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ED2023-03 Contribution and interest rates and present value factor for fiscal year 2023–2024

Supersedes employer directive 2022-06

June 2, 2023

This directive communicates the following rates and present value factors for the Defined Benefit (DB), Defined Benefit Supplement (DBS) and Cash Balance (CB) Benefit programs, as set forth in statute and as adopted by the Teachers’ Retirement Board (board):

  • Member and Employer Contribution Rates – DB, DBS and CB Benefit programs
  • Regular and Credited Interest Rates – DB Program
  • Minimum Interest Rate – CB Benefit Program and DBS Program
  • Penalties and Interest Rate – DB Program and CB Benefit Program
  • Permissive Service Credit Contribution Rate – DB Program
  • Employer Contribution Rates for Elected Officials of Employee Organizations and Reduced Workload Program
  • Present Value Factor for Unused Excess Sick Leave Service Credit

Please note the factors used to calculate the cost of CalSTRS Two-Year Retirement Incentives are included in a separate directive.

Download directive