Published on Jun 12, 2021
DRS adopts new pension contribution rates for 2021-23 biennium
The Department of Retirement Systems (DRS) has adopted new contribution rates for the 2021-23 biennium. Employer rates will come down from their current levels in the new biennium. The new rates go into effect July 1, 2021.
See the table below for the new rates.
Employer contribution rates |
|---|
Program | Current employer rates | 2021-2023 employer rates |
|---|
LEOFF 2 | 5.33% | 5.30% |
PERS | 12.79% | 10.25% |
PSERS | 12.07% | 10.39% |
These adopted rates are consistent with the contributions set in the state budget and include the standard 0.18% administrative expense rate. The full table with the new rates can be found on the DRS website.
-
A slow year for HR & labor relations, but impact felt on pensions
-
Bill expands benefits for family of LEOFF 2 members killed in the line of duty
-
Proposal to increase monthly lump-sum retirement payment advances
AWC's bill tracker
Visit AWC’s bill tracker to learn about legislation with city impacts this year.