CalPERS Retirement Contribution Rate Increase

Thursday, July 21, 2016

There is an employee contribution rate change for SFSU employees who became enrolled in CalPERS retirement after January 1st 2013.

This change applies only to those in the "State Miscellaneous Tier 1 Category" which excludes police/fire/safety personnel. 

Employees in this group will see an increase in their contribution rate to the CalPERS retirement program effective 7/1/16.

The reason for this rate change is  the Public Employees Reform act of 2013 (PEPRA) which requires that public employees enrolled after January 1st 2013 contribute at least 50% of the total annual normal cost of their pension benefit. 

 

For more information about PEPRA please see the CalPERS website at:

https://www.calpers.ca.gov/page/about/laws-regulations/regulatory-actions/pepra

 

Those employees who are affected by this change will be notified directly prior to August 1st. 

 

If you have any further questions on this issue, please feel free to contact the benefits unit at: benefits@sfsu.edu