Attached is the Payroll Rates & Limits for 2022-23. The highlights are:
* California State Teachers’ Retirement System (CalSTRS) Board set the employer contribution rate for 2022-23 at 19.1%
* CalSTRS retirees earnings limitation for 2022-23 is $49,746.
* California Public Employees’ Retirement System (CalPERS) Board set the 2022-23 employer contribution rate at 25.37%
* CalPERS employees: Public Employees’ Pension Reform Act (PEPRA – 2% at 62) school members will be subject to a 1.00% increase from their current contribution of 7.00%, for a total of 8% of their salary. This rate increase will become effective on July 1, 2022. For school members not subject to PEPRA (i.e., Classic members), they are required by statute to continue to pay 7.00% of their salary.
Regards, School Business Advisory Services Team Santa Barbara County Education Office www.sbceo.org/sbas<www.sbceo.org/sbas>
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Rates-Limits-2022-2023.pdf