OFM Service News – HRMS Retirement Rate Updates 9/1/24

Office of the Governor / Office of Financial Management sent this bulletin at 08/28/2024 09:52 AM PDT

Visit the OFM Service Portal at https://ofmwa.servicenowservices.com/sp to submit a ticket to the OFM Help Desk.

Department of Retirement Systems Pension Contribution Rate Update

The contribution rates within HRMS have been updated effective Sept. 1, 2024.

The 2024 legislative session made contribution rate changes based on passage of the following bills:

ESSB 5294 - Concerning actuarial funding of state retirement systems.
SHB 1985 - Providing a benefit increase to certain retirees of the Public Employees' Retirement System Plan 1 and the Teachers' Retirement System Plan 1.
SSB 6106 - Including in the Public Safety Employees' Retirement System specified workers at department of social and health services institutional and residential sites that serve civilly committed residents or serve patients under not guilty by reason of insanity findings.
2SHB 2014 - Concerning the definition of veteran and restoring honor to veterans.

HRMS has been updated to reflect these changes. Employees impacted by these changes who require a new Savings Plan (0169) infotype record will be updated by OFM. Processors creating record for employees hired on or after 9/1/2024 do not require a new record. No agency action is needed.

Contribution Rates Effective Sept. 1, 2024 (Employer rates include 0.20% DRS administrative expense rate)
(Bold indicates rate change)	Plan 1		Plan 2
Public Employees’ Retirement System (PERS)
Member Contribution Rate	6.00%	0.0600	6.36%	0.0636
Employer Contribution Rate	9.11%	0.0911	9.11%*	0.0911*
PERS State Government Elected Officials
Member Contribution Rate	7.50%	0.0750	6.36%	0.0636
Employer Contribution Rate	13.57%	0.1357	9.11%*	0.0911*
PERS JBM State Agencies – Supreme Court Justices, Appeals and Superior Court Judges
Member Contribution Rate	9.76%	0.0976	13.40%	0.1340
Employer Contribution Rate	11.61%	0.1161	11.61%*	0.1161*
PERS JBM Counties & Cities – District Court Judges & Municipal Court Judges
Member Contribution Rate	12.26%	0.1226	15.90%	0.1590
Employer Contribution Rate	9.11%	0.0911	9.11%*	0.0911*
Public Safety Employees’ Retirement System (PSERS)
Member Contribution Rate	NA	NA	6.76%	0.0676
Employer Contribution Rate	NA	NA	9.51%	0.0951
School Employees’ Retirement System (SERS)
Member Contribution Rate	NA	NA	7.76%	0.0776
Employer Contribution Rate	NA	NA	10.51%*	0.1051*
Teachers’ Retirement System (TRS)
Member Contribution Rate	6.00%	0.0600	8.06%	0.0806
Employer Contribution Rate	9.86%	0.0986	9.86%*	0.0986*
TRS State Government Elected Officials
Member Contribution Rate	7.50%	0.0750	8.06%	0.0806
Employer Contribution Rate	9.86%	0.0986	9.86%*	0.0986*
TRS JBM State Agencies – Supreme Court Justices, Appeals and Superior Court Judges
Member Contribution Rate	9.76%	0.0976	NA	NA
Employer Contribution Rate	9.86%	0.0986	NA	NA
Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF)
Cities, Counties, and Fire Districts, etc.
Member Contribution Rate	0.00%	0.0000	8.53%	0.0853
Employer Contribution Rate	0.20%	0.0020	5.32%	0.0532
State Contribution Rate	0.00%	0.0000	3.41%	0.0341
Ports and Universities
Member Contribution Rate	NA	NA	8.53%	0.0853
Employer Contribution Rate	NA	NA	8.73%	0.0873
Washington State Patrol Retirement System (WSPRS)
Member Contribution Rate	8.75%	0.0875	8.75%	0.0875
Employer Contribution Rate	18.00%	0.1800	18.00%	0.1800

*Employer rates for Plan 3 are the same as Plan 2.

Benefits processors who have additional questions regarding these rates should contact DRS Employer Support Services at 360-664-7200, option 2, or 800-547-6657, option 6, option 2, or email DRS.

Questions?

OFM Help Desk

HeretoHelp@ofm.wa.gov

360.407.9100