Classified staff and temporary hourly employees working 20 hours/week for 5+ months are eligible for PERSI benefits. Faculty and Non-Faculty Exempt employees who elected to remain in PERSI when the Optional Retirement Plan (ORP) was first rolled out and those that are already vested with PERSI may continue to contribute to PERSI rather than enrolling in the ORP. PERSI enrollment is automatic for all classified employees and is effective beginning their first pay period.
2013 Rate Increase
At its December 4, 2012 meeting, the PERSI Retirement Board briefly discussed the contribution rate increase as well as the cost-of-living adjustment (COLA) for retirees and other issues. Currently employers pay 10.39% of payroll to PERSI and employees contribute 6.23% of their salary to fund future benefits. With the increase, employees will pay 6.79% and employers will pay 11.23%, effective July 15, 2013.
Deferred Compensation Committee Letter
Many complex factors affect PERSI contribution rates; however, the effect of market volatility than continued in 2009 was the primary reason the increase was proposed. It is worth noting that even with the increase, employee rates remain lower than in 1996.
- Employee contributions: 6.79% (Effective July 15, 2013)
- University contributions: 11.32% (Effective July 15, 2013)
Employees are vested after 5 years (60 months)
PERSI is a defined benefit plan that is governed by the PERSI plan document. Please refer to the PERSI website for further details. An online PERSI Orientation is available in PDF format at www.persi.idaho.gov/documents/Self-Guided_New_Employee_PERSI_Orientation.pdf
Phone: (800) 451-8228