Contributory Rates by System

Overview

Contributory Rates by System
Employer Contribution Rates for Fiscal Year 2023

Based on an actuarial review and valuation as of June 30, 2021, the employer contribution rates applicable to fiscal year 2023 are as follows:

State Employer Contribution Rates Rate %
Teachers’ Retirement and Pension System 1 -  MSDE & MHEC on behalf of state 14.65
Employees’ Retirement and Pension System 1  20.68
State Police Retirement System 76.45
Judges’ Retirement System 40.02
Law Enforcement Officers’ Pension System 44.73
Participating Governmental Units Rate%
Employees’ Retirement System 12.40
Employees’ Pension System 7.40
Contributory Pension Benefit (CPB) Surcharge 2 2.42
Alternate Contributory Pension Selection (ACPS) Surcharge (CPB Participants) 3        1.11
Alternate Contributory Pension Selection (ACPS) Surcharge (Non-CPB Participants) 4  7.44
Law Enforcement Officers’ Pension System 36.20
Local Correctional Officers’ Retirement System 12.19
Local Boards of Education   Rate %
Teachers’ Retirement and Pension System 1 - 
MSDE share on behalf of Local Boards of Education 
9.53
Teachers’ Retirement and Pension System 1 -
Local Boards of Education share.
5.12

Surcharge Rates

Note: The surcharge rates above are not applicable to employers who joined after July 1, 2011.

1 These rates excludes the effects of reinvestment of savings.

2 This is an additional surcharge for PGUs that enrolled in the Contributory Pension Benefit (CPB). This surcharge is to be applied against total payroll.

3 This is an additional surcharge for PGUs that formerly enrolled in the Contributory Pension Benefit (CPB), but have now enrolled in the Alternate Contributory Pension Selection (ACPS). This surcharge is to be applied against Employees’ Pension System Payroll only in addition to the CPB surcharge of 2.42% against total payroll.

Applies to locations 6526 and 7528 only. This is an additional surcharge for PGUs that were not enrolled in Contributory Pension Benefit (CPB), but, have now enrolled in the Alternate Contributory Pension Selection (ACPS). This surcharge is to be applied against Pension System payroll only.

If you have any questions regarding the applicability of the rates, please contact Sabeena Sylvester at 410-625-5444 or Ajibola Akintola at 410-625-5610.