COVID-19: Vaccine Program | Testing | Visitor Guidelines | Information for Employees

New Employee Orientation Retirement FAQs

Do I have a choice of retirement plans?

Employees who are hired for the first time into a retirement-eligible position and belong to one of the following groups may select between the SERS Tier IV, Hybrid, or Alternate Retirement Program (ARP) plans:

  • University Health Professionals (UHP) union
  • Faculty Member
  • Managerial/Confidential Employee

Employees hired into one of the statewide classified unions (i.e. NP-2, NP-3, NP-6, etc.) will be automatically enrolled in SERS Tier IV.

 

Human Resources will communicate directly with employees being rehired into state service regarding the specifics of their retirement enrollment.

When do I have to select my retirement plan?

The CO-931h-Designation of Retirement Plan Election form is due by 4 pm on your first day of employment. You can take a picture or scan this and e-mail it to the Employee Resource Center at hr@uchc.edu. The original form must be handed in to HR by Tuesday of the following week.

Do I have to select a retirement plan?

Participation in a retirement plan is mandatory for all regular payroll employees, with limited visa exceptions.

Can I enroll in more than one of the plans being offered?

No, you can only enroll into one of the retirement plans.

Can I change my retirement plan?

No.  The retirement plan election is an irrevocable election that cannot be changed.  Limited exceptions may occur for individuals who transfer to a new position that is ineligible for the initial plan selected.

Can I increase or decrease my contribution to my retirement plan?

No, employees cannot opt to change the contribution percentage to their primary retirement plan

Which plan do I have to enroll in to also be able to enroll in a supplemental retirement account?

The retirement plan you select does not impact your ability to contribute to a supplemental retirement account.  The supplemental 403b and 457 plans are available regardless of which primary retirement plan is selected.  Information is available at www.ctdcp.com.

Can I rollover my previous retirement account to my new account with UConn Health?

Yes, rollover options are available. Employees can contact the designated Empower representatives to discuss eligibility and next steps:

Scott Mann, 860-937-7263 or scott.mann@empower.com
Giancarlo DiRoma, 860-819-6972 or giancarlo.diroma@empower.com

What is the difference in benefits received between the SERS Tier IV defined benefit and defined contribution components?

The Defined Benefit Plan is determined by the calculation (1.33%) x Years of Service x Average Salary. The Defined Contribution Plan is based on the contributions to the plan (1% Employee and 1% Employer Match) and investment earnings.

Detailed information about Tier IV is available at https://www.osc.ct.gov/rbsd/stateretire.htm

What are the main differences between the Hybrid plan and the SERS Tier IV plan?

The Hybrid requires an 8% employee contribution into the statewide pension fund whereas the SERS Tier IV contribution is 5%. That is 3% greater than SERS Tier IV without any increased monthly defined benefit. The Hybrid plan has a cash-out option (5% Employer Match and 4% interest) that SERS Tier IV does not have.

What is the 2% Risk Sharing Possibility and how often does it happen?

If the statewide pension fund does not yield at least a 6.9% rate of return, the employee contribution could increase up to another 2%. This means that the employee contribution rate could increase from 5% to 7% for SERS Tier IV and 8% to 10% for Hybrid without any corresponding increase in the pension received. This does not mean it will be the full 2%, it could be 1%; this would depend on the rate of return. This is reassessed annually.

How do I get out of paying the 3% Retiree Health Fund contribution?

This is a mandatory contribution for any employee who is working in a position that is retirement-eligible and eligible for state-sponsored health insurance. The only limited exception pertains to individuals who have already qualified for lifetime retiree health coverage from their own former employment. If you feel you qualify for this exemption, there is a notarized affidavit your former employer must complete, and a waiver form you would need to sign.  Please reach out to Human Resources at hr@uchc.edu to request the forms.

How do I get out of paying the 3% Retiree Health Fund contribution?

This is a mandatory contribution for any employee who is working in a position that is retirement-eligible and eligible for state-sponsored health insurance. The only limited exception pertains to individuals who have already qualified for lifetime retiree health coverage from their own former employment. If you feel you qualify for this exemption, there is a notarized affidavit your former employer must complete, and a waiver form you would need to sign.  Please reach out to Human Resources at hr@uchc.edu to request the forms.