Employer Annual Invoice

Overview

The annual invoice for your payment due February 1, 2021 is now available 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 Monday, February 1, 2021. You can choose to pay the discounted “Prepayment” amount, also shown on your invoice, by December 15, 2020. Payments made electronically or sent by certified mail or received by regular mail on or before the due date will be considered on time.

 


What You Need to Do

To view your 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 on the ‘Annual Invoice’ link.

Retirement Online works best when viewed with Internet Explorer or Google Chrome. You may experience problems if you use other browsers. If you use Internet Explorer, or your information doesn’t display properly, try using Google Chrome. Learn more about Google Chrome, or download it for your computer.

If you are having difficulty signing in or viewing your annual invoice, please call the Retirement Online Help Desk at 844-619-9614, Monday through Friday between 8:00 am – 5:00 pm or send an inquiry using the help desk form.

 


Understanding Annual Invoice Terms

Adjustments and Installments: Adjustments are costs that are not regular pension contributions, such as charges or credits associated with fiscal years other than the current one. Installments include amortization payments, past service costs and deficiency contributions.

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

Divide-by Factor: The divide-by factor represents the 45 days of interest that will be discounted if you pay your annual invoice by December 15, 2020 instead of February 1, 2021. The factor changes based on the interest rate.

Options: These are the “extras” or additional benefits (beyond the basic benefits provided in the plans) that an employer can choose to provide to employees. Options 41-j for ERS, and 341-j for PFRS for example, 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 Invoice

Though your invoice has moved to Retirement Online, you can pay your invoice using the same methods you did in previous years. You can pay your invoice by wire transfer, paper check or using the Automated Clearing House (ACH).

Identifying Information

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

  • Your 5-digit employer location code
  • Retirement system (ERS or PFRS)
  • Employer name
  • The amount you are paying

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 check with your bank on the timing if you are not familiar with the process. Please keep this in mind if you are trying to meet either the December 15 or the February 1 payment deadline.
  • 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, please email the Employer Billing Unit to inform us that you are sending your payment by ACH.

Pay by Wire Transfer

If you need wire transfer instructions, please email the Employer Billing Unit.

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

 


Contribution Stabilization Program (Chapter 57, Laws of 2010)

The maximum amount that can be amortized for State fiscal year (FY) 2021 under the Contribution Stabilization Program is provided on your invoice. If you choose to amortize the maximum amount in FY 2021, pay the amount listed under “Minimum Amount Due Under This Program” in the Contribution Stabilization Program section of your invoice.

Your first installment payment will be due with the February 1, 2022 invoice. If you choose to amortize the maximum amount, that installment payment is shown on your 2022 Projected Invoice, issued in September 2020.

The interest rate for FY 2021 amortizations under this program is 1.33 percent. The interest rate will remain the same throughout the ten-year duration of your amortization payments for FY 2021.

If You Do Not Yet Participate in the Program

If you wish to participate in the program for the first time, and are eligible to do so, you must complete a Contribution Stabilization Program election form. Once you elect to participate and amortize an amount, you cannot withdraw from the program; however, you are not required to amortize each year and you may amortize less than the maximum amount.

If You Already Participate in the Program

If you amortized in a previous year, you have already opted into the Contribution Stabilization Program and do not need to complete another Contribution Stabilization Program election form. You only need to complete the form the first year you amortize. You may choose to amortize up to the maximum amount on your invoice, or choose not to amortize at all this year.

Once you amortize, you cannot withdraw from the program; however, you do not have to amortize each year and you can choose to amortize less than the maximum amount allowed.

Graded Contribution Rates

Each employer that participates in the program has their own graded rate, which takes into account their employees’ tiers and retirement plan coverage. If an employer’s average contribution rate is less than their employer-specific graded rate:

  • The employer will be required to pay their graded rate.
  • These excess payments (the difference between the employer’s average contribution rate and the graded rate) will first be applied to pay amortized amounts.
  • If all amortized amounts have been paid, any additional contributions will be deposited in a reserve fund and used to offset future rate increases.
  • Payments into the reserve account continue until the payments deposited into the fund equal the employer’s total salary base.

Learn more by visiting our Contribution Stabilization Program page.

 


Alternate Contribution Stabilization Program (Chapter 57, Laws of 2013)

 

The enrollment period for the Alternate Contribution Stabilization Program ended February 1, 2014. If you did not enroll during the one-time election period, you can still participate in the original Contribution Stabilization Program should you wish to amortize.

If you enrolled in the Alternate Contribution Stabilization Program during the one-time election period, the maximum amount that can be amortized for State fiscal year 2021 is provided on your invoice. If you choose to amortize the maximum amount in FY 2021, pay the amount shown in “Minimum Amount Due Under This Program” in the Alternate Contribution Stabilization Program section of your invoice.

Your first installment payment will be due with the February 1, 2022 invoice. If you choose to amortize the maximum amount, that installment payment is shown on your 2022 Projected Invoice, issued in September 2020.

The interest rate for FY 2021 amortizations under this program is 1.60 percent. The interest rate will remain the same throughout the 12-year duration of your amortization repayment. This applies to employers that chose to participate during the one-time election period.

Learn more by visiting our Alternate Contribution Stabilization Program page.

 


For Help with Your Invoice

If you disagree with your invoice or don’t see all of the location codes that you should have access to, email the Employer Billing Unit or call them at 866-805-0990 (press 1, then 6).

 


(Rev. 11/20)