effective 7/1/19

    The 2017 SEBAC agreement included changes to SERS retirement plans effective 7/1/19.  Specifically, employee contributions are increasing by ½% of earnings for members of SERS Tier I, II, IIA, and III and the Hybrid versions.  This change will be reflected in paychecks dated July 19, 2019.

    The chart below reflects employee contributions by SERS plan. 


    Plan
    Current Employee Contribution
    New Employee Contribution
    SERS Tier I, Plan B 3.5% 4%
    SERS Tier I, Plan B (AAUP Faculty) 2.5% 3%
    SERS Tier I, Plan B, Hazardous Duty 5.5% 6%
    SERS Tier II 1.5% 2%
    SERS Tier II Hazardous Duty 5.5% 6%
    Hybrid Tier II 5% (.05% to ARP) 5% (no further contribution to ARP)
    SERS Tier IIA 3.5% 4%
    SERS Tier IIA Hazardous Duty 6.5% 7%
    Hybrid Tier IIA 6.5% 7%
    SERS Tier III 3.5% 4%
    SERS Tier III Hazardous Duty 6.5% 7%
    Hybrid Tier III 6.5% 7%
    SERS Tier IV 5%, plus 1% to Prudential 5%, plus 1% to Prudential
    (no change)
    SERS Tier IV Hazardous Duty 8%, plus 1% to Prudential 8%, plus 1% to Prudential
    (no change)
    Hybrid Tier IV 8%, plus 1% to Prudential 8%, plus 1% to Prudential
    (no change)

     

    The 2017 SEBAC agreement also included a change to employer contributions for ARP effective 7/1/19.  Employees who are currently receiving a state-matching contribution of 7.25% will see a decrease to 7.0%.  Employees who are currently receiving a state-matching contribution of 6.5% will see no change. 

    For more information, contact: UConn Human Resources at hr@uconn.edu or (860) 486-3034.

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