Once a year, you will have the opportunity to move your retirement plan election from Tier 1 to Tier 2. If you choose to move to Tier 2, your contribution will increase to 5.5% of your gross income each pay period, and the University’s contribution would increase to 8.0%. This change will be effective July 1, 2020. If you decide to stay in Tier 1, you will not have another opportunity to move to Tier 2 until July 1, 2021.
Note: Once you have elected to be in Tier 2, no change is permitted to go back to the Tier 1 contribution rates.
During this annual, limited-time opportunity, you can move to Tier 2 of the Basic Retirement Plan, with the new plan effective on July 1st. To take advantage of this opportunity, you will need to complete the tier selection process by Sunday, May 31st. If you have questions or need assistance, please contact your campus benefits office.
The tier selection process is available online through the Firefly Employee Self Service website. The directions to access the selection are listed below.
In Employee Self Service (ESS) under Benefits, click on Basic Retirement — Tier 2 Election.