>> Read the SEBAC 2017 Agreement
>> Read the SEBAC 2011 Agreement
>> Read the SEBAC 2009 Agreement
>> Other Health and Pension Documents
>> Q & A on Hybrid Retirement Plan
>> Important Considerations for Retiring Faculty Who Plan to Return as Adjuncts
>> SEBAC Reaches Pre-age 55 Settlement
All state employees share the same health and pension benefits as negotiated by SEBAC, the State Employees Bargaining Agent Coalition. The current Agreement is in effect until 2027. What follows is a summary of the health and pension benefits. More comprehensive information is available from your college personnel or business office or from the State Comptroller.
The level of health care coverage is guaranteed through 2027. Even if the insurance companies offering the coverage change, the benefits will mirror current benefits.
The State offers a choice of plans at varying cost to the employee, depending on the plan and type of coverage (individual, family). All plans will gradually increase co-pays for office visits and most plans will gradually raise the monthly premiums.
Part-time employees scheduled to work at least 17.5 hours per week receive the same health insurance coverage as full-time employees. Those who work less than 17.5 hours may buy health insurance at the group rate.
All Community College employees, both full-time and part-time, are in a pension program. Three options are open to all employees: The State Employees Retirement System (SERS), the Alternate Retirement Plan (ARP), and the SERS Hybrid Plan. A fourth option, available only to those already enrolled in it, is the Teachers Retirement System (TRS). The program you choose will depend on your own unique circumstances.
Employees must make a choice in the first 60 days of employment. Those who do not choose will automatically be placed in SERS.
Key features of each plan are listed below:
- SERS: A defined benefit plan — benefits based on years of service and earnings. All employees are eligible. There are various Tiers, depending on date of hire. If hired between 1984-1997, there is no employee contribution. If hired after July 1, 1997, there is a 2% employee contribution. The employee contributions for all Tiers will increase 1.5% on 7/1/17 and an additional 0.5% beginning 7/1/19.
- ARP: An income-earning investment plan — benefits are based on contributions and income earned by the chosen funds. All employees are eligible. There is immediate vesting, but you do not access the full funds until retirement. State contribution 7.25%, employee 5% (can add .75%) starting 7/1/2017. State contribution 7%, employee 6% starting 7/1/2019. All income earned by the plan is tax-deferred.
- Hybrid Plan: An employee has the option, upon leaving state service, of accepting the defined benefit amount, or electing to receive a return of his/her contributions to the Hybrid Plan plus a 5% employer match, and 4% interest. Employee contributions increase 1.5% on 7/1/17 and an additional 0.5% beginning 7/1/19
> Q & A on Hybrid Retirement Plan
> Video presentation by Dan Livingston
- TRS: A defined benefit plan — benefits are based on years of service and income. Participants must already be enrolled in the plan to have their earnings in the community college system credited.