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MFPRSI. Municipal Fire & Police Retirement System of Iowa

Contribution Rates

Contribution Rate July 1, 2019 - June 30, 2020

Employee Rate: 9.40%
Employer Rate: 24.41%

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 for the fiscal year starting July 1, 2019, as determined by MFPRSI's actuary is developed below:

Valuation as of July 1, 2018 (Contribution Effective July 1, 2019)

Preliminary Total Contribution

Annual Normal Cost: $53,017,674
  • Estimated Member Contributions: 28,427,509
  • Unfunded Actuarial Accrued Liability Amortization Payment: 49,233,288
  • Total (Cities plus State) Contributions = (1) – (2) + (3): 73,823,453
  • Cities' Contribution

    Preliminary Total Contribution = (4): 73,823,453
  • Estimated State Contribution: 0
  • Preliminary Cities' Contribution = (5) – (6): 73,823,453
  • Covered Payroll: 302,420,313
  • Cities' Contribution as a percent of payroll = (7) / (8): 24.41%
  • Minimum required contribution rate for Cities: 17.00%
  • Cities' Contribution = [Greater of (9) or (10)] x (8): 73,820,798

  • Contribution Rate July 1, 2020 - June 30, 2021

    Employee Rate: 9.40%
    Employer Rate: 25.31%

    Valuation as of July 1, 2019 (Contribution Effective July 1, 2020)

    Preliminary Total Contribution

    Annual Normal Cost: $55,133,707
  • Estimated Member Contributions: 29,698,115
  • Unfunded Actuarial Accrued Liability Amortization Payment: 54,519,817
  • Total (Cities plus State) Contributions = (1) – (2) + (3): 79,955,409
  • Cities' Contribution

    Preliminary Total Contribution = (4): 79,955,409
  • Estimated State Contribution: 0
  • Preliminary Cities' Contribution = (5) – (6): 79,955,409
  • Covered Payroll: 315,937,395
  • Cities' Contribution as a percent of payroll = (7) / (8): 25.31%
  • Minimum required contribution rate for Cities: 17.00%
  • Cities' Contribution = [Greater of (9) or (10)] x (8): 79,963,755

  • 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
    24.41% for the period 7/1/19 – 6/30/20
    25.31% for the period 7/1/20 – 6/30/21
    * Rate certified at statutory minimum of 17.00%