Page 19 - Gerald R Ford International Airport Authority 2022 Benefits Guide

Employee retirement plans (continued)

Hybrid Retirement Plan Defined Contribution Retirement Plan
The Hybrid Plan is for all ALG employees hired from The Defined Contribution (DC) Plan was established for all
July 1, 2016 to January 1, 2019, and all Union (UAW, FOP, new ALG employees hired on or after January 1, 2019 and
and EOAM) hired from July 1, 2016 to January 1, 2020. all union (UAW, FOP, and COAM) employees hired on or
after January 1, 2020.
The Hybrid Plan Consists of two components: a DB plan
and a DC plan. The Hybrid DB portion will be funded by The DC Plan requires mandatory participation and
employer contributions, which is 7.12% for 2021. The DC contributions from employees and a supplemental
component of the Hybrid plan will require a mandatory contribution from the employer. The Plan will be
employee contribution of 6.5% as well as a supplemental administered by Municipal Employees Retirement System
employer contribution of 2%. The Hybrid Retirement plan (MERS). The 2021 employees’ mandatory contribution
will be administered by Municipal Employees Retirement rate for the DC Plan is 6.5%. The employer supplemental
System (MERS). Plan participation is only available to contribution rate is 8.5% for the 2021 plan year.
Authority employees hired on or after July 1, 2016.
Age and service requirements for retirement eligibility
Age and service requirements for retirement eligibility are negotiated benefits and based on bargaining unit or
are negotiated benefits and based on bargaining unit or employee group. Refer to your bargaining unit agreement
employee group. Refer to your bargaining unit agreement or handbook to determine how the retirement plan
or handbook to determine how the retirement plan eligibility applies to you.
eligibility applies to you.
The bi-weekly pre-tax deduction will begin immediately,
The retirement benefits received from the Plan will be in as well as years of service credit.
addition to any benefits from Social Security.
You will be vested in the Authority Defined Contribution
Participation in the Employees’ Hybrid Retirement DC Plan Retirement Plan when you have accumulated the years of
is mandatory for all transferring employees covered by a credited service require by your employee group.
collective bargaining agreement and Authority Leadership
Group. Employee contribution rates are determined by Beneficiary Designation – It is recommended to review
employee group or collective bargaining agreement; and update beneficiary(s) from time to time; particularly if
Authority contributions are determined annually by the you experienced a change in your family status. Marriage,
pension plan’s actuary. divorce, death of a family members and birth of children are
events that warrant a few of your beneficiary designation.
The bi-weekly pre-tax deduction begins immediately,
as well as years of service credit. You will be vested in
the Authority Hybrid Employees’ Retirement Plan when
you have accumulated the years of credited service
required by your employee group.

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