ITEM NO. 114-109-RO302 ATTACHMENT

 

 

TO:†††††††††††††††††† Board of Regents

 

FROM:††††††††††††† Glen Leavitt, Director

††††††††††††††††††††††† Benefits

 

RE:†††††††††††††††††† Approval of Amendment to Regents Policy 803.2 Retirement; Optional Retirement Program

 

Date:††††††††††††††† March 21-22, 2002


 

Attached is an amended Board of Regents Policy 803.2 Retirement; Optional Retirement Program.† Besides cleaning up some minor changes due to renumbering of M.C.A. sections, the amendments are required to implement the new retirement option available to University System classified employees on July 1, 2002.† At that time, classified employees now in the PERS defined benefit retirement plan will be able to: (1) stay in the current defined benefit retirement plan, (2) transfer to a new defined contribution retirement plan administered under PERS, or (3) transfer to the Montana University System Optional Retirement Program (ORP) administered by TIAA-CREF.† This is the same ORP available to faculty and contract professionals and administrators.

 

By law, the plan available to classified employees has different enrollment criteria and contribution rates than for faculty and administrators necessitating changes and additions to the Regentís policy.