Employer Annual Invoice

Overview

You can view your annual invoice for your payment due February 1, 2022 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 Tuesday, February 1, 2022. Late payments are subject to interest. For the invoice due by February 1, 2022, the interest rate is 6.8 percent.

You can choose to pay the discounted “Prepayment” amount, also shown on your invoice, by December 15, 2021. 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, 2022.

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 annual invoice is available until March 31, 2022, the end of the State fiscal year. At that time, it becomes a previous year’s invoice. You may still view it, and other past invoices back to your 2013 invoice (for the payment due February 1, 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 when viewed with Google Chrome or Microsoft Edge. If you use a different browser, you may experience problems or your information may not display properly.

If you have difficulty signing in, accessing the Billing Dashboard or viewing your annual invoice, please call our Retirement Online Employer Help Desk at 844-619-9614 (press 1, then 1) or use our help desk form and select “Retirement Online Troubleshooting” from the dropdown.

 


Understanding Annual Invoice Terms

Adjustments and Installments: For the purposes of the annual invoice, adjustments represent the 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.

Divide-by Factor: This represents the 45 days of interest that will be discounted if you pay your annual invoice by December 15, 2021 instead of February 1, 2022. The factor changes based on the interest rate.

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.

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

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

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; and
  • 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, use our help desk form to notify us that you are sending your payment by ACH. Select “Employer Billing” from the dropdown.

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

 


Contribution Stabilization Program (Chapter 57, Laws of 2010)

The maximum amount that can be amortized under the Contribution Stabilization Program for your invoice due February 1, 2022 is provided on your invoice. If you choose to amortize the maximum amount, 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, 2023 invoice. If you choose to amortize the maximum amount, that installment payment amount is shown on your Projected Invoice, which was issued in September 2021 and is available to view in Retirement Online from your Billing Dashboard.

If you choose to amortize a portion of your invoice due February 1, 2022, the interest rate will be 1.76 percent. The interest rate for this amortization will remain the same throughout the duration of your repayment (up to ten years).

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. Once you amortize, you cannot withdraw from the program, but you can choose to amortize less than the maximum amount on your invoice, or choose not to amortize at all this year.

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)

Enrollment in 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 under this program for your invoice due February 1, 2022 is provided on your invoice. If you choose to amortize the maximum amount, pay the amount listed under “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, 2023 invoice. If you choose to amortize the maximum amount, that installment payment amount is shown on your Projected Invoice, which was issued in September 2021 and is available to view in Retirement Online from your Billing Dashboard.

If you choose to amortize a portion of your invoice due February 1, 2022, the interest rate will be 2.24 percent. The interest rate will remain the same throughout the duration of your repayment (up to 12 years). 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 have questions about your annual invoice or don’t see all of the location codes that you should have access to, use our help desk form (select “Employer Billing” from the dropdown) or call 866-805-0990 (press 1, then 6).

 


(Rev. 11/21)