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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
23
PLAN 1
PLAN 2
HYBRID RETIREMENT PLAN
Eligible Members
Employees are in Plan 1 if their
membership date is before July 1, 2010,
and they were vested as of January 1,
2013, and they have not taken a refund.
Hybrid Opt-In Election
VRS non-hazardous duty-covered Plan 1
members were allowed to make an
irrevocable decision to opt into the Hybrid
Retirement Plan during a special election
window held January 1 through April 30,
2014. The Hybrid Retirement Plan's
effective date for eligible Plan 1 members
who opted in was July 1, 2014.
If eligible deferred members returned to
work during the election window, they
were also eligible to opt into the Hybrid
Retirement Plan.
Members who were eligible for an
optional retirement plan (ORP) and had
prior service under Plan 1 were not
eligible to elect the Hybrid Retirement
Plan, and remain as Plan 1 or ORP.
Eligible Members
Employees are in Plan 2 if their
membership date is on or after July 1,
2010, or their membership date is before
July 1, 2010, and they were not vested as
of January 1, 2013.
Hybrid Opt-In Election
Eligible Plan 2 members were allowed to
make an irrevocable decision to opt into
the Hybrid Retirement Plan during a
special election window held January 1
through April 30, 2014. The Hybrid
Retirement Plan's effective date for
eligible Plan 2 members who opted in
was July 1, 2014.
If eligible deferred members returned to
work during the election window, they
were also eligible to opt into the Hybrid
Retirement Plan.
Members who were eligible for an
optional retirement plan (ORP) and have
prior service under Plan 2 were not
eligible to elect the Hybrid Retirement
Plan, and remain as Plan 2 or ORP.
Eligible Members
Employees are in the Hybrid Retirement
Plan if their membership date is on or
after January 1, 2014. This includes:
•
Political subdivision employees*
•
Members in Plan 1 or Plan 2 who
elected to opt into the plan during
the election window held January 1-
April 30, 2014; the plan's effective
date for opt-in members was July 1,
2014
* Non-Eligible Members
Some employees are not eligible to
participate in the Hybrid Retirement Plan.
They include:
•
Political subdivision employees who
are covered by enhanced benefits for
hazardous duty employees
Those employees eligible for an optional
retirement plan (ORP) must elect the ORP
plan or the Hybrid Retirement Plan. If
these members have prior service under
Plan 1 or Plan 2, they are not eligible to
elect the Hybrid Retirement Plan and
must select Plan 1 or Plan 2 (as
applicable) or ORP.
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