TRS Contribution Rates, Interest Rates, and Median AFC


Click on any of the the section titles below to view the associated rate tables. If you cannot find the information you need on this page, please contact TRS.

May 16, 2022: The Actuarial Rates table has been updated effective July 1, 2022.


Employee Contribution Rates — Current and Rate History

This table show the percentage an active TRS member pays on wages toward future retirement benefits. This rate is set by the Montana State Legislature; the current rates were set in the 2013 Legislative session.

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Start Date End Date Tier One* Member Tier Two** Member
7/1/2013 8.150% 8.150%
7/1/1999 6/30/2013 7.150% --
7/1/1983 6/30/1999 7.044% --
7/1/1977 6/30/1983 6.187% --
7/1/1975 6/30/1977 6.125% --
7/1/1973 6/30/1975 5.125% --
7/1/1937 6/30/1973 5.000% --

* Tier One: become a member of TRS before July 1, 2013
** Tier Two: became a member of TRS on or after July 1, 2013


Employer Contribution Rates — Current and Rate History: School Districts, Education Cooperatives, Counties, and Community Colleges

This table shows the percentage each School District, Education Cooperative, County, and Community College pays on employee wages toward their employees' future retirement benefits. This rate is set by the Montana Legislature; the current rates were set in the 2013 Legislative session.

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Start Date End Date Active Members Working Retirees Re-employed Working Retirees*
(19-20-732, MCA)
7/1/2022 6/30/2023 9.37% 11.75% 20.01%
7/1/2021 6/30/2022 9.27% 11.65% 19.91%
7/1/2020 6/30/2021 9.17% 11.55% 19.81%
7/1/2019 6/30/2020 9.07% 11.45% 19.71%
7/1/2018 6/30/2019 8.97% 11.35% 19.61%
7/1/2017 6/30/2018 8.87% 11.25% 19.51%
7/1/2016 6/30/2017 8.77% 11.15% 19.41%
7/1/2015 6/30/2016 8.67% 11.05% 19.31%
7/1/2014 6/30/2015 8.57% 10.95% 19.21%
7/1/2013 6/30/2014 8.47% 9.85% 19.11%
7/1/2009 6/30/2013 7.47% -- 17.11%
1/1/1994 6/30/2009 7.470% -- --
7/1/1989 12/31/1993 7.459% -- --
7/1/1985 6/30/1989 7.428% -- --
7/1/1983 6/30/1985 7.320% -- --
10/1/1981 6/30/1983 6.463% -- --
7/1/1981 9/30/1981 6.432% -- --
7/1/1977 6/30/1981 6.312% -- --
7/1/1975 6/30/1977 6.250% -- --
7/1/1973 6/30/1975 5.250% -- --
7/1/1971 6/30/1973 5.125% -- --
7/1/1969 6/30/1971 4.500% -- --
7/1/1959 6/30/1969 4.000% -- --
7/1/1945 6/30/1959 3.750% -- --
7/1/1937 6/30/1945 -- -- --

*In limited circumstances, provisions of 19-20-732, MCA allow certain school districts to re-employ retired TRS members without loss or interruption of retirement benefits.


Employer Contribution Rates — Current and Rate History: State Agencies and State University System

This table shows the percentage each State Agency and State University System unit pays on employee wages toward their employees' future retirement benefits. This rate is set by the Montana Legislature; the current rates were set in the 2013 Legislative session.

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Start Date End Date Active Members Working Retirees
7/1/2022 6/30/2023 11.75% 11.75%
7/1/2021 6/30/2022 11.65% 11.65%
7/1/2020 6/30/2021 11.55% 11.55%
7/1/2019 6/30/2020 11.45% 11.45%
7/1/2018 6/30/2019 11.35% 11.35%
7/1/2017 6/30/2018 11.25% 11.25%
7/1/2016 6/30/2017 11.15% 11.15%
7/1/2015 6/30/2016 11.05% 11.05%
7/1/2014 6/30/2015 10.95% 10.95%
7/1/2013 6/30/2014 10.85% 9.85%
7/1/2009 6/30/2013 9.850% --
7/1/2007 6/30/2009 9.470% --
1/1/1994 6/30/2007 7.470% --
7/1/1989 12/31/1993 7.459% --
7/1/1985 6/30/1989 7.428% --
7/1/1983 6/30/1985 7.320% --
10/1/1981 6/30/1983 6.463% --
7/1/1981 9/30/1981 6.432% --
7/1/1977 6/30/1981 6.312% --
7/1/1975 6/30/1977 6.250% --
7/1/1973 6/30/1975 5.250% --
7/1/1971 6/30/1973 5.125% --
7/1/1969 6/30/1971 4.500% --
7/1/1959 6/30/1969 4.000% --
7/1/1945 6/30/1959 3.759% --
7/1/1937 6/30/1945 -- --

Actuarial Rates — Current and Rate History

This table shows the assumed rate of return for TRS investment earnings. The rate of return is set by the TRS Board based on data and recommendations from independent actuaries.

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Start Date End Date Percent
7/1/2022 7.30%
7/1/2018 6/30/2022 7.50%
7/1/2004 6/30/2018 7.75%
Beginning 6/30/2004 8.00%

Member Account Interest — Current and Rate History

Active TRS members contribute a portion of their gross salary to TRS, and these funds are tracked in each member's contribution account. TRS pays interest on these funds each month at a rate set annually by the TRS Board. Current and past interest rates are shown below.

NOTE: In a defined benefit pension, a vested member's benefit is based on years of service and average final compensation, not the member's account balance.

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Start Date End Date Percent
7/1/2021 0.25%
7/1/2020 6/30/2021 0.85%
7/1/2019 6/30/2020 2.30%
7/1/2018 6/30/2019 1.40%
7/1/2017 6/30/2018 0.75%
7/1/2016 6/30/2017 0.55%
7/1/2014 6/30/2016 0.20%
7/1/2010 6/30/2014 0.25%
7/1/2009 6/30/2010 1.00%
7/1/2008 6/30/2009 2.00%
7/1/2007 6/30/2008 5.00%
7/1/2003 6/30/2007 4.00%
7/1/2002 6/30/2003 4.50%
7/1/1997 6/30/2002 5.50%
7/1/1993 6/30/1997 6.00%
7/1/1988 6/30/1993 7.00%
7/1/1982 6/30/1988 8.00%
7/1/1981 6/30/1982 7.00%
7/1/1971 6/30/1981 5.50%
7/1/1970 6/30/1971 5.25%
7/1/1969 6/30/1970 5.00%
7/1/1968 6/30/1969 4.75%
7/1/1967 6/30/1968 4.50%
7/1/1966 6/30/1967 4.25%
7/1/1963 6/30/1966 4.00%
7/1/1959 6/30/1963 3.50%
7/1/1955 6/30/1959 3.00%
7/1/1943 6/30/1955 2.50%
7/1/1939 6/30/1943 3.00%
7/1/1937 6/30/1939 4.00%

Median AFC — Current and History

Each year, TRS calculates the median Average Final Compensation (AFC) of members who retired in the preceding fiscal year. This is used to calculate postretirement earnings limitations.

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Year Median AFC 1/3 Median AFC
7/1/2021 $64,248.03 $21,416.01
7/1/2020 $67,170.59 $22,390.20
7/1/2019 $65,269.66 $21,756.55
7/1/2018 $61,554.21 $20,518.07
7/1/2017 $59,982.63 $19,994.21
7/1/2016 $60,240.13 $20,080.04
7/1/2015 $59,138.00 $19,712.67
7/1/2014 $60,737.70 $20,245.90
7/1/2013 $57,756.65 $19,252.21
7/1/2012 $57,510.85 $19,170.28
7/1/2011 $56,863.57 $18,954.52
7/1/2010 $55,887.49 $18,629.16
7/1/2009 $52,710.67 $17,570.22
7/1/2008 $53,311.55 $17,770.52
7/1/2007 $51,336.65 $17,112.22
7/1/2006 $48,353.45 $16,117.82
7/1/2005 $47,417.01 $15,805.67
7/1/2004 $47,942.54 $15,980.85
7/1/2003 $45,290.43 $15,096.81
7/1/2002 $45,304.46 $15,101.48
7/1/2001 $45,528.45 $15,176.15
7/1/2000 $43,945.06 $14,648.35
7/1/1999 $40,639.42 $13,546.47
7/1/1998 $40,465.86 $13,488.62
7/1/1997 $40,681.52 $13,560.51
7/1/1996 $36,846.00 $12,282.00
7/1/1995 $35,989.37 $11,996.46
7/1/1994 $37,209.19 $12,403.06
7/1/1993 $34,876.33 $11,625.45
7/1/1992 $33,704.42 $11,234.81
7/1/1991 $34,277.88 $11,425.96
7/1/1990 $30,512.28 $10,170.76
7/1/1989 $30,839.78 $10,279.93
7/1/1988 $30,274.51 $10,091.51
7/1/1987 $28,532.10 $9,510.70
7/1/1986 $26,867.50 $8,955.84
7/1/1985 $25,585.33 $8,528.44
7/1/1984 $23,136.83 $7,712.28
7/1/1983 $18,174.24 $6,058.08

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