Legislative Update and Summary of Benefit and Contribution Changes
HMEPS is preparing for legislative changes to the pension plan that are expected to go into effect within the next few months. HMEPS has kept you informed both before and throughout the legislative session regarding the proposed benefit and employee contribution changes, which are summarized in the HMEPS December 2016 Pension Press Newsletter, available on our website at www.hmeps.org/Publications or by clicking here.
It is important that you use accurate information for your decision-making. There have been many articles in the media about contemplated changes to various police and fire pension systems in the state, which do not affect HMEPS or its members. We strongly recommend that you read the summary of the proposed benefit and employee contribution changes in the December 2016 Pension Press, which also addresses many of the questions participants have been asking about the changes. If you have a question that is not addressed in the Pension Press article, you should contact HMEPS for more information.
A few things that are not changing:
- There are no changes to eligibility requirements for retirement
- There are no changes to eligibility requirements for entering the DROP program
- There are no changes to the DROP program other than the interest and COLA crediting changes as summarized in the December 2016 Pension Press
- There are no changes to the accrual rates earned by active participants
We will continue to keep you updated on the status of the legislation and the benefit and contribution changes. We also frequently send email updates, so sign up now for these updates by providing your email address to HMEPS here. HMEPS will use your email address only for general communication and not for providing any personal or individualized information. We do not share personal email addresses with the City or any other third parties.