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SERS workshop walks Tier 2 members through benefits, calculators, service purchases and disability rules
Summary
A State Employees Retirement System workshop showed Tier 2 members how to navigate the member website and pension calculators, explained vesting, FAC and contribution splits, outlined options to buy service credit and described occupational and nonoccupational disability rules.
"Hello, and welcome to investing in your future," said a presenter with the State Employees Retirement System during a workshop for Tier 2 members that walked employees through SERS online tools, retirement formulas and benefit options.
The session focused on practical steps employees can take to plan retirement and on how SERS calculates benefits. The presenter demonstrated the SERS member services site and pension-estimate tools, explained how the final average compensation (FAC) is computed using the highest consecutive 96 months out of the last 120 months, and summarized contribution splits and eligibility thresholds for Tier 2 members (those who became members after Jan. 1, 2011).
Presenter explained that coordinated regular-formula Tier 2 employees contribute 4% of earnings…
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