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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%, 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%