FY2014: 7.47% + 1% supplemental = 8.47%; Supplemental contrib. increases Tier 1 member*: by 0.1% each fiscal 7.15% + 1% year through .11% + 2.38% 7/1/13 supplemental = FY2024; supplemental = 8.15% Tier 2 For each retired 2.49% member*: 8.15% member who returns to covered employment: 9.85% + supplemental contribution above. Tier 1 member*: 7.15% + 1% FY2018: 8.770% .11% + 2.38% 7/1/17 supplemental = + 1% supplemental supplemental = 8.15% Tier 2 = 8.870% 2.49% member*: 8.15% *A one member” is a person who became a member before 7/1/13 “tier and who has not withdrawn his/her account balance. A two “tier member” is a person who became a member on or after 7/1/13 or who, after withdrawing his/her account balance, became a member again on or after 7/1/2013.
7/1/13 Tier 1 member*: 7.15% + 1% supplemental = 8.15% Tier 2 member*: 8.15% FY2014: 7.47% + 1% supplemental = 8.47%; Supplemental contrib. increases by 0.1% each fiscal year through FY2024; For each retired member who returns to covered employment: 9.85% + supplemental contribution above. .11% + 2.38% supplemental = 2.49% 7/1/17 Tier 1 member*: 7.15% + 1% supplemental = 8.15% Tier 2 member*: 8.15% FY2018: 8.770% + 1% supplemental = 8.870% .11% + 2.38% supplemental = 2.49% *A “tier one member” is a person who became a member before 7/1/13 and who has not withdrawn his/her account balance. A “tier two member” is a person who became a member on or after 7/1/13 or who, after withdrawing his/her account balance, became a member again on or after 7/1/2013.
SD05-Payroll%26EmployeeBenefits-2017.docx