Current through Register Vol. XLI, No. 50, December 13, 2024
Section 162-5-8 - Employer Contributions8.1. Each participating public employer shall contribute nine and five-tenths percent (9.5%) of each compensation payment of all its employees who are members of the Public Employees Retirement System: Provided, That beginning on the first day of July, two thousand three, each participating public employer shall contribute ten and five-tenths percent (10.5%) of each compensation payment of all its employees who are members of the Public Employees Retirement System: Provided, however, That beginning on July 1, 2009, each participating public employer shall contribute eleven percent (11.0%) of each compensation payment of all its employees who are members of the Public Employees Retirement System: Provided further, That beginning on July 1, 2010, each participating public employer shall contribute twelve and five-tenths percent (12.5%) of each compensation payment of all its employees who are members of the Public Employees Retirement System: And provided further, That beginning on July 1, 2011, each participating public employer shall contribute fourteen and five-tenths percent (14.5%) of each compensation payment of all its employees who are members of the Public Employees Retirement System: And provided further, That beginning July 1, 2012, each participating public employer shall contribute fourteen percent (14%) of each compensation payment of all its employees who are members of the Public Employees Retirement System: And provided further, That beginning July 1, 2013, each participating public employer shall contribute fourteen and five-tenths percent (14.5%) of each compensation payment of all its employees who are members of the Public Employees Retirement System: And provided further, That beginning July 1, 2014, each participating public employer shall contribute fourteen percent (14.0%) of each compensation payment of all its employees who are members of the Public Employees Retirement System.8.2. The sums are due the Public Employees Retirement System at the end of each calendar month in arrears and shall be paid not later than fifteen (15) days following the end of the calendar month. Each remittance shall be accompanied by a detailed summary of the sums withheld from the compensation of each member and the credited service each employee was entitled to for that month on forms, either paper or electronic, provided by the Public Employees Retirement System for that purpose.