As is customary at the start of the fiscal year, OCERS is implementing the new contribution rates for retirement benefits. Attached for your review is a chart reflecting the contribution rates for fiscal year 18/19. These rates go into effect with the pay period beginning July 5, which means OCAA members will see the change in our paycheck that is to be issued on July 27, 2018.
As a reminder, 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.
Contribution rates are based upon age of entry and are a combination of the normal rate and the reverse pick-up. According to the new rate tables, for classic members there will be modest decrease to the combined rates of between .177% and .187%. For PEPRA members’ there will also be a slight decrease to the combined rates of between .25% and .33%. Please refer to the attached charts to determine your exact decrease to your contribution rate effective July 5.