Employees currently participating in Tier 1 of the university’s basic retirement plan have an annual opportunity to move their retirement plan election from Tier 1 to Tier 2, but they must make the switch by May 31.
In Tier 1 of the plan, the employee contributes 3.5% of their gross income each pay period, while the university matches their contribution with a 6.5% contribution. If they choose to move to Tier 2, their contribution will increase to 5.5% of their gross income each pay period, and the university’s contribution would increase to 8.0%. This change will be effective July 1.
The election is open annually — if employees decide to stay in Tier 1, they will not have another opportunity to move to Tier 2 until July 1, 2020.
Note: Once someone elects to be in Tier 2 no change is permitted to go back to the Tier 1 contribution rates.
During this annual, but limited-time opportunity, employees can move to Tier 2 of the Basic Retirement Plan effective July 1. To take advantage of this opportunity, they will need to complete the selection by Friday, May 31. If anyone has questions or need assistance, please contact the UNMC campus benefits office.
The tier selection process will be online through the Firefly Employee Self Service website. The steps to access the selection are listed below.
In Employee Self Service (ESS) under Benefits, click on Basic Retirement – Tier 2 Election.
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