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Contribution Rate Statutes

Summaries of the Statutory Basis for Contribution Rates

Plan

Employee

Employer / State

PERS 1 and

TRS 1

Set in statute at 6 percent of salary.

Balance of cost of benefits, equal to payment to amortize PERS 1 and TRS 1 unfunded liabilities over a ten-year rolling period, plus estimated annual cost of Plan 2/3 benefits.

LEOFF 1

Set in statute at 6 percent of salary.  No contribution required when plan is fully funded.

Employer rate set in statute at 6 percent.  No contribution required when plan is fully funded.

State pays balance of cost of benefits.

WSPRS 1

Fifty percent of the annual cost of projected benefits as determined by valuation, but no more than 7 percent of salary, plus 50 percent of supplemental rates in effect after July 1, 2007.

Balance of the cost of benefits.

   

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PERS 2

Fifty percent of the annual cost of projected PERS 2 benefits as determined by valuation, excluding PERS 3 gain-sharing costs.

Balance of the cost of benefits plus additional payments to amortize PERS 1 unfunded liabilities over a ten-year rolling period.

SERS 2

Fifty percent of the annual cost of projected SERS 2 benefits as determined by valuation, excluding SERS 3 gain-sharing costs.

Balance of the cost of benefits plus additional payments to amortize PERS 1 unfunded liabilities over a ten-year rolling period.

PSERS 2

Fifty percent of the annual cost of projected PSERS 2 benefits as determined by valuation.

Balance of the cost of benefits plus additional payments to amortize PERS 1 unfunded liabilities over a ten-year rolling period.

TRS 2

Fifty percent of the annual cost of projected TRS 2 benefits as determined by valuation, excluding TRS 3 gain-sharing costs. The member rate is capped at 8.64 percent as of 2012, plus 50 percent of the cost of all future benefit improvements.

Balance of the cost of benefits plus additional payments to amortize TRS 1 unfunded liabilities over a ten-year rolling period.

LEOFF 2

Fifty percent of the annual cost of projected LEOFF 2 benefits as determined by valuation.

Employer rate set in statute at 30 percent of annual benefit costs as determined by valuation.

State rate set in statute at 20 percent of annual benefit costs as determined by valuation.

WSPRS 2

Same as WSPRS 1.

Same as WSPRS 1.

 

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PERS 3

TRS 3

SERS 3

Employee does not contribute to the defined benefit plan, but contributes to the defined contribution benefit.

Same as Plan 2 employer rates