The following release was issued by SEBAC:
The risk-sharing provision of the Tier IV pension plan – which covers most state employees hired after 7/31/2017 – was implemented for the first time on July 1, 2023 and will run through June 30, 2024. That provision permits the State to increase employee contributions by half of the amount by which the plan’s investment returns failed to reach the projected average amount of 6.9% in the prior calendar year, up to a maximum of 2%.
In calendar year 2022, the SERS fund’s investment income was far below the 6.9% annual benchmark with a net