The Gwinnett County Public Schools Board of Education voted to raise its contribution to the county teacher retirement plan at the Dec. 19 meeting.
Annually the Gwinnett Retirement System has an actuarial study conducted to determine the annual employer contribution rate needed to fund the plan. This employer rate is included in the budget adopted by the board each year.
The current rate for the Fiscal Year 2020 budget is 5.53%. The actuarial study has calculated the annual employer rate required for Fiscal year 2021 budget will be 6.41%.
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In order to fund the plan at the highest level possible and mitigate potential future funding increases, staff recommended that the district begin funding the plan at the new rate effective Jan. 1, 2020.
The Board of Education approved the actuarial determined employer contribution rate of 6.41% of payroll for the Gwinnett Retirement System effective Jan. 1, 2020. This rate will result in $4.7 million in additional contributions to the plan for the remainder of fiscal year 2020.
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