Employees will notice changes in pension deductions on their July paychecks. The specific rates vary based on retirement tier.

Rates are increasing modestly due to changes in actuarial assumptions the SCERS Board approved last year, which took into account longer life expectancies of our members and a more conservative investment outlook due to historically low inflation. Every three years, the SCERS Board reviews the actuarial assumptions to ensure that funding remains on track to pay for benefits that our members have earned. Employees and employers both play a significant role in meeting the funding obligation.

See Contribution Rates – Fiscal Year 2021-2022 here.

See our video on pension funding basics.