Contribution Rates Unchanged for 2023-2024 School Year
At the October 24, 2022 PSRS/PEERS Board of Trustees meeting, the Board voted to maintain PSRS and PEERS active member and employer contribution rates at their current levels for the upcoming school year. The 2023-2024 school year runs from July 1, 2023 to June 30, 2024.
Based on the recommendation of the Systems’ actuary, PricewaterhouseCoopers (PwC), contribution rates will remain as follows:
| Member Rate | Employer Rate | Combined Rate |
| 14.5% | 14.5% | 29% |
| Member Rate | Employer Rate | Combined Rate |
| 6.86% | 6.86% | 13.72% |
While contribution rates have held steady since 2012, PwC cautioned that due to economic conditions and the prolonged period of high inflation, an increase in contribution rates may be required in the coming years to maintain the sound fiscal condition of the plan.
“The Board is delighted to be able to maintain contribution rates at a time when our working members’ take-home pay is being squeezed by inflation,” said Board Chair Jason Steliga. “As Trustees, we are tasked with safeguarding the financial stability of the Systems over the long-term and are committed to fulfilling this obligation.”
About Contribution Rates
PSRS/PEERS contributions are credited to your individual membership. You do not pay taxes on your contributions until you receive them back as benefits. Your contributions are always returned to you in the form of monthly benefits, or a lump-sum payment to your or your beneficiaries.