NEWS ARCHIVES: 2024
DROP Interest Rate for Calendar Year 2025 – Updated October 24, 2024
The Deferred Retirement Option Plan (DROP) interest rate for calendar year 2025 will be 5.44%, effective January 1, 2025. The rate was approved by the HMEPS Board of Trustees at the October 2024 Board meeting. The DROP interest rate calculation is set forth in the HMEPS Pension Statute. The DROP interest rate as of January…
Read More »Results of 2024 Trustee Election – August 29, 2024
In the HMEPS 2024 Trustee Election, Lenard Polk was elected to Active Employee Trustee Position 3, Rhonda Smith was elected to Active Employee Trustee Position 4, and Lonnie Vara was elected to Retiree Trustee Position 7. We would like to congratulate Lenard Polk, Rhonda Smith and Lonnie Vara on their re-election to the Board of…
Read More »COLA beginning February 1, 2024
The cost of living adjustment (COLA) will be 2.0% beginning February 1, 2024. The COLA calculation is set forth in the HMEPS Pension Statute. The COLA is equal to HMEPS’ five-year investment return, based on a rolling five-year basis and net of investment expenses, minus the assumed rate of return less two percentage points, and…
Read More »Cash Balance Account Interest Rate for 2024
The Group D Cash Balance Account interest rate will be 0.20% bi-weekly, effective with the first full bi-weekly pay period after January 1, 2024. The rate was approved by the HMEPS Board of Trustees at the November 2023 Board meeting. The Cash Balance calculation is set forth in the HMEPS Pension Statute. The Cash Balance…
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