July 2020

Proposition 98 Overview

Districts' Pension Contribution Rates and Amounts

(Dollars in Millions)

  2019-20 2020-21 2021-22 2022-23 2023-24
Contribution Ratesa        
CalSTRS 17.1% 16.2% 16.0% 18.2% 18.2%
CalPERS 19.7% 20.7% 22.8% 26.6% 26.9%
           
Contribution Amounts        
CalSTRSb          
School districts $5,183 $5,045 $5,179 $6,090 $6,303
Community colleges 438 427 439 516 534
Subtotals ($5,621) ($5,472) ($5,618) ($6,606) ($6,837)
           
CalPERSc          
School districts $2,392 $2,440 $2,770 $3,365 $3,496
Community colleges 415 424 481 584 607
Subtotals ($2,807) ($2,864) ($3,251) ($3,949) ($4,103)
           
Total District Contributions        
School districts $7,575 $7,485 $7,949 $9,455 $9,799
Community colleges 853 851 920 1,100 1,141
Totals $8,428 $8,336 $8,869 $10,555 $10,940
           
Notes:          
a Projected rates for 2021-22, 2022-23, and 2023-24 are based on actuarial assumptions and experience through June 30, 2019. Final rates for those years will vary based on actual actuarial experience (including actuarial losses in 2019-20) and other factors.
b Contribution amounts are estimates based on creditable compensation. For 2019-20 and 2020-21, amounts are based on actual creditable compensation, while for future years amounts are based on projected creditable compensation growth. Excludes payments made by the state on behalf of employers. Share of contributions from schools and community colleges through 2020-21 are based on the split of payroll from CalSTRS' creditable compensation reports. Thereafter, we assume the 2020-21 share is constant.
c Contribution amounts for 2019-20 are from the Comprehensive Annual Financial Report prepared by CalPERS. Thereafter, amounts are based on projected creditable compensation growth. Excludes contributions for classified employees not covered by the CalPERS School Pool. Excludes payments made by the state on behalf of employers. Share of contributions from schools and community colleges for 2019-20 are estimates from CalPERS. Thereafter, we assume the 2019-20 share is constant.
CalSTRS = California State Teachers' Retirement System.
CalPERS = California Public Employees’ Retirement System.