In 2016, Senate Bill 1428 was passed into law which requires that new members who join the PSPRS (not CORP or EORP) on or after July 1, 2017 be provided with a new set of benefit provisions, including the option to join a Defined Contribution (DC) plan, or the traditional Defined Benefit (DB) plan. In order to help the employers and local boards administer these new set of benefit provisions, this page contains several documents that we hope will guide you in the process:
PSPRS Matrix of Plan Provisions (summarizes benefits for Tier 1, Tier 2 and Tier 3 members)
Webinar: SB1428 Overview (conducted January 10, 2017) (PowerPoint Presentation)
Video: Pension Reform Overview (short 3-minute video on basic reform measures from SB 1428)
Decision Tree for Tier 3 Members (shows options available to Tier 3 members)
Webinar: Tier 2 and Tier 3 (conducted April 13, 2017) (PowerPoint presentation)
SB1428 Communication Plan (shows when PSPRS will be sending SB1428-related information to stakeholders)
Tier 2 Membership Election
Another major change from SB1428 applies to members who joined PSPRS between January 1, 2012 and June 30, 2017 who work for employers who do not pay into social security on behalf of those members. The following documents explain the changes.
Tier 2 Member Opt-Out Process
Employer Payroll and Contribution Submission
As of July 1, 2017, PSPRS will require new and additional data elements in payroll and contribution files submitted through the Employer portal from employers. This change applies to all plans, not just to Public Safety. PSPRS is also implementing a web-based ACH electronic payment option at no cost to employers. The following documents explain the changes.
PSPRS Employer Payroll and Contributions Submissions (document showing new data structure for payroll submissions)