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PERS director: Tier 5 rollout on schedule; employers to provide member contact and DC data to Empower Retirement
Summary
Director Greg Higgins told lawmakers that tier 5's hybrid design remains set for March 1 implementation, that Empower Retirement is the recommended DC third-party administrator, and that employers are being asked to collect member contact and tax information for implementation and cybersecurity purposes.
Greg Higgins, PERS director, told a Senate committee the tier 5 hybrid retirement plan enacted last year is on schedule and that PERS and the board are working through implementation tasks, including selecting a defined-contribution third-party administrator.
Higgins said the board recommended Empower Retirement as the DC provider and that, as part of implementation, employers are being asked to supply members' contact details, marital status and payroll tax…
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