US - Contributions to the Arizona State Retirement System (ASRS) will increase by 0.5% to 9.6% as of July 2007.
The decision was announced following the system's annual actuarial analysis. The rise will affect both employees and employers since the ASRS pension plan was a contribution match plan.
The ASRS board said the overall increase was primarily due to past improvements to the benefit package, low historic contribution rates, lower mid-term investment returns, and changing member demographics.
The board added that improved investment performance over the past two years had helped mitigate larger increases in the contribution rate.
Projections showed the rate will continue to increase slightly over the next several years, peaking at about 10% in 2012 and then beginning a slight downward trend.
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