How much must I contribute to the QPP as a Tier III or IV member?
DOE/Charter School employees whose TRS membership date is after February 27, 2008: As a participant in the Age 55 Retirement Program, you are initially required to contribute 4.85% of your gross pensionable compensation to the QPP.
If your membership date is after February 27, 2008 and before December 11, 2009, your QPP contributions would be reduced to 1.85% once you have attained 10 years of membership or credited service, and would continue until you have attained 27 years of Total Service Credit. If your membership date is after December 10, 2009, your QPP contributions would be reduced to 1.85% once you have attained 27 years of Total Service Credit, and would continue until you retire.
CUNY employees: You are required to contribute 3% of your gross pensionable compensation to the QPP until you have attained 10 years of membership or credited service.
DOE/Charter School employees who are participating in the Age 55 Retirement Program: If your membership date is before February 28, 2008, you are required to contribute 4.85% of your gross pensionable compensation to the QPP until you have attained 10 years of membership or credited service. Your QPP contributions would then be reduced to 1.85% and would generally continue until you have attained 25 years of Total Service Credit.
DOE/Charter School employees who did not "opt in" to the Age 55 Retirement Program: You are required to contribute 3% of your gross pensionable compensation to the QPP until you have attained 10 years of membership or credited service.