Training Tidbit: Missouri Retirement Rate Changes Reminder
Don’t forget the retirement rates are changing July 1st to be as follows:
PSRS – 14.5% for both employee and employer contributions
PSRS two-thirds rate – 9.67% for both employee and employer contributions
PEERS – 6.86% for both employee and employer contributions
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-hand side of the Rate Table and specifying July 1st as the Change Date) or after completing your last payroll for June (by editing the current rates on the left-hand 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.