Fiscal year Ended June 30, 2007 - psers

Page 29
TABLE 13
SUMMARY OF BENEFIT AND CONTRIBUTION PROVISIONS
(Continued)
CONTRIBUTIONS
By Members
By Commonwealth and
School Districts
Members who elected coverage under Class T-D and who were
most recently enrolled prior to July 22, 1983 contribute at a
rate of 6½% of compensation, while members who elected
coverage under Class T-D and who were most recently
enrolled on or after July 22, 1983 contribute at a rate of 7½%
of compensation. Members who did not elect coverage under
Class T-D and who were most recently enrolled prior to July
22, 1983 contribute at a rate of 5¼% of compensation, while
members who did not elect coverage under Class T-D and who
were most recently enrolled on or after July 22, 1983 and prior
to July 1, 2001 contribute at a rate of 6¼% of compensation.
Anyone who enrolls or re-enrolls on or after July 1, 2001
automatically has coverage under class T-D for subsequent
school service and subsequent intervening military service, and
must contribute at a rate of 7½% of compensation. Reduction
in rate for a joint coverage member: 40% of Social Security
tax, exclusive of disability and medical coverage portion.
Balance of required contribution determined as normal
contribution, accrued liability contribution, supplemental
annuity contribution, experience adjustment factor and
premium assistance contribution, is funded by the
Commonwealth and the School Districts.
THE PUBLIC SCHOOL EMPLOYEES’
RETIREMENT SYSTEM OF PENNSYLVANIA
BUCK CONSULTANTS