DRS Notice 23-009, Contribution Rate Changes for PERS, PSERS, SERS, TRS, LEOFF and WSPRS
Notice No: 23-009
Date: 7/24/23
Applies to: All Employers
Subject: DRS Notice 23-009, Contribution Rate Changes for PERS, PSERS, SERS, TRS, LEOFF and WSPRS
Pension contribution rates
The contribution rates presented in the chart below become effective Sept. 1, 2023.
The 2023 legislative session made contribution rate changes based on passage of the following bills:
- ESSB 5294 – Concerning actuarial funding of state retirement systems
- SB 5350 – Providing a benefit increase to certain retirees of the public employees’ retirement system plan 1 and the teachers’ retirement system plan 1
- SHB 1056 – Repealing some postretirement employment restrictions
- HB 1055 – Concerning public safety employees’ retirement plan membership for public safety telecommunicators
- SHB 1007 – Concerning interruptive military service credit for members of the state retirement systems
Administrative rate change
DRS’ administrative expense fee will change for the first time in a decade as the agency enters the implementation phase of a project to replace several 30-year-old pension applications. The increase is to 0.20% and will fund the project’s budget. Although past projects of this size required a fee at or above 0.22%, an increase to 0.20% was identified as sufficient. This legacy project will replace most of DRS’ core retirement systems. The applications affected by this project maintain information for approximately 900,000 current and former public employees and are DRS’ tools for calculating and distributing more than $7 billion payments each year.
Employers who have additional questions regarding this notice should contact DRS Employer Support Services at 360-664-7200, option 2, or 800-547-6657, option 6, option 2, or email us.
[table “328” not found /]*Employer rates for Plan 3 are the same as Plan 2
