Frequently Asked Questions
- Where did the figures in the Salary Estimates column come from?
- Why are the salaries inflated in order to calculate the projection?
- How are plan and option rates determined?
- What is the divide by factor?
- Why is group term life insurance (GTLI) separate from the regular pension contribution?
- If I choose to amortize my 2016 Annual Invoice, what is the interest rate on that amortization?
- What if I disagree with this information?
- What if I don’t see all of the location codes that I should have access to?
- If I don’t understand a term, where do I get additional information?
- What are the technical requirements needed to view the projections and rates?
- Where do I get additional information on the contribution stabilization programs?
This is the salary that you reported to us for State Fiscal Year April 1, 2014 – March 31, 2015.
Salaries are not consistent from year to year, so we inflate (multiply times an actuarially calculated projection factor) to project anticipated reported salaries 15 months in advance.
Those are calculated by looking at the cost of paying for the future benefits of your employees and the cost of maintaining the Common Retirement Fund.
The divide by factor represents the 45 days of interest that are discounted when you pay your annual invoice December 15th instead of February 1st. The factor changes with the interest rate.
GTLI is separate because it is excluded from the calculation of the Estimated Amount that May Be Amortized.
It is 3.21 percent for amounts amortized under the original Contribution Stabilization Program and 3.31 percent for amounts amortized under the Alternate Contribution Stabilization Program on the February 1, 2016 invoice. In order to amortize under the Alternate Program, you must have filed an election form before February 1, 2014.
Email the Employer Billing Unit or call 518-474-4913 or 518-473-0681.
If you think there’s a problem, email the Employer Billing Unit or call 518-474-4913 or 518-473-0681.
Definitions are available by rolling over the column or row heading. Make sure that pop-ups are enabled for the Retirement System website.
Here’s what you’ll need:
- An Intel type Personal Computer (PC) or Mac (Computer must have Intel-based hardware); and
- Internet access and Microsoft Internet Explorer (IE). We test our applications in IE versions 9 and 10. If you use an earlier version, you may not be able to access this application or the application may not function properly.
Use these links to find additional information on the contribution stabilization programs: