Public Employees' Retirement Board, Department of Administration, Financial Audit for the Fiscal Year Ended .. 1999

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1999 there were 504 participating employers consisting of: PERS Employers Employers June 30, 1999 State Agencies 37 June 30, 1998 37 Counties 55 55 Cities & Towns 88 87 Colleges & Universities 6 6 School Districts 236 233 Other 82 81 Total PERS Employers 504 499 Contributions. Member and employer contribution rates are established by state law and may be amended only by the Legislature. The member contribution rate for fiscal years 1999 and 1998 was 6.8% of total monthly compensation. Contribut...ions are deducted from each member's salary and remitted by participating employers. An individual account is established Page A-19 for each member's contributions and interest allocations until a retirement or refund request is processed. Each State agency and university system employer contributed 6.8% of their total PERS-covered payroll on a monthly basis during fiscal years 1999 and 1998. The participating local governments and school district employers contributed 6.7% of their PERS-covered payroll.

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