Public Safety Personnel Corrections Officers Elected Officials
 

Public Safety Personnel Retirement System 
State of Arizona

February 7, 2017
Contact: Christian Palmer
Phone: 602-296-3736

PSPRS releases pension reform campaign schedule
Education campaign for employers and local board

ARIZONA – The Public Safety Personnel Retirement System released its monthly schedule for a campaign to educate employers and local boards of the requirements associated with implementing pension reforms that become effective July 1, 2017.

The reforms include a third public safety employee tier as well as the replacement of the long-standing permanent benefit increase (PBI) for retirees with an annual cost-of-living-adjustment based on inflationary increases as identified by the U.S. Department of Labor.

The law changes also create a logistical requirement that existing systems and processes in place for reporting payroll and employee/employer contributions be upgraded to handle additional demands. Such changes are a vital component of the education campaign, as is informing employers and local boards about benefit changes for employees hired after June 30, 2017. These changes include the availability of a mixed defined benefit and defined contribution retirement plan, as well as a 401k-style that requires a 9 percent employer matching contribution. 

Details of the campaign can be viewed below, but PSPRS reminds employers, local boards and members that the education campaign is subject to change as necessary.  Please check the PSPRS website (www.psprs.com) for the most up-to-date version of this plan. A downloadable version is available at the bottom of this communication.

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January, 2017
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Webinar—Overview of Senate Bill 1428 1/10/17
Webinar—Tier 2 Defined Contribution Opt-Out Process     1/31/17
Email Newsletter to Local Boards and Employer                  
  • Overview of SB 1428 Provisions
  • Tier 2 Defined Contribution Opt-Out Process
  • Upcoming educational opportunities
  • Cost of Living Adjustments
1/26/17
Email to Employers                                                                  
  • New Payroll File Format and Data Requirements
1/31/17
_________________________________
February, 2017
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Outreach Meetings—Largest Employers, Member Organizations

  • Provide Updates on Progress of 1428
  • Provide Updates on Tier 2 DC Opt-Out Process
  • Garner Feedback on Outstanding Issues
 

Educational Video—Broad Reform Overview

  • Tier 3 Benefit Provisions
  • DB vs. DC vs. Hybrid Plans
  • COLA
 

Resources for Tier 2 Members—Opt-Out Process

 

Email Newsletter to Local Boards and Employers

  • Tier 3 Defined Benefit vs. Defined Contribution Plans
  • Hybrid Plan
  • Announce Local Board/Employer Training Events Offered Across Arizona
  • Announce Employer and Employee Contribution Rates Effective 7/1/17
 

Website—Create a “Toolkit” Page Dedicated to SB 1428 Information

 
_________________________________
March, 2017
_________________________________

Local Board & Employer Training Session—Pima Community College  3/30/17

  • New Plan Provisions
  • PSPRS Operational Changes (enrollment, payroll, payments, etc.)
  • Tier 2 Opt-Out Details
  • DB/DC/Hybrid Differences
  • Tools for Educating Employees
 

Educational Video—Tier 2 Opt-Out Process

 

Brochure for Tier 3 New Members—Plan Options (DB, DC, Hybrid)

 

Email Newsletter to Local Boards and Employers

  • Tier 3 Defined Benefit vs. Defined Contribution Plans
  • Hybrid Plan
  • Announce Local Board/Employer Training Events Offered Across Arizona
  • Announce Employer and Employee Contribution Rates Effective 7/1/17
 

Decision Tree Aid—Determining Which Tier a New Member Belongs In

 
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April, 2017
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Local Board & Employer Training Sessions—Flagstaff
                                              —Burton Barr Library (Phx.) 

4/06/17 4/13/17
  • New Plan Provisions
  • PSPRS Operational Changes (enrollment, payroll, payments, etc.)
  • Tier 2 Opt-Out Details
  • DB/DC/Hybrid Differences
  • Tools for Educating Employees

 

 

Email Newsletter to Local Boards and Employers

  • Additional Details on Plan Provisions—Tier 3
  • Defined Contribution Details (contribution rates, investments, etc.)
  • Decision Tree—How to Place New Employees in Proper Tiers
 

Educational Video—Tier 3 Benefit Provisions

 

Educational Video—Tier 3 Member Financial Guidance

 

Webinars (2)—Tier 2 Member Opt-Out Process (for members)                 

TBD
_________________________________
May, 2017
_________________________________
Webinar—Employers and Local Boards      5/16/17
  • Summary of Local Board Training Sessions
  • New Enrollment Processes
  • New Payment Processes
  • How to Determine Which Tier New Members Belong To
  • Online Resources
 

Enrollment Manual for Employers

 

Educational Video—Enrollment Procedures and Requirements

 
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June, 2017
_________________________________

Member Handbook Updated

 

Local Board Retirement Instruction Manual Updated

 

Information Packet for Tier 3 Members

 

Publish Webpage Dedicated to Tier 3 Members

  • Side-by-Side Comparison of Plan Options
  • Member Handbook—Plan Provisions
  • Videos on Defined Benefit vs. Defined Contribution and Plan Provisions
 

Update Tier 3 Forms on Website

 

Webinar—Legislative Update

 

 

Thank you for visiting PSPRS Online.

 

3010 E Camelback Rd,Ste 200
Phoenix, Arizona 85016
Phone: (602) 255-5575
(877) 925-5575
Fax: (602) 255-5572