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Current employees who are ERS members as of December 31, 2008 may opt-in
to GSEPS at any time on or after January 1, 2009.
Election to opt-in
is irrevocable and should only be made after careful consideration of
advantages and disadvantages.
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For service
completed up until the election to opt-in, that time will be
credited at the current benefit formula factor of 2%, with new
creditable service following the effective date of opt-in credited
at the GSEPS
formula factor of 1%.
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Vesting for the DB
plan is 10 years.
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Group Term Life
Insurance through ERS will not be provided upon opt-in and the
employee contribution will correspondingly be reduced from 1.5% to
1.25%.
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The Disability and
Death in Service requirements are 15 years service under GSEPS.
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For those members
who opt in to GSEPS, all ERS service is totaled in determining
eligibility for DB benefits.
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For employees
opting in to GSEPS, the 5 year vesting period for the DC employer
contribution will begin as of the date of opt-in.
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For the DC
component, a rehire after a break in service of greater than 31 days
will start the 5 year vesting period again.
Review the GSEPS FAQ for more information.
Prior
to 2009, we will have more information available on this
website to help you make an informed decision, as well as a GSEPS Opt-In
Election Form.
Workshops will be scheduled throughout the state in November and
December to educate employees about GSEPS.
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