We wanted to inform you that as is customary at the start of the fiscal year, OCERS is implementing new contribution rates for retirement benefits. Attached for your review is a chart reflecting the contribution rates for fiscal year 17-18. These rates go into effect with the pay period beginning July 7, which means we will see the change in our paycheck that is issued on July 28.
As we have explained in the past, we pay two different contributions to our retirement – the normal rate and the “reverse pick up.” There are also two different benefit levels among our members – “classic” members, who were employed by the county before January 1, 2013 (or established reciprocity with the County based on employment with a reciprocal retirement program) and PEPRA members, which is all members hired on or after January 1, 2013 who do not have reciprocity with another retirement system. Classic members are part of Plan J, Tier II, and PEPRA members are part of Plan U. The plan categories are OCERS designations.
According to the new rate tables, classic members’ normal rates will remain steady but there will be modest increase to the reverse pick up between .169% – .179% depending on your age of entry. PEPRA members’ normal rates are remaining relatively stable, and there will also be a slight increase to the reverse pick up resulting in no more than .34% increase depending on age of entry. Please refer to the attached charts to determine your exact increase to your contribution rate effective July 7.