SPONSOR: Clemens
Currently, for calendar years after 2018, the percentage rate of contribution payable by each employer decreases one-half of one percent annually until calendar year 2032, when the rate of contribution payable by each employer equals 9% of the total compensation of all members employed by that employer. For calendar years after 2032, the rate of contribution payable by each employer equals 9%.
Under this bill, the percentage rate of contribution decreases one- half of one percent annually until calendar year 2025 when the rate of contribution payable by each employer equals 12.5% of the total compensation of all members employed by that employer with an exception that on the effective date of the bill, the rate of contribution payable by each employer increases from 9% to 14% of the total compensation of all members employed by that employer.
Statutes affected: