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Published on Wednesday, July 30, 2014

Pension Funding Council Makes New Rate Recommendation

In response to new demographic projections from the State Actuary that show retirees living longer, the Pension Funding Council voted to increase pension rates. The full rate increase would have had over a $300 million impact on local government employers in 2015-17. However, they tempered the rate increase with a three biennia (six year) phase in plan beginning in July 2015. More information on the proposed new rates are available on the Department of Retirement Services (DRS) webpage.

Plan Current Employer Rate New Proposed 2015 Employer Rate
PERS 9.03 11.00
PSERS 10.36 11.36

The Council's vote on Monday is only a recommendation. The Legislature will have the final say during the 2015 session. For more information you can read this article in the Olympia or contact Candice Bock or Brittany Sill.

Categories: Personnel