Retirement Plan booklet - sdcera
Retirement Plan booklet - sdcera
Retirement Plan booklet - sdcera
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5<br />
Funding<br />
your retirement benefit<br />
Contributions and investment earnings fund pension benefits. Members<br />
and the employer make contributions to SDCERA to pay for the cost of<br />
providing your retirement benefits.<br />
Cost sharing<br />
A member with 30 or more<br />
years of service credit is no<br />
longer required to make<br />
member contributions.<br />
Members contribute based on membership group (General or Safety)<br />
and the age they become an SDCERA member. Your employer also<br />
contributes a percentage of annual payroll toward your retirement<br />
benefit. Each year, SDCERA’s actuary makes recommendations to the<br />
Board of <strong>Retirement</strong>, who then sets the contribution rates for members and<br />
the employer. The rates can increase, decrease or stay the same.<br />
In addition to the annual employer contribution, your employer may<br />
also pay a portion of your member contribution. This employer-paid<br />
offset reduces the amount you are required to pay. The offset is based on<br />
the representation unit that matches your job classification and also on<br />
how many years of continuous service you have with your employer. An<br />
offset chart and contribution calculator are available at www.<strong>sdcera</strong>.org.
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