In DRS Notice 06-001, we told you the employer rates will increase in January. This rate increase supports payments to the Plan 1 Unfunded Actuarial Accrued Liability.
As a result, the Public Employees’ Retirement System and the Public Safety Employees’ Retirement System employer contribution rates will increase effective January 1, 2007. There are no member rate increases. Please refer to the chart below for the new rates.
| New Contribution Rates Effective January 1, 2007 (Employer rates include 0.18% expense rate) |
||
|---|---|---|
Public Employees' Retirement System (PERS) |
Current Rate* | New Rate |
| Employer Contribution Rate (Plan 1, 2, & 3) |
3.69% | 5.46% |
PERS State Government Elected Officials |
||
| Employer Contribution Rate (Plan 1 Only) |
5.44% | 8.10% |
Public Safety Employees' Retirement System (PSERS) |
||
| Employer Contribution Rate | 6.76% | 8.53% |
*Through December 31, 2006
If you have any questions, please email Employer Support Services or call (360) 664-7200 (press option 2) or 1-800-547-6657 (press option 6 then option 2).