DRS announces increase in pension contribution rates
The Washington State Department of Retirement Systems (DRS) has announced a slight increase in the pension contribution rates for Western's PERS and TRS pension plans, effective Sept. 1. If you have questions, please contact the DRS at (800) 547-6657.
The Office of the State Actuary calculated supplemental rate changes based on the cost of additional pension related legislation passed during the 2018 legislative session. The chart below incorporates these changes to PERS, PSERS, SERS, TRS and WSPRS to fund the following legislation:
|
Bill |
Description |
System |
|
SSB 6340 |
Providing a benefit increase to certain retirees of PERS Plan 1 and TRS Plan 1 |
PERS, TRS, SERS and PSERS |
|
SHB 1558 |
Public Safety Employee’ Retirement System Membership – Nursing Care Employees |
PERS and PSERS |
|
ESHB 2701 |
Veteran Definition |
WSPRS |
|
Contribution Rates Effective September 1, 2018 (Employer rates include 0.18% DRS administrative expense rate) |
||||
|
(Bold indicates rate change) |
Plan 1 |
Plan 2 |
||
|
Public Employees’ Retirement System (PERS) |
|
|
|
|
|
Member Contribution Rate |
6.00% |
0.0600 |
7.41% |
0.0741 |
|
Employer Contribution Rate |
12.83% |
0.1283 |
12.83%* |
0.1283* |
|
​ |
||||
|
Teachers’ Retirement System (TRS) |
|
|
|
|
|
Member Contribution Rate |
6.00% |
0.0600 |
7.06% |
0.0706 |
|
Employer Contribution Rate |
15.41% |
0.1541 |
15.41%* |
0.1541* |
|
​ |
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*Employer rates for Plan 3 are the same as for Plan 2.