From HR: New pension contribution rates for PERS and LEOFF
DRS recently sent a bulletin to provide notice of pending contribution rate changes in the pension systems noted above. These changes were approved last year by the Pension Funding Council and the LEOFF Plan 2 Board.
Per standard practice, these rates are scheduled to begin July 1 (the beginning of the new fiscal year).
Please note, however, that there is an important qualification to this notice: The Legislature, which is currently meeting in a special session, has the authority to modify previously adopted contribution rates.
While we do not anticipate any legislative changes to the rates adopted by the Pension Funding Council and the LEOFF Plan 2 Board, we cannot predict what the Legislature will do. We"ve therefore decided to provide this advance notice of the scheduled rates, with the caveat that they are subject to modification by the Legislature. If there are any legislative changes to the rates, we will notify you as soon as possible after the Legislature adjourns.
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Current Contribution Rates Effective 7/1/2017 (Employer rates include 0.18% DRS administrative expense rate) |
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Plan 1 |
Plan 2 |
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Law Enforcement Officers" and Fire Fighters" Retirement System (LEOFF) |
Percent |
Rate |
Percent |
Rate |
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Member Contribution Rate |
0.00% |
.0000 |
8.75% |
0.0875 |
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Employer Contribution Rate |
0.18% |
.0018 |
8.93% |
0.0893 |
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Public Employees" Retirement System (PERS) |
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Member Contribution Rate |
6.00% |
0.0600 |
7.38% |
0.0738 |
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Employer Contribution Rate |
12.70% |
0.1270 |
12.70%* |
0.1270* |
*Employer rates for Plan 3 are the same as for Plan 2.