No, you're not doing anything wrong. The data model changed in the update so you just need to reset your Type/Rate for each of your businesses. Here's what you do:
1) Change the rate on the business/charity/etc Type/Rate to something else and save it. Click "Change" if prompted.
2) Create a new TypeRate with the rate set to .585 (or the rate you want), keeping the old Type/Rate at some other value. Save.
3) Go into Businesses and select the new Type/Rate for each of your businesses/charities/etc. Save.
That should do it!