All employees who are eligible to participate in the ARP now have 120 days to elect participation, increased from 90 days. Once elected, contributions to the ARP begin immediately, no longer waiting until the election period has expired. Any amounts which were contributed to the state retirement system on behalf of new employees must be paid to the ARP provider within 30 days of the receipt of the certified election by the state system.
Employees can now receive distribution at the date of termination, rather than waiting for one year.
An individual who terminates at one public higher education institution and is hired in an ARP-eligible position at another institution may make another election. Employees participating in the ARP will remain in the ARP even if they change to a position for which the ARP would not otherwise be available or if they terminate employment but return to the University within one year. Participants will be permitted to change providers once per year during the first payroll period of any plan year, or when the provider ceases to be a designated provider. When changing providers, the entire balance must be transferred. Endowed chairs, funds accepted Three new endowed chairs were approved by trustees.