The Select Committee on Pension Policy (SCPP) recently recommended adjustments to pension contribution rates to the Pension Funding Council.
SCPP employer rates recommendation
|
System
|
Current employer rate
|
SCPP recommended rate
|
Percent change
|
|
PERS
|
12.65%
|
12.68%
|
0.03%
|
|
TRS
|
15.23%
|
15.33%
|
0.10%
|
|
SERS 2/3
|
13.40%
|
13.01%
|
(0.39)%
|
|
PSERS 2
|
12.20%
|
11.96%
|
(0.24)%
|
The Pension Funding Council meets on Thursday, July 26 to consider adopting the new rates. Contribution rates are set every two years per a statutory process and rates adopted this year will be effective starting in the 2019-21 biennium.
The Pension Funding Council adopts rates for every pension system except for the Law Enforcement Officer and Fire Fighter (LEOFF) Plan 2.