What’s changing in DBplus?

Your DBplus pension formula includes an annual pension factor used to calculate your pension. For the pension you earn after January 1, 2025, the annual pension factor will be 9.5% of member and employer contributions (an increase from the previous rate of 8.5%). This means your pension will grow over 10% faster, while your contributions stay the same!

Do these changes impact DBplus pension purchases?

These changes do not impact how much a DBplus purchase would cost. However, the DBplus annual pension factor is used to calculate the amount of pension you get from a purchase. Whether or not this change to the pension factor affects your purchase will depend on the type of purchase you are doing.

• If you make a purchase for a period before you enrolled in the Plan, the annual pension factor used in the calculation is not part of these changes. It will be 8.5% no matter when you make the purchase and no matter what period the purchase relates to.
• If you make a purchase for a leave while you are a member of the Plan, the annual pension factor will be 8.5% for leave periods before January 1, 2025, and 9.5% for leave periods on and after January 1, 2025.

I ran an estimate using the DBplus Estimator. My estimate hasn’t changed from previous estimates, even though the annual pension factor is now increasing to 9.5% – why not?

The annual pension factor will increase to 9.5% on January 1, 2025. This rate change will affect both member and employer contributions. The DBplus pension estimator was built to update automatically with these changes in mind. You will begin to see changes to your estimate on and after January 1, 2025.