Authorize the approval of the MERS Defined Benefit Plan and Hybrid Plan Adoption Agreement Addendums for township-provided Retirement Plans.

In 2020, MERS took a comprehensive look at the plan provisions and processes for municipalities to submit information regarding their retirement plans in an effort to ensure accurate and consistent information is reported to MERS each month for the Township’s Defined Benefit and Hybrid Retirement Plans. As a result, MERS has requested that all municipalities provide an Addendum for each Defined Benefit and Hybrid Plan that the township has in place. The attached MERS Defined Benefit Plan and Hybrid Plan Adoption Agreement Addendums explicate what information is reported to MERS and does not change any of the existing benefit for township employees. All details are effective as of 1/1/2021 and do not impact existing benefits in place and on file.

Human Resources and the Finance Department will coordinate the process of transmitting employee retirement benefits to MERS.

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