Laserfiche WebLink
• Reforms impacting the PERA Public Employees Police and Fire Fund (PEPFF) plan included: <br />o Post -retirement COLAs were permanently set at 1.00 percent. <br />o Employer contribution rates increase from the current 16.20 percent of covered salaries to <br />16.95 percent beginning January 1, 2019, and 17.70 percent beginning January 1, 2020. <br />o Employee contribution rates increase from the current 10.80 percent of covered salaries to <br />11.30 percent beginning January 1, 2019, and 11.80 percent beginning January 1, 2020. <br />o To reduce the need for additional contribution increases, the state will contribute an <br />additional $4.5 million to the plan annually for fiscal years 2019 and 2020, increasing to <br />$9.0 million annually thereafter through fiscal 2048, or until the plan is fully funded. <br />o The rate of interest paid on refunds of employee contributions to former public employees <br />was reduced from an annual rate of 4.00 percent to 3.00 percent. <br />• Reforms impacting the volunteer firefighter relief associations plan included: <br />o Added a requirement that the fire chief annually certify each firefighter's service credit to the <br />relief association and the related municipality effective January 1, 2019. <br />-18- <br />