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Madison Heights council approves withdrawal from MERS defined-contribution plan, moves accounts to Mission Square
Summary
After a two-meeting public hearing, the City Council voted to approve a resolution to terminate participation in the Municipal Employees Retirement System (MERS) 401(a) defined-contribution plan and execute a withdrawal and transfer agreement to Mission Square Retirement.
Madison Heights — The City Council voted June 23 to approve a resolution to terminate participation in the Municipal Employees Retirement System (MERS) defined-contribution plan and to execute a withdrawal and transfer agreement that will move the city's affected retirement accounts to Mission Square Retirement.
The action followed a statutorily required two-meeting public hearing; the council held the first hearing on June 9 and opened the second on June 23 before approving the resolution by voice vote. No members of the public spoke specifically on the MERS transfer during the hearing.
Council opened the item noting that, "This public hearing is scheduled to receive public comments on the proposed Municipal Employees Retirement System of Michigan…
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