Update:
Contribution rates have remained the same since OTF and the government introduced an increase to help fund the shortfall identified in January, 2011. Beginning in January 2012, a 1.1% increase was phased in over a three-year period. Effective January 1, 2017 as reported in March 2017, a preliminary $11.5 Billion funding surplus was reported. Some of the surplus funds resulting from the January 2017 valuation will now be used to lower contributions by 1.1%. This means Members who are still working will see their contribution rate decrease by 1.1% effective January 1, 2018.
2023 Contribution Rates:
The 2023 Year's Maximum Pensionable Earnings (YMPE) for calculating contributions is $66,600. The contribution rate remains unchanged at 10.40% of a member's pensionable earnings up to the YMPE and 12.00% above the YMPE.
2022 Contribution Rates:
The 2022 Year's Maximum Pensionable Earnings (YMPE) for calculating contributions is $64,900. The contribution rate remains unchanged at 10.40% of a member's pensionable earnings up to the YMPE and 12.00% above the YMPE.
2021 Contribution Rates:
The 2021 Year's Maximum Pensionable Earnings (YMPE) for calculating contributions is $61,600. The contribution rate remains unchanged at 10.40% of a member's pensionable earnings up to the YMPE and 12.00% above the YMPE.
2020 Contribution Rates:
The 2020 Year's Maximum Pensionable Earnings (YMPE) for calculating contributions is $58,700. The contribution rate remains unchanged at 10.40% of a member's pensionable earnings up to the YMPE and 12.00% above the YMPE.
2019 Contribution Rates:
The 2019 Year's Maximum Pensionable Earnings (YMPE) for calculating contributions is $57,400. The contribution rate remains unchanged at 10.40% of a member's pensionable earnings up to the YMPE and 12.00% above the YMPE.
2018 Contribution Rates:
The 2018 Year's Maximum Pensionable Earnings (YMPE) for calculating contributions is $55,900. The contribution rate is decreasing by 1.1% to 10.40% of a member's pensionable earnings up to the YMPE and 12.00% above the YMPE.
2017 Contribution Rates:
The 2017 Year's Maximum Pensionable Earnings (YMPE) for calculating contributions is $55,300. The contribution rate remains unchanged from 2014, 2015, and 2016 at 11.50% of a member's pensionable earnings up to the YMPE and 13.10% above the YMPE.