CSU-AAUP members please note that the online calculator for determining the cost to both SAG-covered and non-SAG covered employees wanting to buy into the Hybrid retirement plan will be changing as of June 15, 2018.
This change to the online calculator very likely will make buying into the Hybrid plan more expensive for you as of June 15, 2018. If you are considering buying into the Hybrid plan, please make every effort to do so prior to June 15, 2018, to maximize your potential financial advantage.
To help answer questions you may have, please see the Q&A sheet developed by the SEBAC Leaders on the SEBAC SAG award.
Also for your information, following are three logistical questions about the June 15 deadline that have been raised:
- Does the deadline mean received by the 15th or post-marked on the 15th? Answer: Post-marked is fine pursuant to the Comptroller.
- Does that mean the money has to be moved to the Transition fund by the 15th? Answer: The member must have directed the transfer in order to file the Hybrid Application. That direction must be by Fax or email. It is not necessary that Prudential have completed the transfer.
- What happens if the member has done everything necessary but HR hasn’t signed the form by the 15th so it can’t be formally filed? Answer: We will certainly argue that if the form is filed out by the member and the Prudential transfer handled by the member as above all by the 15th, the member can’t be held responsible for a delay by HR in getting the forms to the Comptroller. Members in that situation should make sure they have written evidence that they got the forms to HR on time, and can even send the incomplete form to the Comptroller (which would provide such evidence). If there are such cases that arise and the fom is disqualified, we will have to address them individually. There is no commitment at the moment that these forms will be deemed timely. Obviously this problem, if it comes up, will be in addition to dealing with people who file by the 15th but are deemed not eligible for the current calculators because of OPM’s “only non-SAG eligibles” rule.
For more information, please contact your local AAUP chapter.