Subject: DRS Email 13-009, HERP Supplemental Benefit Fund Con...

  • Notice No.: 13-009
  • Date: May 28, 2013
  • Applies to: Higher Education Employers
  • Subject: DRS Email 13-009, HERP Supplemental Benefit Fund Contribution Rate Change

In 2011, Engrossed Substitute House Bill 1981 (ESHB 1981) created a new higher education retirement plan (HERP) supplemental benefit fund for the purpose of funding future benefit obligations of HERP supplemental benefits.

Section 7 of ESHB 1981 requires that beginning July 1, 2013, the contribution rate for the HERP Supplemental Benefit Fund will increase to .50 percent on all HERP salaries paid. All contributions paid to the HERP fund after June 30, 2013 will be subject to this new rate.

Should you have questions, please reply to this notice or call Employer Support Services at 360-664-7200, option 2, or 800-547-6657, option 6, option 2.

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