Contribution Rates for City Members in Effect July 1st

Date: Jul 01, 2017

 

Important: These rate changes only apply to City of San Diego members of SDCERS; Unified Port District and Airport Authority members are not affected.

New contribution rates went into effect July 1, 2017 for City of San Diego members only. Most members will note only a minor adjustment on their July 28 paycheck.
 
These member contributions are the required pre-tax contributions to the SDCERS trust fund that are deducted from members’ bi-weekly paychecks. Contribution rates are determined by a member’s plan and age of entry into SDCERS.
 
Why member contribution rates are changing
Contribution rates are based on actuarial assumptions and calculations provided by SDCERS’ actuary, Cheiron. A review of these rates and determination as to whether they must be adjusted occurs periodically. Based upon Cheiron’s Actuarial Experience Study completed in 2016, the SDCERS Board approved a new set of actuarial assumptions to be used in preparing the June 30, 2016 Actuarial Valuation. Following Cheiron’s presentation of the City of San Diego’s June 30, 2016 Actuarial Valuation to the SDCERS Board on January 13, 2017, Cheiron completed its analysis of how the new actuarial assumptions affected member contribution rates.
 
To view the new contribution rates for City of San Diego members, click here.
 
To view the Cheiron experience study, click here and appendix here.

To view the old contribution rates for City of San Diego members, click here.




Document Under Categories: Actuarial Valuations, Board, Contribution Rates, News Articles

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