What Every Employer Should Know
Every August, we provide you an estimate of your annual contributions for the current State fiscal year. Then, in November, we provide your actual invoice. You are required to pay these contributions by February 1 of the next calendar year. An interest rate of 7.5 percent is applied to fiscal year 2016 payments received after February 1. This rate will be lowered to 7.0 percent beginning with fiscal year 2017 payments to reflect the recent change in the assumed rate of return.
Although your payment is due February 1, you can choose to pre-pay a discounted amount by December 15. Both the estimate and the invoice always provide you with the discounted amount.
The Annual Estimate and Invoice application provides you with an estimate of your annual contributions for the current State fiscal year starting in August until your invoice becomes available in November. In November, the application gives you access to your invoice and provides answers to frequently asked questions. You can find projection factors, payment instructions and information on how billing figures are calculated.
Since your estimate and invoice are available online, we no longer mail hard copies. To learn more about either of these programs, please be sure to visit our employer online programs page. For other annual contribution questions, contact our Billing Unit at 518-474-4913 or 518-486-3921.