As an employer offering the SERS Retirement Benefit, you are responsible for sending us personnel and payroll information about your employees. We then use that information to correspond with our members, calculate retirement benefit estimates for them and produce an annual Statement of Account for each one.
Your timely reporting of personnel changes and payroll information is essential in providing your employees with accurate information they can use for retirement planning.
Employer And Employee Contribution Rates
You automatically deduct your employees’ contributions from their paychecks. The amount of employee contributions depends on each employee’s Class of Service.
The employer contribution rate is established each fiscal year by the SERS Board based on the annual Actuarial Valuation Report issued by the system’s actuary. For more information see: Employer & Employee Contribution Rates.
End Of Year Processing
After we receive final payroll information through December 31 from all of our employers, we begin the process of preparing members’ accounts to reflect the addition of service credits and the posting of annual interest. The updated information is available to members in the Online Member Services area of this site, through the Online Member Services account, by clicking on the top link to the left of this page. For more information see: End Of Year Processing.
SERS-Covered Compensation Limits
According to the Internal Revenue Code, after members have earned the covered compensation limit in any calendar year, all SERS contributions for that individual (both employee and employer) cease for the balance of that year. The IRC limit is adjusted on an annual basis. For more information see: SERS-Covered Compensation Limits.