Great news, members! Effective July 1, 2025, your required pension contribution rate will decrease.
Based on the 2024 Actuarial Valuation Report, the new rate is 9.9389%. This is a 0.41% reduction from the current rate of 10.3489%
The rate is updated annually through our Actuarial Valuation Report, performed by the Fund Actuary Gallagher.
Understanding Your Contributions:
As per the 2023 Pension Agreement, active member’s individual contributions include a 1.25% increase over the actuarial annual required contribution rate of 8.6889%, which will begin with the first full pay period after July 1, 2025.
Your contributions, along with employer contributions and investment earnings, help finance benefit payments to our retired members.
