Employer Annual Invoice

Overview

You can view your annual invoice for your payment due February 1, 2023 in Retirement Online. We provide your annual invoice at the beginning of November each year. If you have the Billing security role, we notify you when your annual invoice is available. Only employees with the Billing security role can access employer billing information in Retirement Online.

The total “Payment Due” amount shown on your invoice is due by February 1, 2023. Late payments are subject to interest. For the invoice due by February 1, 2023, the interest rate is 5.9 percent.

You can choose to pay the discounted “Prepayment” amount, also shown on your invoice, by December 15, 2022. Payments made electronically, sent by certified mail or received by NYSLRS by regular mail on or before the due date will be considered on time and eligible for the discount. Payments received after the December 15 date must be for the full amount due by February 1, 2023.

You can pay your invoice faster and more reliably using the Automated Clearing House (ACH) or by wire transfer. Paying electronically, rather than mailing a check, helps to ensure that your payment is received on time.

Your current annual invoice will be available until we release your 2024 estimated invoice in Retirement Online. At that time, your current annual invoice will become a previous year’s invoice. You may still view it, as well as all your past invoices going back to 2013. Click “Previous Years’ Annual Invoices” in the ‘Statements’ area of the Billing Dashboard.

 


How to View Your Annual Invoice

To view your annual invoice, sign in to your Retirement Online account. From your Account Homepage, click the “Access Billing Dashboard” button. After choosing your location code and retirement system (ERS or PFRS), click the “Annual Invoice” link.

Retirement Online works best with Google Chrome or Microsoft Edge. If you use a different browser, your information may not display properly, or you may experience other problems.

 


Understanding Annual Invoice Terms

Adjustments and Installments: On your annual invoice, adjustments represent costs other than regular pension contributions, such as charges or credits associated with other fiscal years. Installments include amortization payments, past service costs and deficiency contributions.

Divide-by Factor: This represents the 45 days of interest that you will save if you pay your annual invoice by December 15, 2022, instead of February 1, 2023. The amount changes with the interest rate.

Group Term Life Insurance (GTLI): This provides ordinary death benefits for your employees. It is separate from the regular pension contributions because it is excluded from the calculation of the amount that may be amortized.

Options: These are “extra” benefits (beyond those offered in the standard plans) that employers can choose to provide to employees. For example, options 41-j for ERS and 341-j for PFRS, refer to Sections 41(j) and 341(j) of the Retirement and Social Security Law (RSSL), which allow members to receive additional service credit for their unused, unpaid sick leave at retirement.

 


How to Pay Your Annual Invoice

You can pay your invoice using the Automated Clearing House (ACH), by wire transfer or paper check.

Instructions and a payment coupon are provided on your invoice.

Identifying Information

Regardless of which payment method you choose, it is very important that you provide us with the following identifying information before making your payment:

  • Your 5-digit employer location code;
  • Retirement system (ERS or PFRS);
  • Employer name;
  • The amount you are paying; and
  • The annual invoice year that this payment is for (for example, February 1, 2023).

Pay by Automated Clearing House (ACH)

ACH is an electronic network for financial transactions in the United States that processes large volumes of credit and debit transactions. It is the same system used by banks. ACH is secure, less costly than wiring money, and faster and more reliable than mailing a check.

  • ACH payments are not immediate and must be set up in advance, generally two or more business days prior to the payment date. Please keep this in mind if you are trying to meet either the December 15 or February 1 payment deadline. Check with your bank on the timing if you are not familiar with the process.
  • The close of business for ACH payments is 3:00 pm. Payments received after 3:00 pm will be credited the next business day.
  • To ensure that your payment is properly credited, use our help desk form (select “Employer Billing” from the dropdown) to notify us that you are sending your payment by ACH.

Pay by Wire Transfer

If you need wire transfer instructions, use our help desk form (select “Employer Billing” from the dropdown).

Pay by Paper Check

Please include your identifying information on your check (listed above), and mail it to:

            NYSLRS
            110 State St
            Albany, NY 12244-0001

 


Amortizations and Graded Payments

The Contribution Stabilization Program (CSP) and Alternate Contribution Stabilization Program are optional programs that allow employers to amortize — to pay a portion of their annual pension contributions when due and to pay the remainder over time with interest. The programs established a graded contribution rate system.

Each year, the System graded rate will increase or decrease depending on the difference between the System average rate and the previous graded rate. Under the CSP, the rate moves by up to 1 percent. Under the Alternate Program, the rate moves by up to 0.5 percent.

When the Retirement System’s average contribution rates are higher than an employer’s graded rate, employers who have elected to participate in the CSP or the Alternate Program are eligible to amortize a portion of their invoice. In these circumstances, your invoice provides the maximum amount you may amortize. Your invoice also shows the repayment installment on any previously amortized amounts.

When the Retirement System’s average contribution rate drops below the employer’s graded rate, employers who have opted into one of these programs are required to pay an additional graded payment to offset future increases in their graded rate. If you are going to be required to make a graded payment when you pay your annual invoice, it will be listed under the Adjustments section of your invoice as an “Employer Graded Payment.”

If you are thinking about participating in the CSP, please read about how the Contribution Stabilization Program works. If you want to participate in the program for the first time, you must complete an authorization form, which will be available with your annual invoice.

 


For Help with Your Annual Invoice or Retirement Online

If you have questions, call 866-805-0990 and press 1 to access the employer menu. Then, if you have questions about your invoice or if you don’t see all the location codes you should have access to, press 6. For help accessing Retirement Online, such as password resets, press 1.

You can also use our help desk form and select “Employer Billing” or “Retirement Online Troubleshooting” from the dropdown.

 


Rev. 11/22