Tier 4 Catch-Up Deductions in the 4/13/18 Check Date
The 2017 SEBAC Agreement defined a new Tier 4 Pension Plan, which has both a traditional Defined Benefit (DB) component and a new Defined Contribution (DC) component.
Each of these components include both employee and employer share deductions. Due to the delayed implementation of the Tier 4 Plan, Catch–Up deductions have been created to collect the missed contributions for both the employee and employer shares.
Tier 4 Employees will have TWO permanent employee share deductions:
A Defined Benefit deduction and a Defined Contribution deduction.
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