Deferred Compensation Retirement Plan for Part-Time, Temporary, and Seasonal or Casual Employees (“PTS Plan”) of the State or any participating County, who are not eligible to participate in the State of Hawaii Employees’ Retirement System (“ERS”).
Participation in the PTS Plan is mandatory. Your contribution to this PTS Plan replaces your contribution to Social Security (however, a Medicare contribution is still required).
Each pay period, 7.5% of your gross pay will be deducted from your paycheck in place of the 6.2% amount for Social Security. Since this 7.5% will be deducted before State and Federal taxes are applied, your net pay should not be much different than if you contribute to Social Security.
Employees who are not members or retirees of the Employees’ Retirement System (ERS).
- Part-time employees who work in positions of less than twenty (20) hours per week or are appointed at less than fifty percent (50%) FTE (full time equivalent);
- Temporary non-civil-service employees serving in an appointment of less than ninety (90) days (e.g., 89-day hires);
- Seasonal employees; and
- Casual employees
The designated HR Representative will provide the necessary Enrollment and Beneficiary Form as part of the hiring packet.
Note: Handwritten signatures are required for all forms.
If your employment changes from part-time to full-time:
If you are a participant of the PTS Plan, please contact the local servicing agent, Comprehensive Financial Planning at 808-596-7006 or toll free at 1-800-600-7167 to review your options. They may also be reached via email at cfpii001@hawaii.rr.com.
If you separate from the University of Hawaiʻi (including all other State positions):
Once you are ready to withdraw your funds, you may cash out or rollover your balance into an eligible retirement plan.
Cash Out:
You will receive the balance of your funds in the form of a check or direct deposit. If the balance is over $3,500, you can spread out the annual payments over 2-5 years.
Rollover Eligible Retirement Plans:
You may be able to transfer your PTS Plan balance if your new employer offers a Deferred Compensation Plan authorized by Section 457 of the Internal Revenue Code (“Code”) which accepts transfers. You may also rollover your PTS Plan balance to any qualified retirement plan authorized by the Code which accepts rollovers from a 457(b) qualified retirement plan. These may include an IRA, Roth IRA (note that taxes must be paid and the funds must be converted to Roth IRA), 457(b), 401(k), or 403(b). A letter of acceptance from the new provider is required.
You will be issued an annual statement reflecting contributions and earnings in February of each year.
To log onto your personal web account, go to: NBS Website.