LGERS Contribution Rates Increasing July 1, 2019
Effective July 1, 2019, the “base” employer contribution rate will change:
- Law enforcement officers (LEOs) rate will increase from 8.50 to 9.70 percent of reported compensation.
- Rate for all other employees will increase from 7.75 to 8.95 percent of reported compensation.
Additional rates, such as rates associated with death benefits or past service liabilities, will be added to the base rate to determine the actual contribution percentage for each employer. As in past years, each employer’s total contribution rate for the upcoming fiscal year will be calculated by the Retirement Systems Division and were communicated in a letter in late March.
The LGERS Board of Trustee’s policy now anticipates further increases in the “base” rates effective July 1, 2020, and July 1, 2021, equal to 1.20 percent of reported compensation each year, as follows:
|July 1, 2019||8.95%||9.70%|
|July 1, 2020||10.15%||10.90%|
|July 1, 2021||11.35%||12.10%|
Our staff recently gave a presentation to the League of Municipalities.
Here is a link to the audio only.
The slides to follow along with the audio are here.
Retirement Systems Division staff are available to answer any questions from employers about this Board action.
Scammers may be calling our members
We recently learned that scammers may be contacting our members saying they have been chosen for financial aid, and that further personal information is needed. The scammers say that their name was chosen from a list supplied by the N.C. Department of State Treasurer. Please know that we would never give your name and phone number to a third party in order to contact you. If you receive one of these calls, hang up.