Contributory Rates by System
Contributory Rates by System
Employer Contribution Rates for Fiscal Year 2024
Based on an actuarial review and valuation as of June 30, 2022, the employer contribution rates applicable to fiscal year 2024 are as follows:
| State Employer Contribution Rates | Rate % |
|---|---|
| Teachers’ Retirement and Pension System 1 | 14.86 |
| Employees’ Retirement and Pension System 1 | 21.13 |
| State Police Retirement System | 78.68 |
| Judges’ Retirement System | 43.00 |
| Law Enforcement Officers’ Pension System | 45.89 |
| Participating Governmental Units | Rate% |
|---|---|
| Employees’ Retirement System | 12.79 |
| Employees’ Pension System | 7.79 |
| 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 ***Applies to locations 6526 and 7528 only*** |
7.44 |
| Law Enforcement Officers’ Pension System | 36.91 |
| Local Correctional Officers’ Retirement System | 11.87 |
| Local Boards of Education | Rate % |
|---|---|
| Teachers’ Retirement and Pension System 1 - MSDE share on behalf of Local Boards of Education |
9.82 |
| Teachers’ Retirement and Pension System 1 - Local Boards of Education share. |
5.04 |
Surcharge Rates
1 These rates exclude the effect of the 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.
4 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.