The percentage of the member's salary paid by the employee and the employer to the system to fund benefits
An amount, which is usually expressed as a percentage of a salary or emoluments, paid into the pension fund.
The percentage of compensation required to fund each member’s future retirement benefits (through employer contributions). Contribution rates vary, depending on retirement plan, membership class and other factors.
The percentage of salary that is sent to the Oklahoma Teachers' Retirement System on a monthly basis. Currently this is seven percent of salary and specific benefits.
One of three annual percentage rates paid to STRS Ohio on behalf of a member or an ARP participant. The member and employer rates are currently 10% and 14%, respectively. The employer rate for ARP participants is currently 3.5%.
The percentage of your pensionable pay that you contribute each month to the scheme.
Payments into group pension schemes are dependent on a number of factors, such as ages, balance of sexes in the group and certain financial projections. Rather than change the payment level each time one of the assumptions changes, the actuary will recommend a fixed rate to be paid for, say, three years. This will be the contribution or funding rate, and will usually be expressed as a percentage of the total payroll of all the scheme members.