- Number of Employees who are Members
Generally, the more members there are on an employer’s payroll, the higher the employer’s annual payment is likely to be. The total number of billable members as of fiscal year ended March 31, 2020 was 530,547.
- Higher Salaries
Employer rates are billed as a percentage of covered payroll. Higher salaries will increase an employer’s total bill.
- Retirement Plans and Options Offered
Employers can choose to offer improved retirement plans or optional benefits (for example, a one-year final average salary for police officers and/or firefighters) to its employees. The greater the benefits offered, the greater the employer’s annual contribution. For example, if an employer chooses to provide a special plan for a specific employee group such as police officers or firefighters, the cost will be higher than a regular plan. A special plan allows for retirement after completing a specific number of years of credited service in specific job titles rather than attaining a certain age.
- Description of Growth in Total Salaries (2011–2020) bar graph
This graph shows that, from 2011 through 2020, total salaries rose from $27.5 billion to $32.2 billion. When you compare each system, PFRS salaries have continued to trend upward, from $3.1 billion in FYE 2011 to $4 billion in FYE 2020. ERS salaries remained consistent for five straight fiscal years, from $24.4 billion in FYE 2011 to $24.5 billion in FYE 2015. However, beginning in FYE 2016, ERS salaries began to increase.