Beginning July 1, the start of the new fiscal year, Contribution Rates for the ASRS Defined Benefit Plan paid by members and employers will decrease, albeit nominally.
The total contribution rate (which includes contributions for the pension plan, health insurance supplement and long term disability) to be paid by members and employers will be 11.47 percent each, down from the current rate of 11.60 percent.
The decrease is primarily due to strong investment market performance last year, when the ASRS experienced a net return of 18.6 percent on its total fund, which is now more than $35 billion.
Also, the Alternate Contribution Rate charged for retirees who return to work in any capacity will also decrease slightly, from 9.57 to 9.36 percent.
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