MoDOT & Patrol Employees’ Retirement System
Employer contribution rates for retirement benefits have decreased this year, continuing a positive trend, particularly on the civilian side. These reductions reflect continued progress in strengthening the financial health of the retirement system.
This development is especially encouraging for employers, as it reduces their financial obligation while maintaining the integrity of the retirement plan.
What This Means for You
Employees may notice a decrease in the retirement contribution amount shown on their paychecks. This is an expected result of the lower employer contribution rates. It is important to emphasize that this change does not affect the value of future retirement benefits. It also does not impact your take-home pay. Benefits are determined by salary and years of service, not by the contribution rate.
These improvements are a result of the aggressive funding policies for covered employers, coupled with strong investment returns achieved by our investment team.
Stay tuned for this year’s financial status update, which will be released in early October, to learn more about this change and the overall health of the retirement system.