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Employee Contribution Rates

Tiers 1, 2, 4, and 5

Employee contributions are based upon their age at time of entry to the plan (within the closest 6 months of their birthday). Employee rates for each tier are split between a basic and cost of living (col) percentage amounts. Both the basic and col percentages are broken out further into two separate amounts. The rates are broken out this way because StanCERA retirement is integrated with Social Security. The first percentage rate is applied to the first $161.54 of the retirement eligible salary paid (based upon a bi-weekly payroll) and the second percentage rate is applied to the remainder of the retirement eligible salary paid.

A general member who enters the retirement system at age 30, in Tier 5, earning $1,000 of retirement eligible pay per bi-weekly payroll, their retirement contributions would be calcuated as follows:

Employee Contribution Calculator     Total
Bi-weekly retirement pay $161.54   $838.46    
Basic % (from table) 4.42%   6.62%    
  $7.14   $55.51   $62.65
         
Bi-weekly retirement pay $161.54   $838.46    
Col % (from table) 1.42%   2.14%    
  $2.29   $17.94   $20.24
Total bi-weekly retirement          
contribution         $82.89

 

Fiscal Year 2015-2016 Fiscal Year 2016-2017
General Tier 5 Rates General Tier 5 Rates
General Tier 4 Rates General Tier 4 Rates
General Tier 2 Rates General Tier 2 Rates
General Tier 1 Rates General Tier 1 Rates
   
Safety Tier 5 Rates Safety Tier 5 Rates
Safety Tier 4 Rates Safety Tier 4 Rates
Safety Tier 2 Rates Safety Tier 2 Rates
   
General/Safety Tier 6 Rates General/Safety Tier 6 Rates

 

Staff compensation that requires a retirement contribution
 
Tiers 1, 2, 4 & 5 items to include are lengthy, we have identified staff compensation that does not require a retirement contribution.  The items are overtime pay, termination cash outs, reimbursement for food, lodging, and gas, the value of benefits not paid in cash e.g. health insurance, retirement contributions employer pickup and uniform vouchers.  For all other cash compensation a retirement contribution should be made.
 
Tier 6 includes base pay only as pensionable wage types.