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Updated employee, employer contribution rates announced for DRS retirement plans

The Pension Funding Council and Washington State Legislature have updated the employee and employer contribution rates for the Department of Retirement Systems (DRS) retirement plans.

PERS and LEOFF rate changes are effective July 1, 2021 (impacting the July 26, 2021 paycheck). 

TRS rate changes are effective September 1, 2021 (impacting the September 24, 2021 paycheck). 

PERS and TRS Plan 3 employee rates do not change because they are chosen by the employee. Employer rates for plan 3 are the same as plan 2.

Here are the updated rates:

Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF) for Ports and Universities:

  • The member contribution rate for Plan 2 will change to 8.53 percent.
  • The employer contribution rate for Plan 2 will change to 8.71 percent.

 

Public Employees’ Retirement System (PERS):

  • The member contribution rate for Plan 2 will change to 6.36 percent.
  • The employer contribution rate for Plan 1 and Plan 2 will change to 10.25 percent.

 

Teachers’ Retirement System (TRS):

  • Member contribution rate for Plan 2 will change to 8.05 percent
  • Employer contribution rate for Plan 1 and Plan 2 will change to 14.42 percent.

 

 

 

 

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Thursday, June 24, 2021 - 11:41am

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