"Employer Contribution Rate to be PAID During the 2002-2003 School Year"
July 2001
Issue No. 7

Dear Delegate:

For your information, we are providing a copy of the most recent Administrative Bulletin sent in July to all Chief School Administrators and College and University Presidents.

At its July meeting the Retirement Board adopted an Employer Contribution Rate of 0.36% of members’ salary. The 0.36% rate will be applied to the 2001-2002 TRS member payroll and will be paid during the 2002-2003 school year. Payments of equal amounts are due on September 15, October 15, and November 15, 2002.

For school districts, these payments will be deducted from State Aid apportioned during September, October, and November of 2002.

The State University, Education Department and community colleges will be billed directly, as will participating employers receiving insufficient State Aid to cover the retirement payments. Due dates are described above.

Please note, any payments due as the result of (a) Chapter 175 of the Laws of 1990, (b) Chapter 437 of the Laws of 1993, Article 18, Section 803, or (c) your participation in retirement incentive legislation are independent of those mentioned above.

If you have any questions concerning employer contributions, please telephone toll free (800) 348-7298 or 447-2900 (Albany-area calls), Ext. 2857 or 2786.

An additional copy of this bulletin is enclosed for your business office.