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Changes are coming that could have a significant impact on how you report pension liabilities on your financial statements. These pension reporting changes are coming soon from the Governmental Accounting Standards Board (GASB). Read more
Make sure you are using the correct contribution rate on payrolls submitted after Jan. 1, 2014. If you do not, your transactions will fail validations within the ERM system.
PERF employers have different employer contribution rates. Employer rates effective Jan. 1, 2014 were sent in December 2012. New rates for state employer and universities (effective July 1, 2014) were communicated in late December 2013. Rates for political subdivisions (effective Jan. 1, 2015) will be communicated by mid-January 2014.
TRF's employer contribution rate is 7.5 percent. This rate remains unchanged and is the same for all employers. The 2015 rate will go into effect July 1, 2014.
The employer contribution rate for the '77 Fund is 19.7 percent. This rate remains unchanged and is the same for all employers. The 2015 rate will go into effect Jan. 1, 2015.
For more information, go online here. If you have any questions, please contact EPPA at (888) 876-2707 or at firstname.lastname@example.org.
Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a conflict arises between information contained in this publication and the law, the applicable law shall apply.