The Senate’s budget proposal cuts the state’s contribution to the LEOFF 2 pension system for cities, counties, and other employers. Currently, pension contributions are split among the employee (50 percent), the employer (30 percent), and the state (20 percent). The Senate budget proposal would eliminate the state’s 20 percent share and increase the employer’s share to 50 percent. The new, proposed rate structure is in the table below. These rates exclude the employer administrative expense of .0018 percent.
|
|
FY 2017
|
FY 2018
|
Senate budget proposal
FY 2017-19
|
|
Employee
|
8.41%
|
8.75%
|
8.75%
|
|
Employer
|
5.05%
|
5.25%
|
8.75%
|
|
State
|
3.36%
|
3.50%
|
0%
|