How is interest credited to my ERFC member contributions account?
Interest is credited to your ERFC member contributions account (including payments for purchased service under the ERFC benefit structure) each year on July 1st. The interest paid is based on the balance of your Accumulated Contributions as of July 1st of the preceding year. The interest rate is set currently at 5%, unless the Board of Trustees determines the need to adopt a different rate for a particular fiscal year. Be aware that once you begin to receive ERFC retirement benefits, no further interest will be credited to your account. Back to Top • When will I receive a statement of my account balance with ERFC? ERFC member contribution statements are distributed annually in the early fall. These individual statements are marked confidential and mailed directly to the home addresses of all active and deferred vested ERFC members. Each benefit profile statement cites the member’s account balance effective July 1st of the preceding fiscal year, noting changes during the fiscal year and
Interest is credited to your ERFC member contributions account (including payments for purchased service credit under the ERFC benefit structure) annually on July 1st. The interest paid is based on the balance of your Accumulated Contributions as of July 1st of the preceding year. The interest rate is set currently at 5%, unless the Board of Trustees determines the need to adopt a different rate for a particular fiscal year. Be aware that once you begin to receive ERFC retirement benefits, no further interest will be credited to your account. Back to Top • When will I receive a statement of my account balance with ERFC? ERFC member contribution summary statements are distributed annually in August. These individual statements are marked confidential and mailed directly to the home addresses of all active and deferred vested ERFC members. Each benefit profile statement cites the member’s account balance effective July 1st of the preceding fiscal year, noting changes during the fiscal ye
