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Core-CT HRMS Daily Mail

Date: 10/4/2017

SEBAC Agreement – Tier II ARP Hybrid Plan

The 2017 SEBAC agreement called for employees participating in the Tier II ARP Hybrid plan to have the option of reducing their employee ARP contributions to offset the required increase in SERS contributions. It has been determined that allowing such an option may conflict with IRS rules. For that reason, the negotiating parties have instructed the Comptroller’s Office to reduce the ARP contribution (deduction code RSHYA) for such employees by 1.5 percent (to .5 percent) beginning on the 10/13/17 check date. Employees who wish to increase the amount of their retirement savings in light of this change can do so through the state’s 403(b) or 457 plans, which have identical investment menus to the ARP. Please inform any affected employees in your agency of this pending reduction and their options for increasing their retirement contributions through the 403(b) or 457 plans.


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