Reminder: New PERSI contribution rates effective the 8/2/2024 paycheck

Effective the August 2, 2024 paycheck, employees participating in PERSI will see an update to their PERSI contributions. 

• Prior to the 8/2/2024 paycheck, employees have been contributing 6.71% and the employer share was 11.18%
• Starting the 8/2/2024 paycheck, employees will contribute  7.18% and the employer share will be 11.96%

Per Idaho Statute 59-1322(5), the PERSI Board must adjust contribution rates when the fund’s amortization period exceeds 25 years. In October 2022, the Board proposed a series of contribution rate increases to comply with the statute, the first of which is scheduled to become effective on the August 2, 2024 paycheck.  Future contribution rate adjustments are reviewed by the Board annually to determine whether they will be implemented, delayed, or eliminated.  At the September 2023 Board meeting, the Board reviewed the draft for the FY 2023 Actuarial Valuation and determined that the first in the series of contribution rate increases was appropriate based upon the actuarial valuation and volatility in the market. 

If you have questions, please call the PERSI Employer Service Center at 1-866-887-9525 or 208-287-9525.