Page 16 - Public Employees Retirement Fund My Choice Plan Member Handbook for Local Government Employees

Contributions
3.2.3 Employer Contributions (Variable)
Employer contributions are placed in an employer contribution subaccount viewable to you. The employer
contributions are available to you according to the vesting schedule.
3.2.4 Employer Contributions (Required)
Required employer contributions are a fixed rate as set by the Board. This employer contribution rate does not apply to what political subdivisions pay for volunteer firefighters that the political subdivision decides to cover in PERF My Choice.
3.3 Member Contributions
If your employer participates in the program, you may also make voluntary contributions to your account. Your employer may choose to match these contributions at 50 percent on your behalf.
3.3.1 Fixed and Variable Contributions
State law requires that 3 percent of your gross wages (W-2 reportable wages) be contributed to your DC account. Working for a political subdivision, the 3 percent can be paid by your employer, by you or a combination of the two. Your employer may choose how much to contribute, from 0 percent up to the normal cost of the fund (a variable rate determined by the Board of Trustees).
The mandatory 3 percent contributions and accumulated interest credits (earnings and losses) are refundable to you should you terminate employment prior to becoming eligible for the employer contributions according to the vesting schedule. While actively employed in a position covered by the Fund, you are not permitted to withdraw funds. See the Vested Status section of this handbook for more details.
These fixed and variable contributions requirements do not apply to volunteer firefighters in a political subdivision that has decided to cover those individuals in PERF My Choice.
NOTE: For volunteer firefighters in a political subdivision that has decided to cover those individuals in PERF My Choice, all contributions received are considered member contributions. Therefore, you will see no employer contributions.
NOTE: For Volunteer Firefighters in a political subdivision that has decided to cover those individuals in PERF My Choice, all contributions received are considered member contributions.
NOTE:
You become vested in the member contributions of your DC immediately and contributions are credited to an individual account in your name. However, you can only withdraw funds from your DC account as a distribution according to the vesting schedule or when you separate from employment. See the Distribution Section for details regarding time requirements for separation and withdrawal from your DC account.
Public Employees Retirement Fund My Choice Plan Page 16 of 50 Member Handbook for Local Government Employees
Effective: 07/01/2020