Participating employers are responsible for their share of retirement costs based on their plans and employee demographics. These costs are calculated based on actual salaries from the most recently completed fiscal year.
Every August, we provide you with an estimate of your annual contributions for the current State fiscal year (April 1 – March 31). Every November, we provide your actual annual invoice. Employees with the billing security role can view billing information in Retirement Online.
You are required to pay these contributions by February 1 of the next calendar year. Late payments accrue interest at the rate of 6.8 percent.
Although your payment is due February 1, you can choose to pre-pay a discounted amount by December 15. Both the estimate and the invoice provide you with the discounted amount.
For annual contribution questions, email our Employer Billing unit.