There are a few exceptions related to campus police including patrol officer, police specialist, police supervisor, police chief, or assistant police chief. These qualified positions have a different SERS Class to choose from. View the information below for details on the plans offered.
This six minute video provides an overview of the different retirement plan election options (SERS/ARP) that are available to newly eligible employees.
Alternative Retirement Plan (ARP)
The ARP is a defined contribution plan. Your retirement income is determined by your account balance at the time of retirement, which is comprised of your employee contributions (5% of salary), the employer contributions (9.29% of salary), and any earnings based on the performance of your investments.
State Employees' Retirement System (SERS)
Retirement income is based on a fixed formula that considers your years of service, age, and final average salary. The retirement benefit amount for vested participants is guaranteed and not affected by the investment earnings of the plan. Participants are 100% vested after 10 years of service.
Campus Police SERS Plans
Class A3 (Optional Class A4)
Certain law enforcement and security positions are exempt from the defined contribution and hybrid retirement plans. As a result, employees in those positions can enter the defined benefit pension plan. If you became a SERS member on or after 1/1/19 as an employee in one of the law enforcement or security positions, you can choose the A3 class of service with the option to elect the A4 class within the first 45 days of SERS membership.
If you later switch jobs transferring out of a law enforcement or security position, or you leave service and later return to work for a SERS-participating employer in a non-law enforcement or security position, you will automatically enter the hybrid plan A5 class of service with the option to choose the hybrid plan A6 class or the straight defined contribution plan within the first 45 days of SERS membership. If you formerly were a member of the defined contribution or hybrid retirement plans and then you switched into one of the law enforcement or security positions listed here, and then later switch out of that law enforcement or security position, you will automatically return to your prior hybrid or defined contribution plan.