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Board allows employee to purchase service credit and considers plan amendment for in-service transfers
Summary
The board agreed by consensus to allow an employee to purchase up to 25 months of service credit to retire earlier (employee pays cost) and discussed amending retirement-plan language to permit in-service transfers among vendors to give employees more investment control.
The board agreed by consensus to allow an employee (identified in the record as Carmen) to purchase up to 25 months of service credit to facilitate an earlier retirement; the employee will pay the cost of the purchase, and the board indicated this is an arrangement previously used for other employees.
Separately, the board discussed amending plan-language that currently restricts in-service transfers, so that employees could move balances among retirement vendors (e.g., Nationwide) while still employed. A board member said some employees have moved between vendors in the past and that the proposed amendment would allow more investment options and control. Staff said the changes should be formalized in plan documents.
