ORBIT

Retirement Monitor - Legislative Retirement System Special Edition - July 2020

Wednesday, July 8, 2020

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Table of Contents

  • 2020-2021 Employer Contribution Rates for Legislative Retirement System

 

2020-2021 Employer Contribution Rates for Legislative Retirement System

The 2020-2021 contribution rates for the Legislative Retirement System (LRS) were set with the approval of HB 1218 (Session Law 2020-41), which was enacted on Friday, June 26, 2020.

The employer contribution rate payable from July 1, 2020, to June 30, 2021, for LRS members increased from 32.93 percent to 33.98 percent of the covered payroll of members, effective July 1, 2020. The contributions will be deposited as follows:

Retirement System Pension Fund 27.30%
Retiree Health Benefit Fund  6.68%
  33.98% from July 1, 2020, to June 30, 2021

NOTE: The NC Retirement Systems’ Payroll Services Section will be updating our system with the new employer contribution rates on Monday, July 13, 2020.

The new contribution rate will become effective July 1, 2020. Your July Contribution Summary Instruction (CSI) report should include the new required rate of 33.98 percent; otherwise, there may be discrepancies in your reporting. Please ensure that your software is updated to calculate the new rate prior to submission of your agency’s July 2020 ORBIT report.

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