PERA contribution rates to increase July 1, two PERA mandatory retirement plans now available to newly eligible Classified Staff [1]
As part of PERA legislation (Senate Bill 18-200 [3]) signed into law in June 2018, employees who participate in this retirement plan can expect to see some changes this year.
Contribution rates are increasing
On July 1, the PERA employee contribution rate will increase from 8 percent to 8.75 percent, and the employer contribution rate will increase from 10.15 percent to 10.40 percent.
Note: Employer costs will continue posting to the same FIN account codes.
To learn more, visit PERA online [4].
Newly eligible Classified Staff can choose from two PERA plans
Classified Staff who are newly hired/newly eligible on Jan. 1, 2019 or later may have the option between the PERA Defined Benefit (DB) Plan and PERA Defined Contribution (DC) Plan.
The ability to choose between the two plans depends on a new employee’s Job Classification and PERA history. Changes do not affect current CU Classified Staff/PERA members.
For additional information about the plans and resources, visit the HCM Community blog [5].