Welcome to the Corrections Officer Retirement Plan! If you are a new probation or surveillance officer (Membership Tier 3) hired by the Administrative Office of the Courts (AOC) and it is determined by your Local Board that you meet the requirements of membership, you have the option to elect to participate in the CORP defined benefit (DB) plan, or in the Public Safety Personnel Defined Contribution Retirement Plan (PSPDCRP). Please note that you have 90 days from your membership/hire date to decide which retirement plan is right for you. This decision is final and remains with you for the rest of your CORP-related career. If no election is made within 90 days, by default, you will be enrolled in the CORP Defined Benefit (DB) Plan. Contribution withholding for your plan will begin on the first pay period following your 91st day.
Defined Benefit (DB) Plan - OR - Defined Contribution (DC) Plan Highlights
CORP Defined Benefit (DB) Plan
• Administered by PSPRS.
• Retirement benefits are calculated based on a formula of salary and service.
• The contribution rate is calculated based on 66.7% of the normal cost plus 50% of any Tier 3 unfunded accrued liability, which means that your employee contribution rate may vary each fiscal year.
Public Safety Personnel Defined Contribution (DC) Plan (PSPDCP)
• Administered by Nationwide Retirement Solutions.
• 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%.
• You 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 based on your annual salary. 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.
• You will be required to pay 0.7% to the DC Disability Plan in addition to the amount to you elect to contribute to your PSPDCP.
We strongly recommend that you review the Publications and Videos below before making your decision.
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.
Step 1: Educate Yourself. Several resources are available to help you make your elections; links to those resources are available below.
Step 2: Register on the Members Only portal. The first time you enter Members Only, click on "Forgot password?" and follow the directions to create a new account. You'll need to use the email address your employer provided to CORP when you were hired. An email will be sent to your email address to complete the registration process.
Step 3: Create a Members Only Password. When you click on the link in the registration email you'll receive from PSPRS/CORP, you'll be brought to a "Reset Password" page where you'll create a password. This is the same screen you may use in the future if you ever forget your password or want to reset your password. When you've created and confirmed your password, click on the "Reset" button.
Step 4: Log in to the Members Only Portal. Now that you have registered, click on "Members Only" and log in using your email address and password.
Step 5: Select a Plan. Once you're in the Members Only portal, select your employer and then click on the "Plan Elections" button on the left hand side menu. That button is only available if you're a new Tier 3 member within the first 90 days of being hired. After 90 days the button will disappear and you will no longer be able to make or change your election. Before selecting your pension plan you will be required to watch short videos and sign acknowledgements that show you understand the basics of the two plans. Then you will make your election.
Step 6: Choose Your Contribution Rate (DC Plan Only).
If you choose to join the Defined Contribution (DC) plan, you will be able to select your contribution rate. 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.
Step 7: Acknowledge Your Election. Once you've made your elections, initial the final election confirmation and click on the "Save" button. You may change your election at any time within the first 90 days of when you were first hired, but it becomes irrevocable at the end of the 90th day. Congratulations--you are now enrolled! Contributions will begin with the pay period that includes your 91st day after hire. Please contact your employer for payroll-related questions or concerns.
NEW MEMBER RESOURCES
For additional resources, Plan summary, guide books and forms, you may access our Forms & Resources webpage and for the latest news and information, we encourage you to Sign Up for News and Updates. To estimate future benefits, you may access your Members Only online account, or contact your Local Board for an estimate, or retirement packet. If you are not certain who the Local Board contact person is, please Contact Us, or visit our Applying for Benefits webpage for retirement information.