Approved in the PSPRS Board of Trustees meeting on March 30, 2017, effective with the first pay period on or after April 1, 2017, the contribution rates will revert to 7.65% for the Tier 1 Members; however, Tier 1 Members with a membership date on or after July 20, 2011 and through December 31, 2011, the employee contribution rate will remain to be calculated based on the Tier 2 Membership since these members became a member after the effective date of the legislation pursuant to SB1609. The excess contributions for Tier 1 Members will be returned to the members that qualify, but at this time, the System is unable to provide an estimated time frame of when and how that will happen.
At this time, the System is unable to provide an estimated time frame of when and how increases will be adjusted for those members that qualify.
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