You can view your 2023 projected invoice in Retirement Online beginning in September 2021.
Your projected invoice provides the approximate amount of your annual pension contribution payment that will be due February 1, 2023, as well as the discounted pre-payment amount due if you choose to pay by December 15, 2022.
Please do not send payment at this time. Your projected invoice is for budgeting purposes only. Projected invoices are calculated using 2023 final contribution rates and are broken down by tier, plan and option(s).
If you have the Billing security role, we notify you when your projected invoice is available. Only employees with the Billing security role will be able to access employer billing information in Retirement Online.
How Projected Invoices and Rates are Calculated
NYSLRS bills employers based on employee earnings during the prior state fiscal year. Projected invoices are provided 16 months in advance of the payment due date. Since employee earnings may change from year to year, we calculate what we anticipate your employees will earn. First, NYSLRS actuaries estimate the percentage increase or decrease in earnings from one fiscal year to the next for each tier (projection factors). Then, we multiply the last fiscal year earnings by these projection factors to determine your employees’ anticipated earnings.
|Retirement System and Tier||Projection Factor|
Rates are calculated based on the projected cost of maintaining the Common Retirement Fund, which pays for pension benefits for your employees. Employees’ Retirement System rates and Police and Fire Retirement System rates for all plans are available on our website. The contribution rates used to calculate your February 1, 2023 projected invoice are the final rates, and we will use these rates to prepare your 2023 annual invoice.
Contribution Stabilization Program
This program gives employers the option to amortize a portion of their annual pension costs. Amortizations are paid in equal installments over a ten-year period at an interest rate that is set annually for the length of the amortization. The projected invoice shows whether you are eligible to amortize and, if you are, it includes an estimate of the maximum amount you can amortize with the February 1, 2023 annual invoice using projected salaries.
The final 2023 amortization figure will be shown on your February 1, 2023 estimated invoice, which will be available in August 2022. The interest rate for 2023 amortizations will be available in September 2022.
If you do not participate in the original program but are considering doing so, please read the important information on how the Contribution Stabilization Program works. If you wish to participate in the program for the first time, you must complete an authorization form, which will be available with your annual invoice.
How to View Your Projected Invoice
To view your 2023 projected 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 ‘Projected Invoice’ link.
If you have difficulty signing in, accessing the Billing Dashboard or viewing your projected invoice, please use our help desk form and select “Retirement Online Troubleshooting” from the dropdown.
Understanding Projected Invoice Terms
Adjustments and Installments: For the purposes of the projected 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. The installment amount shown on the projected invoice is subject to change when the final calculation is made.
Divide by Factor: This represents the 45 days of interest that will be discounted if you pay next year’s annual invoice by December 15, 2022, instead of February 1, 2023. The factor changes based on the interest rate.
Group term life insurance (GTLI): This is separate from the regular pension contribution because it is excluded from the calculation of the estimated 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.
For Help with Your Projected Invoice
If you have questions about your projected 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).