SPEC Kit 320: Core Beneﬁts · 25
offered with a variety of employer contributions, please answer the questions below based on the
plan with the highest employer contribution percentage.
If you answered No, please skip to the Retirement Plans: Deﬁned Contribution section of the
5. Please indicate the percentage that the employer contributes to the deﬁned beneﬁt plan. Please
enter a number from 0 to 100 without a % sign. N=37
Minimum Maximum Mean Median Std Dev
0 100 31.16 9.85 38.63
Contribution percent based of years of service and differs for everyone.
Contributions vary based on hire date. Since July 1, 1997, employees contribute 2%.
Contributions will restart in May 2010. No contributions have been made since 1990.
Deﬁned beneﬁts plan is based on years of service.
Employer actually contributions 4.5% up to the YMPE (yearly maximum pensionable earnings) and 6.0% above the
YMPE. The YMPE for 2010 is $47,200.
Employer contribution is based on actuarial calculation to determine level that is required to meet fund pension beneﬁt.
Current rate is 145% of employee contributions.
Employer contributions match employee contributions. 10.55 % of salary up to YMPE (Yearly Maximum Pensionable
Earnings) of $46,200; then 13.54% of salary above YMPE up to salary cap of $138,882, and 1.015% on additional
salary above cap.
For almost 20 years, the deﬁned beneﬁt retirement plan was self funded. Starting April 15, 2010, employer contribution
is 4%. In future years may go as high as 12%. Starting in 2010, Deﬁned Contribution Plan (DCP) contributions will be
redirected to the Deﬁned Beneﬁt Plan. DCP will remain but employee earnings will not be added to it, rather to the DBP.