For the fiscal year beginning July 1, 2022, the minimum recommended net direct employer contributionrate determined by our actuary is 31.25%. The rate must still be approved by the Public Retirement Systems’ Actuarial Committee in February, however.
The 31.25% represents an increase of only 1.5%, even after the board lowered the assumed long-term rate of return from 6.95% to 6.75%, thus decreasingthe chances of future spikes in the employer contribution rates.