R+ special election employer training seminar
The MTRS will conduct an updated R+ special election employer training seminar for school district HR and Payroll staff onWednesday, March 15, at 9:00 AM. Registration is now open via the RetirementPlus employer training registration form.
This seminar will review topics from the previous seminars held in February and will include updated information as we approach the halfway point of the special election.
Second mailing of R+ special election materials to be sent at the end of March
On March 31, we will mail election materials to election-eligible employees who still need to submit an election. Additionally, in the next two weeks, we will be emailing Superintendents an updated list of your eligible employees who have NOT yet responded to the election. Please help us inform these employees to watch for the election mailing and the importance of responding by June 30, 2023.
Members who do not respond to the election by June 30, 2023, will NOT be enrolled in the R+ program and should not be contributing 11% to the MTRS.
PLEASE NOTE: Even if an election-eligible employee is currently contributing at 11%, they are not enrolled in R+ because they never made their required R+ election. Thus, it is critical that you remind members that they must complete and submit their election no matter what their current contribution rate is. If they don’t respond, they will not have another chance to participate in R+ and will not be eligible for the enhanced R+ benefits. Even if their intention is not to participate in R+, they must still respond and opt-out.
R+ special election next steps
As a first step, the MTRS is working diligently to update the R+ status of the employees who have responded to this election.
Following status updates, the MTRS will communicate with you and your employee concerning rate changes. Please do NOT change any rates at this time. The MTRS will communicate additional details and timing to you as they become available.
We very much appreciate your assistance with this process and look forward to seeing you at the seminar.
If MTRS members have questions regarding the new law and its potential impact, please have them visit the MTRS website and the R+ Resource Center for details or email us at RetirementPlus@trb.state.ma.us.