Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions topic
No spam. Unsubscribe anytime.
Board amends MERS hybrid retirement plan allocation for TPOAM union
Summary
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 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.
Finance Director Trumbull said the paperwork was required by MERS to implement the allocation change effective Jan. 1, 2026. He noted the tentative agreement (TA) with the union had not yet been presented to the board but that staff advanced the MERS paperwork to make the January 1 effective date feasible.
"We believe it's going to pass," Trumbull said regarding the TA; staff said pushing the allocation paperwork forward is necessary to avoid difficulty retroactively applying the change if the TA is later approved.
The motion to amend the MERS hybrid plan passed on a voice vote.
