Employer Projected Invoices and Rates

Overview

You will be able to view your 2022 projected invoice (the contribution amount that may be due to NYSLRS by February 1, 2022) in Retirement Online in September 2020. If you have the Billing security role, we will 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.

Your projected invoice provides the approximate amount of your annual pension contribution payment that will be due February 1, 2022, as well as the discounted pre-payment amount due if you choose to pay by December 15, 2021. Projected invoices are calculated using 2022 final contribution rates and are broken down by tier, plan and option(s).

 


How Projected Invoices and Rates are Calculated

Projected Invoice

Projected invoices are provided 17 months in advance of the payment due date. Since employee earnings are not consistent from year to year, we calculate what we anticipate your employees will earn by multiplying the last fiscal year earnings by an actuarially calculated projection factor.

 

Projection Factors

Retirement System and Tier

Projection Factor

ERS

 

Tier 1

0.80

Tier 2

0.82

Tier 3

0.84

Tier 4

0.96

Tier 5

1.01

Tier 6

1.18

PFRS

 

Tier 1

0.71

Tier 2

1.02

Tier 3

1.00

Tier 5

1.06

Tier 6

1.25

 

Rates

Rates are calculated based upon 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, 2022 projected invoice are the final rates, and we will use these rates to prepare your 2022 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, 2022 annual invoice using projected salaries.

The final 2022 amortization figure will be shown on your February 1, 2022 estimated invoice, which will be available in August 2021. The interest rate for 2022 amortizations will be available by September 2021.

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.

 


Viewing Your Projected Invoice

To view your 2022 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.

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 and your information doesn’t seem to be displaying 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 projected 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 Projected Invoice Terms

Adjustments and Installments: For the purposes of the projected invoice, the term adjustments represents 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, 2021, instead of February 1, 2022. 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, email the Employer Billing Unit or call 866-805-0990 (select Option 1, then Option 7).

 


(Rev. 9/20)