Employer Reporting Basics
Retirement reporting is the foundation for your employees’ benefits and your annual contribution to the Retirement System. You collect data on the salaries paid and days worked for Retirement System members and send it to us. The accurate and timely reporting of this information is extremely important because the salaries you report determine your employees’ final average salaries (FAS). FAS and days worked, which are used to determine service credit, are the two key factors used in the calculation of retirement benefits.
If members are not reported in a timely manner, it can result in additional interest owed on their member contributions, loans and payments for previous service.
We know that completing the monthly report can be complicated and time-consuming. So we want to make your work a little easier. We believe this presentation can help. You may also want to read our presentation on Reporting Elected and Appointed Officials.