Please see below for a few informational items for CIRS Participating Employers.
Overview of CIRS Plan Changes – Updated as of February 2017
On September 27, 2016, a new CBA was ratified which led to changes in the CIRS Pension Plan and the CIRS Savings Plan. This PDF contains a brief summary of these updates.
2017 Employee Contribution Catch-up Form
Employee contribution elections (pre and post-tax) to the CIRS 401(k) Savings Plan should be made by your employees through Voya. However, if your employees wish to elect catch-up contributions, they must complete the Catch-up Form (see link below) and submit it to you (the employer). Catch-up contributions are additional pre-tax contributions that employees, who will be age 50 or older by the last day of the calendar year, can make in excess of the IRS regular pre-tax contribution limit.
2017 Preretirement Workshop Schedule
CIRS holds monthly workshops for members planning to retire (generally within the next 6 months). The CIRS staff will explain all the options and decision points members face upon retirement. The meeting is about 2 hours and is located at the CIRS office at 95 Madison Avenue. Members must register in advance to attend a session and may bring a guest to the meeting. However, members must notify CIRS if they are bringing a guest as space is limited. Employees can register to attend a workshop by calling the CIRS office at 212-674-0101. The 2017 preretirement workshop schedule (see link below) can be distributed to employees or posted in common areas in your workplace.
Employees that need assistance completing their retirement paperwork can make an appointment for a private meeting with a CIRS staff member. These one-on-one meetings are by appointment only and can be made by calling the CIRS office at 212-674-0101.
CIRS Member Resources Guide
During May 2016, CIRS transitioned from using one provider (Voya) for the Savings and Pension Plan administration to using Voya only for the CIRS 401(k) Savings Plan and Transamerica for the CIRS Pension Plan. In order to assist our employers and our members, we have created a CIRS Member Resources Guide (see link below) with the current contact information for each CIRS plan. This guide can be provided to your CIRS eligible employees.
CIRS CBA FAQ
This is a Frequently Asked Questions (FAQs) document that CIRS has put together which will answer many of the questions that you may have about how the plan changes as a result of the current Collective Bargaining Agreement will impact you and/or your employees.
CIRS Plan Highlights
CIRS Plan Highlights, which can be distributed to your employees, are brief one-page sheets which list the main features of the three CIRS Plans. Note that there are two separate Plan Highlights – one for employees who were hired prior to October 1, 2016 (Tier I Members under the Pension Plan) and one for employees hired on or after October 1, 2016 (Tier II Members under the Pension Plan).
Voya Letter to Members Hired Prior to October 1, 2016
Effective January 1, 2017, the CIRS Savings Plan has been amended to eliminate the mandatory 2% contribution requirement. Voya mailed the below letter to all Members that were hired prior to October 1, 2016. These Members are now able to reduce their contribution percentage, if desired, by contacting Voya. Members will follow the same procedure as they do now for making any contribution changes – via the Voya website (cirs.voya.com) or by calling Voya (866-719-2477).