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.
Fiscal Year 2021-2022
Sample Contribution Calculation
Staff compensation that requires a retirement contribution
Tiers 1, 2, 4 and 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.
Includes base pay only as pensionable wage types.