The Board of Trustees meets monthly on the fourth Wednesday at 9:30 am. Any changes made to this schedule will be noted at the end of the agenda posted after such a change is made.
Active Member Contributions
On May 22, 2024 the pension board voted to decrease the employee pension contribution rate from an estimated annual average of 18.68% to an estimated annual average of 16.59%. This decision was based on the recommendation of the Fund’s actuary. You will see this decrease take effect 10/01/2024.
PLEASE NOTE – This rate is an estimated annual average based on the projected payroll for all plan members accruing benefits as of FYE 09/30/2023. Your individual rate will be higher or lower depending on your actual pensionable earnings. This is due to the full-scale contribution rate (FSCR) outlined in the pension contract. In essence, the FSCR intends for higher earning individuals to contribute slightly more to offset expected higher pension benefits payable in the future. Additionally, you will see contribution deductions increase over the first few paychecks and level off at 17.75750% upon reaching $12,500 of cumulative pensionable earnings.