Board amends MERS hybrid retirement plan allocation for TPOAM union
Canton Township approved an amendment to the MERS hybrid retirement plan that removes the employer cap on the defined‑benefit portion so employees can allocate their full 5% into defined‑contribution accounts, effective Jan. 1, 2026, pending union tentative agreement.
The full story
The Canton Township Board on Jan. 13 approved an amendment to the Municipal Employees’ Retirement System (MERS) hybrid plan adoption agreement negotiated with the TPOAM union. The change removes the employer cap on the defined‑benefit portion that previously limited employer exposure and allows employees to direct their full 5% contribution into their defined‑contribution accounts.
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