Pursuant to Chapter 78, P.L. 20, Pension and Health Benefit Reform, PERS and TPAF employee pension contribution rates will increase to 7.06% of salary, beginning with the first paycheck in July 2015, for ALL PERS and TPAF members who currently contribute 6.92% of their salary. The July 1, 2015 increase is the FIFTH rate increase under the provisions of Chapter 78, which calls for PERS and TPAF employee pension contribution rates to increase over 7 years until the total pension contribution rate is 7.5% of salary as of July 2018.
1. Employees who are currently in the YEAR TWO phase, will move to the YEAR THREE phase. Your contribution will be based either on the YEAR THREE charts, or 1 ½% of your salary, whichever is GREATER.
2. All eligible new employees to the district and employees who are currently in the YEAR FOUR phase will remain in the YEAR FOUR phase. Your contribution will be based either on the YEAR FOUR charts, or 1 ½% of your salary, whichever is GREATER.