Retirement Monitor - Consolidated Judicial Retirement System Special Edition - July 2016

<p>In this issue:</p> <p>2016-2017 Contribution Rates for Consolidated Judicial Retirement System</p>

 

 

 

 

 

Table of Contents

  • 2016-2017 Contribution Rates for Consolidated Judicial Retirement System

2016-2017 Contribution Rates Consolidated Judicial Retirement System

The 2016-2017 contribution rates for the Consolidated Judicial Retirement System (CJRS) were set with the approval of the state budget, House Bill 1030, which was signed into law on Thursday, July 14, 2016.

Employer Contribution Rate from July 1, 2016, to December 31, 2016

The employer contribution rate payable from July 1, 2016, to December 31, 2016, for CJRS members increased, effective July 1, 2016, from 32.81% to 35.06% of the covered payroll of members. The contributions will be deposited as follows:

Retirement System Pension Fund 29.46%
Retiree Health Benefit Fund  5.60%
  25.06% from July 1, 2016, to December 31, 2016

Employer Contribution Rate from January 1, 2017, to June 30, 2017

The employer contribution rate payable from January 1, 2017, to June 30, 2017, for CJRS members will increase, effective January 1, 2017, to 35.48% of the covered payroll of members. The contributions will be deposited as follows:

Retirement System Pension Fund 29.46%
Retiree Health Benefit Fund  6.02%
  35.48% from January 1, 2017, to June 30, 2017

NOTE: The NC Retirement Systems’ Payroll Services Section will be updating our system with the new employer contribution rates on Friday, July 15, 2016.

The new contribution rate became effective July 1, 2016. Your July Contribution Summary Instruction (CSI) report should include the new required rate of 35.06%; otherwise your report will be out of balance. Please ensure that your software is updated to calculate the new rate prior to submission of your agency’s July 2016 ORBIT report.

Please share this information with your Chief Administrative Officer, Chief Financial Officer, and Personnel/Benefits Officer.

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