If you choose the Hybrid Option, you’ll be required to make a member contribution equal to 0.7% of your salary to fund your benefit in 2024-25.
As you weigh your retirement benefit decision, be aware of an upcoming change that affects one of your options.
If you choose the Hybrid Option, the yearly pension contribution rate directly impacts your benefit. If it exceeds a set amount, you’re required to contribute from your paycheck to help fund your retirement benefit.
(Go to www.urs.org/rates to learn more about contribution rates, how they’re determined, and how they impact the Hybrid Option benefit.)
*Effective July 2024, the pension contribution rate will increase into the range to require a member contribution equal to 0.7% of your salary.
This means you’ll have to pay a small amount from your paycheck to fund your benefit if you choose the Hybrid Option.
Your retirement system was designed from the beginning to require a member contribution in the event of rising costs. For perspective, nearly all public employee pension plans throughout the country require employees to contribute.
Questions? Consider These Free Webinars:
Tier 2 Choice Overview - Join us if you have questions about contribution rates or want to better understand your Tier 2 retirement choice.
- 4 p.m., Wednesday, April 10, 2024
- 1 p.m., Wednesday, May 1, 2024
- www.urs.org/us/Tier2Webinar
Member Contributions - How the Tier 2 system is designed to ensure adequate funding and why member contributions will be required.
- 10 a.m., Thursday, April 11
- 10 a.m., Thursday, June 13
- www.urs.org/rates