WVML NEWS REGARDING PERS INCREASE FOR FY 2011

All employer participants in PERS will see an employer contribution increase to 17% beginning July 2010. This action has been taken to help make up for the losses in investments but the increase to 17% is only expected to be in effect for one year.

Originally, the projected increase was going to be 20% but in working with the actuary and crunching the numbers, it has been decided that 17% will be adequate.

Is there going to be an employee contribution increase? The Consolidated Public Retirement Board does not have the authority to increase employee contributions, only employers'. Only the Legislature can increase employee contributions.