DROP Interest Rate for Calendar Year 2024 – Updated November 16, 2023
The Deferred Retirement Option Plan (DROP) interest rate for calendar year 2024 will be 5.11%, effective January 1, 2024. The rate was approved by the HMEPS Board of Trustees at the November 2023 Board meeting. The DROP interest rate calculation is set forth in the HMEPS Pension Statute. The DROP interest rate as of January…
Read More »COLA beginning February 1, 2023
The cost of living adjustment (COLA) will be 2.0% beginning February 1, 2023. The COLA calculation is set forth in the HMEPS Pension Statute. The COLA is equal to HMEPS’ five-year investment return, based on a rolling five-year basis and net of investment expenses, minus the assumed rate of return less two percentage points, and…
Read More »Cash Balance Account Interest Rate for 2023
The Group D Cash Balance Account interest rate will be 0.21% bi-weekly, effective with the first full bi-weekly pay period after January 1, 2023. The rate was approved by the HMEPS Board of Trustees at the October 2022 Board meeting. The Cash Balance calculation is set forth in the HMEPS Pension Statute. The Cash Balance…
Read More »DROP Interest Rate for Calendar Year 2023 – Updated October 27, 2022
The Deferred Retirement Option Plan (DROP) interest rate for calendar year 2023 will be 5.43%, effective January 1, 2023. The rate was approved by the HMEPS Board of Trustees at the October 2022 Board meeting. The DROP interest rate calculation is set forth in the HMEPS Pension Statute. The DROP interest rate as of January…
Read More »Results of 2022 Trustee Election – August 26, 2022
In the HMEPS 2022 Trustee Election, Sherry Mose was unopposed for election to Active Employee Trustee Position 5, and Roderick J. Newman was unopposed for election to Retiree Trustee Position 8. For Position 6, an active employee trustee position, two candidates were on the election ballot. We would like to congratulate Roy W. Sanchez on…
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