Hired Prior to January 1, 2015
Retirement plans for those hired on or after January 1, 2015 can be found HERE.
The Authority offers three (3) different retirement plans for employees hired prior to January 1, 2015. You are eligible to participate in these plans on the first of the month following 30-days of full-time employment.
(hired prior to 1/1/2015)
DRBA Pension Plan
The Authority provides a Defined Benefit (DB) plan which pays a monthly annuity upon retirement. The plan is administered by PNC Bank. The monthly annuity payment is calculated based on age, years of service and the highest average 36 months of compensation.
Participation is this plan is mandatory. Employees are required to contribute 3% of their base wages to the Pension Plan on a pre-tax basis. Employees become 100% vested after five (5) years of active service. If you leave the Authority prior to becoming 100% vested, then you may roll-over or take a payout of your contributions with interest.
You will select payment options and beneficiaries upon retirement from the Authority under the Pension Plan.
DRBA Defined Contribution Plan (401a)
The Authority also provides a Defined Contribution (DC) 401(a) retirement savings plan.
Participation is this plan is mandatory. Employees are required to contribute 2% of their base wages to the 401(a) plan on a pre-tax basis. The Authority matches 25% of the 2% employee contribution. Employees are always 100% vested in their own contributions to the plan. Employees become 100% vested in the Authority’s match after five (5) years of active service. If you leave the Authority prior to becoming 100% vested, then you may roll-over or take a distribution of your contributions with earnings but not the Authority’s matching contributions and earnings.
The default investment option under the 401(a) Plan is the Target Date Fund nearest your normal retirement date (typically age 65). You may choose from a menu of other mutual fund investment options through the Authority’s record-keeper, Voya Financial. You will find the menu of investment options and a prospectus on each fund on the Voya website, after you register.
You must enroll in the Plan prior to your date of eligibility through the Voya website per the DC Plan Enrollment Instructions below.
DRBA Deferred Compensation Plan (457b)
The Authority also offers a Deferred Compensation (DC) 457(b) retirement savings plan.
Participation in this plan is voluntary. Employees may defer 2% of their base wages, plus an additional percentage or dollar amount, to the 457(b) plan. The Authority will match 75% of the first 2% that the employee defers to the plan. (Note: The Authority’s match on the 457(b) deferred amount will be deposited into the employee’s 401(a) plan account.)
Employee deferrals to the 457(b) plan can be made on a pre-tax or Roth (after-tax) basis, or a combination of these. Employees are always 100% vested in their own deferrals to the plan. Employees become 100% vested in the Authority’s deferral match after five (5) years of active service. If you leave the Authority prior to becoming 100% vested, then you may roll-over or take a distribution of your contributions with earnings but not the Authority’s matching contributions and earnings.
Like the 401(a) Plan, the 457(b) Plan is administered through the Authority’s record-keeper, Voya Financial. In addition, the default investment is the Target Date Fund nearest your normal retirement date and the same menu of other investment options is available under the 457(b) also.
Beneficiaries
You will select your beneficiaries upon enrollment in the 401(a) and 457(b) Plans. You may update your beneficiaries at any time by visiting the Voya website, calling Voya Customer Service at 800-584-6001 or updating the Voya Beneficiary form in the right sidebar menu. Take a few minutes to hear why it is important to keep your beneficiary selections up to date by clicking on this link; DRBA 457b and 401a Beneficiary Presentation.
You may initially enroll in the 457(b)Plan at any time through the Voya website per the DC Plan Enrollment Instructions below.
