Retirement Monitor - LRS Special Edition - June 2018

<p>In this issue:</p> <p>2018-2019 Employer Contribution Rates for Legislative Retirement System</p>

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  • 2018-2019 Employer Contribution Rates for Legislative Retirement System

 

2018-2019 Employer Contribution Rates for Legislative Retirement System

The 2018-2019 contribution rates for the Legislative Retirement System (LRS) were set with the approval of the state budget, Senate Bill 99 (Session Law 2018-5), which was enacted on Tuesday, June 12, 2018.

The employer contribution rate payable from July 1, 2018, to June 30, 2019, for LRS members increased from 25.09 percent to 28.67 percent of the covered payroll of members, effective July 1, 2018. The contributions will be deposited as follows:

Retirement System Pension Fund 22.40%
Retiree Health Benefit Fund  6.27%
  28.67% from July 1, 2018, to June 30, 2019

NOTE: The NC Retirement Systems’ Payroll Services Section will be updating our system with the new employer contribution rates on Monday, July 16, 2018.

The new contribution rate will become effective July 1, 2018. Your July Contribution Summary Instruction (CSI) report should include the new required rate of 28.67 percent; 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 2018 ORBIT report.

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

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