What happens to the money that I contribute to the system?
Your employer makes pre-tax deductions from your pay and forwards your contributions to us on a monthly basis. HCRRS establishes and maintains an annuity savings account on your behalf for your retirement. Your annuity savings account consists of two parts:
1. your contributions, which are deducted from your paycheck (pre-tax) by your employer and forwarded to HCRS
2. statutory interest, which is earned on your prior year's ending balance and credited at a rate determined annually by the Public Employee Retirement Administration Commission (PERAC). The interest credited to your annuity savings account is a guaranteed rate set by law at the average annual passbook savings rate.