Retirement reporting is the foundation for your employees’ benefits and your annual contribution to NYSLRS. You collect data on the salaries paid and days worked for NYSLRS members and send it to us. The accurate and timely reporting of this information is extremely important, because the salaries you report determine members’ final average salary (FAS); the days worked are used to determine service credit. FAS and service credit are the two key factors used in the calculation of retirement benefits.
If members are not reported in a timely manner, it can result in additional interest owed on their member contributions, loans and payments for previous service.
We know that completing the monthly report can be complicated and time-consuming but it is vitally important to ensuring accurate benefits for our members. So we want to make your work a little easier. We believe this presentation can help. You may also want to read our presentation on Reporting Elected and Appointed Officials.