RATE OF MEMBER CONTRIBUTIONS

The rate of contributions for each member of the retirement system is: (1) five percent of the member's annual compensation or $180, whichever is less, for service rendered after August 31, 1937, and before September 1, 1957; (2) six percent of the first $8,400 of the member's annual compensation for service rendered after August 31, 1957, and before September 1, 1969; (3) six percent of the member's annual compensation for service rendered after August 31, 1969, and before the first day of the 1977-78 school year; (4) 6.65 percent of the member's annual compensation for service rendered after the last day of the period described by Subdivision (3) and before September 1, 1985; (5) 6.4 percent of the member's annual compensation for service rendered after August 31, 1985, and before September 1, 2014; (6) 6.7 percent of the member's annual compensation for service rendered after August 31, 2014, and before September 1, 2015; (7) 7.2 percent of the member's annual compensation for service rendered after August 31, 2015, and before September 1, 2016; (8) 7.7 percent of the member's annual compensation for service rendered after August 31, 2016, and before September 1, 2017; (9) for compensation paid on or after September 1, 2017, and before September 1, 2019, the lesser of: (A) 7.7 percent of the member's annual compensation; or (B) a percentage of the member's annual compensation equal to 7.7 percent reduced by one-tenth of one percent for each one-tenth of one percent that the state contribution rate for the fiscal year to which the compensation relates is less than the state contribution rate established for the 2015 fiscal year; (10) for compensation paid on or after September 1, 2019, and before September 1, 2021, the lesser of: (A) 7.7 percent of the member's annual compensation; or (B) a percentage of the member's annual compensation equal to 7.7 percent reduced by one-tenth of one percent for each one-tenth of one percent that the state contribution rate for the fiscal year to which the compensation relates is less than the state contribution rate established for that fiscal year under Section 825.404(a-2); (11) for compensation paid on or after September 1, 2021, and before September 1, 2023, the lesser of: (A) eight percent of the member's annual compensation; or (B) a percentage of the member's annual compensation equal to eight percent reduced by one-tenth of one percent for each one-tenth of one percent that the state contribution rate for the fiscal year to which the compensation relates is less than the state contribution rate established for that fiscal year under Section 825.404(a-2); and (12) for compensation paid on or after September 1, 2023, the lesser of: (A) 8.25 percent of the member's annual compensation; or (B) a percentage of the member's annual compensation equal to 8.25 percent reduced by one-tenth of one percent for each one-tenth of one percent that the state contribution rate for the fiscal year to which the compensation relates is less than the state contribution rate established for that fiscal year under Section 825.404(a-2).