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 Pension Contribution Rates Set for the 2007-09 Biennium
The Pension Funding Council and the LEOFF 2 Board have set pension contribution rates for the 2007-09 biennium. The following charts provide information on current employer and employee contribution rates, as well as the adopted rates through June 30, 2009, for the state’s various pension systems. Future benefit enhancements passed by the Legislature could increase these rates.
Effective 7-1-07, the PERS and PSERS 2 employer rates include phased-in payments for the PERS 1 unfunded liability, as well as a revised gain-sharing component. Please see the article on the page 2 for more information about the status of the gain-sharing benefit, and the potential impact on future rates.
EMPLOYER Pension Contribution Rates
|
|
Current Rate (as of 9-1-06) |
Rate Effective 1-1-07 |
Rate Effective 7-1-07 |
Rate Effective 7-1-08 |
|
PERS 1/2/3 |
3.69% |
5.46% |
6.64% |
8.20% |
|
PSERS 2 |
6.76% |
8.53% |
8.84% |
9.72% |
|
LEOFF 1 |
0.18% |
0.18% |
0.18% |
0.18% |
|
LEOFF 2 |
4.90% |
4.90% |
5.35% |
5.46% |
Note: Employer rates include the DRS administrative expense rate, currently set at 0.18%.
EMPLOYEE Pension Contribution Rates
|
|
Current Rate (as of 9-1-06) |
Rate Effective
7-1-07 through 6-30-08 |
Rate Effective
7-1-08 through 6-30-09 |
|
PERS 1 |
6.00% |
6.00% |
6.00% |
|
PERS 2 |
3.50% |
4.15% |
4.83% |
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PSERS 2 |
6.57% |
6.57% |
6.57% |
|
LEOFF 1 |
0.00% |
0.00% |
0.00% |
|
LEOFF 2 |
7.85% |
8.60% |
8.79% |
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