In December 2022, the County Employees Retirement System (CERS) Board of Trustees voted to approve a FY 2024 rate of 23.34% for CERS nonhazardous employees and a rate of 43.69% for CERS hazardous duty employees. FY 2024 rates go into effect July 1, 2023.
The current (FY 2023) rates are 26.79% for nonhazardous and 49.59% for hazardous.
Employer contribution rate decreases result in savings for county payrolls. For example, if a county has a nonhazardous employee that makes $30,000 per year:
- Currently, the county is contributing 26.79% of the employee’s salary to CERS, which equals $8,037 in costs to the county per year.
- With the rate decrease set to go in effect July 1, 2023, the county will now contribute 23.34% of the employee’s salary to CERS, equal to a savings of more than $1,000 per year.
May 9 Board meeting and future changes
During a special called meeting May 9, the Board voted to approve new actuarial assumptions for FY 2025 which may affect future employer contribution rates.
The changes were recommended by its actuary, Gabriel, Roeder, Smith & Company (GRS) and a consultant company, Wilshire.
GRS has projected contribution rates for FY 2025 will be 20.52% for CERS nonhazardous and 39.52% for CERS hazardous.
The Board will meet again later this year to take a final vote on FY 2025 contribution rates.
May 9, 2023: CERS Board of Trustees meeting materials
