On The Floor

FY2021 Employer Contribution Rates Announced

Shellie Hampton
12/6/2019

Fiscal year 2021 employer contribution rates - the percentage of an employee's salary an employer must pay into the Kentucky Retirement System - have been announced.

At today’s meeting of the Kentucky Retirement Systems Board of Trustees, employer contribution rates were adopted for the next fiscal year, beginning on July 1, 2020. That includes rates for the County Employee Retirement System (CERS), the Kentucky Employee Retirement System (KERS), and the State Police Retirement System (SPRS).

Notes

House Bill 362 passed during the 2018 legislative session caps CERS employer contribution rate increases at no more than 12 percent per year over the prior fiscal year for the period of July 1, 2018 to June 30, 2028.

House Bill 1 passed during the 2019 special legislative session and reduced the employer contribution rate for KERS quasi-governmental agencies, keeping the rate at 49.47% effective July 1, 2019. If the 2020 General Assembly does not pass legislation to continue the reduced rate, those quasi agencies will pay the full budgeted rate of 93.01% beginning July 1, 2020.

House Bill 265 passed during the 2018 legislative session and reduced the employer contribution rate for Regional Mental Health/Mental Retardation Boards, Local and District Health Departments, State Universities, Community Colleges and any other agency eligible to voluntarily cease participating in the KERS. 

Source: Kentucky Retirement Systems

                                                               

 

Contact Us