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