The California Public Employees’ Retirement System (CalPERS) recently posted an addendum to the Schools Pool Actuarial Valuation report as of June 30, 2020, and corresponding employer and employee contribution rates.
The June 30, 2020, Schools Pool Actuarial Valuation report (including community colleges) sets the current year (2021-22) employer contribution rate at 22.91%, but it does not include projected contribution rates for the outyears beginning in 2022-23 because the CalPERS Experience Study and Review of Actuarial Assumptions were not completed prior to the release of the report. The projected contributions will be determined during the April 2022 CalPERS Board meeting (Schools Pool Actuarial Valuation as of June 30, 2021) with the projected future employer contribution rates beginning in 2022-23:
| 2021-22 | 2022-23 | 2023-24 | 2024-25 | 2025-26 | 2026-27 | |
| Old Projected Rates |
22.91% |
26.10% |
27.10% |
27.70% |
27.80% |
27.60% |
|
New Projected Rates |
22.91% | 25.40% | 25.20% | 24.60% | 23.60% |
22.50% |
The new projected rates are a reflection of the 2020-21 investment gains of approximately $11,086 million and the decrease in costs of new hires in the low-cost benefit tiers.
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