Learn more about our professionally managed funds and Individual Account Portfolios.
Funding Mechanisms
Your MERP can be funded in the following ways:
Regular Monthly Contributions, including:
- Employer Contributions made on behalf of each Eligible Member.
- Mandatory Employee Contributions made via pre-tax payroll deduction.
- Mandatory Retiree Contributions.
Lump Sum Transfers (converted to Active Service Units using the Lump Sum Transfer Conversion Table, or transferred dollar-for-dollar into Individual Accounts), including:
- Mandatory Sick/Vacation Leave Transfer.
- Mandatory Retiree Contributions.
- Other Eligible Lump Sum Transfers.
Contribution Models
Level Across Bargaining Unit: All members contribute same amount.
Example:
- All members: $100/month, or
- All members: 1% of top step fire fighter monthly base salary
Tiered Based on Length of Service: contributions increase with years of service.
Example:
- Members with less than 10 Years of Service: $150 for employees with less than 10 years of service
- Members with between 10-20 years of service: $300/month
- Members with 20 or more years of service: $400/month
By Defined Class: Contribution levels by Date of Hire
Example:
- Members hired on or before January 1, 2010: $150/month
- Members hired after January 1, 2010: $300/month
Contribution Amount / Frequency
The minimum monthly contribution is $75 per month. There is no monthly maximum. MERP contributions can be made monthly or at another cadence, as long as the minimum contribution level is met.