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Retirement Changes

Retirement Changes. June 6,2014. SERS . Moving to per pay model beginning FY 2016 SSDT currently working on creating per pay model changes within State Software. Anticipating SERS to be very similar to STRS.

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Retirement Changes

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  1. Retirement Changes June 6,2014

  2. SERS • Moving to per pay model beginning FY 2016 • SSDT currently working on creating per pay model changes within State Software. Anticipating SERS to be very similar to STRS. • Surcharge due within 30 days after final surcharge calculation is completed. Make sure you login to ESERS to check this information.

  3. GASB 68 • GASB 68 requires employers participating in a cost-sharing pension plan to recognize their long-term obligation for pension benefits as a liability. This will be required to be on balance sheets for fiscal years ending June 30,2015 and later.

  4. STRS • Retirement Incentive credit will not be granted for retirement effective dates of August 1, 2014 or later.

  5. STRS What’s ahead for 2014 • June 13 – Pay Date Schedules are due • July 1- Member contribution rate increases to 12% • July 1 – pickup plan updates are due if needed and Annual reports are available in ESS • August 8-Annual reports are Due • August 27- Service Credit Verifications are Due

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