About us
- Contributions are automatically deducted, making saving easy
- Contributions can be made tax-deferred or on an after tax basis
- Full control over how your money is invested
- Your money can stay in the plan even after separation from service
- Access to Nationwide® Plan Service Representatives up to and throughout retirement
Public Safety Tier 2 members, hired between 1/1/2012 and 6/30/2017, who do not contribute to Social Security and Public Safety Tier 3 members, hired on/after 7/1/2017, who elect to participate in the PSPRS Defined Benefit (DB) Plan and who do not contribute to Social Security, are required to contribute 3% of their pensionable wages to the DC Plan account. This account does not replace or change any existing PSPRS Defined Benefit (DB) Plan provisions, including pension, disability and survivor benefits, as this DC Plan is considered a supplemental retirement benefit.
Members always own their portion of the employee contributions and investment earnings and will earn "vested" ownership of employer contributions from this hybrid plan at a rate of 10% a year and are entitled to all employer contributions after 10 years in a PSPRS covered position.
Public Safety Tier 3 members who elect to participate in the DC Plan rather than the Defined Benefit (DB) Plan, regardless of whether or not they contribute to Social Security, make a one-time irrevocable election of their contribution rate during their initial 90-day election period. That rate can be as low as 9% of the first $110,000 of their pensionable wages, or as high as federal guidelines for 401(a) plans allow. The default employee contribution rate is 9% and employers also contribute 9%. A participant’s contributions and earnings on those contributions are immediately vested. Employer contributions vest at a rate of 10% per year and entitled to all employer contributions after 10 years.
Members and employers also make a relatively small contribution each pay period to the PSPRS DC Disability program; those contributions are sent to PSPRS and are not included in their DC Plan assets.
Participation in the DC Only Plan requires members to manage their DC Plan account and to carefully consider their investment options. Contributions will be invested in the appropriate target date fund for that member unless the member elects to have their contributions invested in one of the many other options.
Corrections Officer Tier 3 members who elect to participate in the DC Plan may contribute as low as 5% (default is 7%) or as high as the IRS limit, but the contribution rate they elect when they join the plan is unchangeable. Members always own their portion of the employee contributions and investment earnings and will earn “vested” ownership of the employer contributions at a rate of 25% after year one, 50% after year two, and 100% after three years, including all employer contributions and investment earnings.
Members and employers also make a relatively small contribution each pay period to the PSPRS DC Disability program; those contributions are sent to PSPRS and are not included in their DC Plan assets.
Elected Officials members contribute 8% of their paycheck to their DC Plan account. Employers contribute an additional 6%. Both employee and employer contributions are immediately vested.
Members and employers also make a relatively small contribution each pay period to the Elected Officials DC Disability program; those contributions are sent to PSPRS and are not included in their DC Plan assets.