New Hires on/after July 1, 2018 for CORRECTION and DETENTION OFFICERS (Membership Tier 3)
Welcome newly hired Correction and Detention Officers! As a result of CORP pension reforms under S.B. 1442 (2017), if you are a new Correction or Detention Officer working in a state prison, county jail, or municipality hired on or after July 1, 2018, and it is determined by your Local Board that you meet the requirements of membership eligibility, you will be automatically enrolled in the Public Safety Personnel Defined Contribution (DC) Plan (PSPDCP) administered by Nationwide Retirement Solutions.
If you are currently an active, inactive, or retiree of CORP hired on or before July 1, 2018, this reform will not impact you.
PSPDCP is a tax-deferred qualified retirement plan under section 401(a) of the Internal Revenue Code and your contributions are matched by your employer up to 5%.
Enrollment Process and Important Information
During your hiring process, you will need to complete a CORP Plan Enrollment Form indicating the amount that you will contribute each pay period to your PSPDCP retirement plan. You will have the option to elect a contribution amount as low as 5% of your pensionable wages on a pre-taxed basis – to as much as the IRS limit allows you to contribute based on your annual salary. If you do not make a contribution election, the default contribution rate will be 7% per pay period. It is important to note that the amount you elect to contribute, even by default, becomes final, irrevocable, and will remain with you for the rest of your CORP-related career. Since this is a DC retirement plan where your future retirement benefits are determined based on contributions and investment earnings, we strongly encourage you to consider your future benefits when determining your contribution amount. Withholding for your PSPDCP will immediately begin when you are hired, so it is important to complete your CORP Plan Enrollment Form as soon as possible. Additionally, you will be required to pay 0.7% to the DC Disability Plan in addition to the amount you elect to contribute to your PSPDCP.
For members wishing to consult with a financial advisor for retirement planning and overall financial wellness, PSPRS/CORP has partnered with Public Safety Financial/Galloway. (PSPRS does not endorse Galloway for any fee-based services their company provides.)
Please contact your employer for payroll-related questions or concerns.
NEW MEMBER RESOURCES