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PERS moves to implement Tier 5; board approves Empower as initial record-keeper pending contract negotiations
Summary
PERS staff outlined Tier 5 implementation tasks and recommended Empower as the initial third-party administrator/record keeper for the new hybrid plan for hires after the Tier 5 effective date. Trustees approved the recommendation, subject to contract negotiations and standard cancellation provisions.
PERS staff briefed trustees on implementation steps for the recently enacted Tier 5 hybrid plan for new employees and recommended Empower be selected as the initial third-party administrator and record-keeper. Trustees approved the recommendation by voice vote.
The executive staff said several implementation tasks remain, including regulation updates, creation of a plan document for the…
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