Local Government Retirement Plan Contribution Rates

County, municipality, and other political subdivisions - retirement benefits plan or system for elected or appointed officers and employees - contribution rates. For any county, municipality, or other political subdivision (local government) or group of local governments that has established and maintains a plan or system (plan) of retirement benefits for its elected or appointed officers and its employees, the minimum contribution rate of participants in the plan is changed to 3% of the participant's basic salary or wage. In addition, the contribution rate of the local government and the contribution rate of the participant do not have to be the same, as was previously required, as long as the contribution rate for each is at least 3% of the participant's salary or wage.
(Note: This summary applies to this bill as enacted.)