Date: February 22, 2001
Bulletin No. SU-48
|Subject||ERS and TIAA Retirement Arrears to be taken for Certain SUNY Employees|
|Purpose||To explain why arrears are being withheld for certain employees in Agencies 28030, 28050, 28100, 28200, 28260, 28280, 28390, 28570, 28580, and 28650.|
|Background||Due to an error in processing, Location Stipend (LOS) payments paid in 1999 and 2000 in the amounts of $428.00 and $500.00 respectively, were not treated as pensionable. Consequently, retirement arrears are owed on these monies. OSC has calculated the arrears, which will be taken as a one time deduction. The arrears deduction amounts range from $12.84 to $27.84. Most employees will have $27.84 deducted.|
|Affected Employees||Employees who were paid a Location Stipend prior to check date 3/01/2000.|
|Effective Date||Checks dated February 28, 2001|
OSC will process TIAA/CREF or Employees
Retirement System arrears deductions for the affected employees.
For participants in TIAA/CREF, the arrears will be identified on the employees paystub in the Before Tax Deductions section as "TIAA Before Tax Arrears". The corresponding employer’s contributions will be transmitted to TIAA/CREF by OSC for these employees and any inactive employees.
OSC will also transmit the employer’s
contributions for TIAA/CREF participants that do not require an employee
contribution. These contributions will be directly reported to TIAA/CREF, and
therefore no reporting will appear on the paystub for these individuals.
SUNY Systems Administration will provide agencies with a listing of the affected employees and the one-time amounts to be deducted.
|Agency Actions||Notify affected employees.|
|Questions||Questions regarding this bulletin may be directed to the Payroll Deduction mailbox.|