Mandatory pre-tax retirement contributions are deducted from your pay check each pay period to help with the cost of providing your retirement benefits. Member contributions are calculated as a percentage of your salary, known as the “member contribution rate”.
Member Plan |
Member Contribution Base Rate |
---|---|
Sheriff Plan: A8.608 | 9.0% of covered pay (excluding overtime and premium pay first paid by the City after January 7, 2012). |
As a result of contribution cost-sharing provisions established under Proposition C of November 2011, the member contribution rate will be adjusted once a year effective each July 1 based on:
- the City’s required contribution amount each fiscal year
- the member’s hourly base rate of pay at each June 30 each year
Contribution Rates for SFERS Sheriff Plan Members, Effective July 1, 2020:
Base Rate of Pay at June 30, 2020*: | ||
Less than $60.2379 per hour or its equivalent | At or above $60.2379 per hour or its equivalent | |
Member Plan |
Adjusted Member |
Adjusted Member |
Sheriff Plan: A8.608 |
12.5% |
13.0% |
Your member contribution rate may be adjusted in the range of +4.0% to -4.0% |
Your member contribution rate may be adjusted in the range of +5.0% to -5.0% |
* The hourly base rate of pay used to determine your contribution rate for FY 2020-21 is the rate referenced on your paycheck dated July 7, 2020. Your contribution rate will not change during the fiscal year, even if your rate of pay changes during the fiscal year. If you have a question about your hourly base rate of pay, please contact your department personnel officer.
Contributions to the pension plan are solely for the purpose of retirement. You cannot borrow money from your SFERS pension account under any circumstance. Funds may be withdrawn for retirement or when you leave employment.