The open enrollment period in ERM to set your PERF My Choice normal cost rate opened on October 1st and will close on November 30th, 2024.
The supplemental rate is set at 7.0% which means your normal cost rate can be anywhere between 0.0% and 4.2% effective January 1, 2025, through December 31, 2025.
Note: If your normal cost rate is currently at 4.4%, it will be reduced to 4.2% January 1, 2025.
To update or reset your PERF My Choice normal cost rate effective January 1, 2025, follow these steps:
- Log in to your ERM account
- Select the drop down next to Employer
- Select the drop down next to Submission Unit
- Select Manage Submission Unit
- Select the ASA-Only open enrollment link within the submission units box
- The PERF My Choice open enrollment box will display for enrollment to be completed for the next calendar year
For further instructions on how to update your normal cost in ERM, view page 55 of the user manual here.
For additional information regarding the My Choice plans, visit our website here.