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Expand the Retirement Fund Benefits Table to see benefits.
| Plan Rules | |
| Eligible participants* | You are eligible to participate in the Retirement Plan for a 2024 contribution if you are:
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| Eligibility for benefit credit for contributions in 2024* | You will earn your full service credits for 2023 if you were paid for ten or more months of child subsidy in 2023. If you were paid for 6 or more months of child subsidy, you will receive 60% of your service credits, 70% for 7 months, 80% for 8 months and 90% for 9 months. You will not earn any service credit if you were paid for less than 6 months. |
| Contributions | The only contributions to the Retirement Plan will be paid by the State. The Plan does not accept contributions from you. |
| Amount of annual employer contributions for 2023 service allocable to participants in 2024* | The amount of the State contribution on your behalf in 2024 will be based on two factors: (1) the number of years and months that you held a license as of 12/31/23; AND (2) the number of months that you were paid for a subsidized child in 2023.
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| Amount of annual employer contributions for 2024 service allocable to participants in 2025* | You will earn one full service credit for the State contribution on your behalf in 2025 if you were paid for ten or more months of child subsidy in 2024. If you were paid for 6 to 9 months in 2024, you will receive a pro-rated service credit. You will not earn any service credit if you were paid for less than 6 months in 2024. |
| Vesting | You are “vested” in any contribution correctly made to your account. You do not need to work a minimum number of years before 2024 to be entitled to a benefit. |
| Distribution events | You can elect to receive your account when:
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| Forms of distributions | If you are age 60 or older and stop all work as a licensed provider for 3 consecutive months and elect to retire, you can choose to receive your account balance as:
If you are younger than age 60 and stop all work as a licensed provider for 9 consecutive months, you can only elect to receive your account as one lump-sum payment. |
| Death benefits | Since your account is 100% vested, you can designate a beneficiary (or multiple beneficiaries) to receive your account balance if you die before you receive it. |
| Investments | The Board of Trustees will manage how the Retirement Plan is invested on your behalf, with the assistance of investment professionals. |
*Special rules apply to providers where more than one provider is on the payment record.
State contributions to the Retirement Plan are tied to the child care subsidy program. To be eligible for retirement benefits in 2024, you must be a licensed provider who has have been paid for work with a subsidized child in at least 6 months in 2023-these months do not need to be consecutive. License exempt providers are not eligible; however, if you become licensed in a year, your work in that year may count for eligibility.
State contributions to the Retirement Plan are tied to the child care subsidy program. To be eligible for retirement benefits in 2024, you must be a licensed provider who has have been paid for work with a subsidized child in at least 6 months in 2023-these months do not need to be consecutive. License exempt providers are not eligible; however, if you become licensed in a year, your work in that year may count for eligibility.
The Plan will automatically enroll you based on the information it has but you should immediately complete the form that the Plan will send you to be sure that the Plan has all of your current information and that you receive credit for your years of licensed work.