As a member of the SERS hybrid plan, a portion of your retirement benefit will come from the SERS defined benefit pension plan and a portion will come from the SERS defined contribution investment plan. Learn more about each plan, below. View the Hybrid Plan Member Handbook
In the SERS defined benefit pension plan, your benefit is defined by a calculation that considers your years of service and salary. Your benefit grows each year based on an annual benefit accrual rate and, when you retire, is paid to you in equal monthly payments for your lifetime. In this type of plan, the majority of the investment risk is on the plan provider – your employer – and the assets are managed centrally and professionally.Learn More
In a defined contribution plan, you pick how your money will be invested for retirement and you assume the investment risk. You and your employer make mandatory contributions toward your investment plan and the amount you have for retirement depends on the accumulation of contributions and the performance of the investments you choose.Learn More
If you are working for a SERS-participating employer and contributing to the Hybrid Plan, we will send you an annual statement that provides a snapshot of your pension (Defined Benefit Plan) and your investment account (Defined Contribution Plan) as of December 31. 2019 Sample Hybrid Plan Statement
Defined Benefit Plan information includes the service credit you earned, contributions you made, and interest you earned on your contributions during the year and over the course of your membership in the pension system. If you are eligible for monthly pension payments, or “vested,” you will see pension estimates calculated to several payment options.
Defined Contribution Plan information lists the contributions you and your employer made to your investment account, any rollovers you made from other investment plans, the change in value of your account, the expenses withheld from your investment account, and any withdrawals or distributions you took from your account over the year.