Training Tidbit: Iowa Retirement Rate Changes Reminder
As a reminder, the rates for Iowa retirement (IPERS) are changing July 1st to be as follows:
Employee contributions – 6.29%
Employer contributions – 9.44%
Note: If your retirement deductions are set up in a Rate Table in the Deduction File, the rates can either be entered now (by entering the new rates on the right side of the Rate Table and specifying July 1st as the Rate Change Date) or after completing your last payroll for June (by editing the current rates on the left side of the Rate Table). If you have any questions on whether the new rates should be updated before expensing or paying contract balances, please contact your Retirement Office.