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MFPRSI. Municipal Fire & Police Retirement System of Iowa

Contribution Rates

Contribution Rate July 1, 2017 - June 30, 2018

Employee Rate: 9.40%
Employer Rate: 25.68%*

*Effective July 1, 2017, to June 30, 2018, the contribution rate will be 25.68%. The cities' contribution rate will be 26.02% starting July 1, 2018, through June 30, 2019, as noted below.

Contribution Rate Formula

The contribution rate structure is established by Iowa Code Chapter 411. The rate specified for the employees is set by the statute, currently at 9.40% of earnable compensation. The rate for the employer is established each year by the Board of Trustees following the completion of the annual actuarial valuation. The State of Iowa contributes $0 annually to the retirement system.

The required contribution rate as determined by the System's actuary is developed below:

Valuation as of July 1, 2017 (Contribution Effective July 1, 2018)

Preliminary Total Contribution

  1. Annual Normal Cost: $56,128,110
  2. Estimated Member Contributions: 27,846,370
  3. Unfunded Actuarial Accrued Liability Amortization Payment: 48,787,152
  4. Total (Cities plus State) Contributions = (1) – (2) + (3): 77,068,892

Cities' Contribution

  1. Preliminary Total Contribution = (4): 77,068,892
  2. Estimated State Contribution: 0
  3. Preliminary Cities' Contribution = (5) – (6): 77,068,892
  4. Covered Payroll: 296,237,982
  5. Cities' Contribution as a percent of payroll = (7) / (8): 26.02%
  6. Minimum required contribution rate for Cities: 17.00%
  7. Cities' Contribution = [Greater of (9) or (10)] x (8): 77,081,123

Historical Contribution Rates

Table: Cities Required Contribution Rate

17.00% for the period 1/1/92 – 6/30/93*
19.66% for the period 7/1/93 – 6/30/94 
18.71% for the period 7/1/94 – 6/30/95 
17.66% for the period 7/1/95 – 6/30/96 
17.00% for the period 7/1/96 – 6/30/97*
17.00% for the period 7/1/97 – 6/30/98*
17.00% for the period 7/1/98 – 6/30/99*
17.00% for the period 7/1/99 – 6/30/00*
17.00% for the period 7/1/00 – 6/30/01*
17.00% for the period 7/1/01 – 6/30/02*
17.00% for the period 7/1/02 – 6/30/03*
20.48% for the period 7/1/03 – 6/30/04
24.92% for the period 7/1/04 – 6/30/05
28.21% for the period 7/1/05 – 6/30/06
27.75% for the period 7/1/06 – 6/30/07
25.48% for the period 7/1/07 – 6/30/08
18.75% for the period 7/1/08 – 6/30/09
17.00% for the period 7/1/09 – 6/30/10*
19.90% for the period 7/1/10 – 6/30/11
24.76% for the period 7/1/11 – 6/30/12
26.12% for the period 7/1/12 – 6/30/13
30.12% for the period 7/1/13 – 6/30/14
30.41% for the period 7/1/14 – 6/30/15
27.77% for the period 7/1/15 – 6/30/16
25.92% for the period 7/1/16 – 6/30/17
25.68% for the period 7/1/17 – 6/30/18
26.02% for the period 7/1/18 – 6/30/19

* Rate certified at statutory minimum of 17.00%