By Renee Garcia, Communications Director
Under the defined benefit plan, contributions are standardized, and are made at the same percentage for each member and each employer. Contribution rates can be found on the Reference Table page of the ERB website. Below is an excerpt from the Reference Table page showing this fiscal year.
Fiscal Year |
Wage Category |
Date Range |
Member Rate |
Employer Rate |
Total |
| 2024 | $24k or less | 7/1/2023 – 6/30/2024 | 7.90% | 18.15% | 26.05% |
| 2024 | Over $24k | 7/1/2023 – 6/30/2024 | 10.70% | 18.15% | 28.85% |
If you are seeking to maximize your income, we encourage you to consider alternative options to coincide with the defined benefit plan. Here are a few tips for a more fiscally comfortable retirement:
- Pay down your debts
- Budget
- Track your spending
- Consult a trusted retirement financial advisor for additional savings or investment strategies.
Note that ERB does not provide individual financial advice. The above-mentioned points are intended as general information for your consideration.