How much do members contribute to the Retirement System?

The contriubtion rate is set by staute each year.  The current rate for employees hired on or after July 1, 1996 is 9% of your regular compensation.  The law also mandates that for members whose employment commenced on or after January 1, 1979, an additional 2% of regular compensation will be withheld on compensation over $30,000.  This 2% is in addition to the current rate already being deducted from your regular compensation.  Those employees who were hired between January 1, 1984 and July 1, 1996 will contribute 8% of their regular compensation, while members joining the system between 1975 and 1983 wil contribute 7%.  Those employees who became members prior to 1975 are contributing 5%.

Appears in: Retirement FAQ