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INTRODUCTION
Each year an employer contribution rate is calculated by our Research and Valuation Department and adopted by the Retirement Board. Salary information is accumulated through the employer report process. The rate is applied to the member's SALARY RECEIVED to determine the employer contribution. In the case of school districts, this employer contribution, together with the employees' contribution, is deducted by the State Education Department from state aid and paid directly to the Retirement System.
The following pages contain samples of an Estimated Bill, Annual Bill and a Contribution Summary List. These documents are mailed to you after the school year and provide billing information for your use, as well as summarizing your previous year's employer report. Questions regarding your Annual Bill or the Contribution Summary Listing should be directed to our Employer Reporting Section at (800) 356-3128, Ext. 2857 (447-2900 if calling from the Albany area).
Billings or refunds for school years other than the previous one are mailed on a monthly basis. Payment is made directly to the System. If payment is not received within 30 days, the System is required to charge interest.
BILLING CALENDAR
AUGUST 1 |
Due date for your final employer report. Estimated bill is determined by using your final report or if the report is not received, using the average increase for all employers in your category (e.g., village, city, BOCES, colleges, etc.). |
ON OR BEFORE SEPTEMBER 1 |
Estimated bill sent to each employer. |
SEPTEMBER 15 |
First installment due: one-third of the estimated employer and employee contributions, including any 3-year retirement incentive and/or Article 18 payment. Credit given for any overpayment made during the prior year. |
OCTOBER 15 |
Second installment due: one-third of the estimated employer and employee contributions, including any 3-year retirement incentive and/or Article 18 payment. Annual amortization payment due on the deferred 1989-90 collection. |
NOVEMBER 15 |
Third installment due: one-third of the estimated employer and employee contributions, including any 3-year retirement incentive and/or Article 18 payments. |
ON OR BEFORE JANUARY 1 |
Final bill sent. |
JANUARY 31 |
Final payment due. |
The employer and employee retirement contributions will be collected from state aid. Employers who do not receive state aid or whose state aid is insufficient to cover amounts due are required to make direct payments to the System on the referenced billing dates.