Condition of Alaska Division of Retirement Benefits

State of alaska division of retirement benefits l.jpg
1 / 19
0
0
1406 days ago, 421 views
PowerPoint PPT Presentation

Presentation Transcript

Slide 1

Condition of Alaska Division of Retirement & Benefits

Slide 2

Employer On-Behalf/Legislative Relief Payments Employer On-Behalf/Legislative Relief Funding Employer help is controlled by applying the alleviation add up to the workers net compensation. Alleviation is the contrast between the Actuarially Determined Rate and the Employer Effective Rate.

Slide 3

Employer On-Behalf/Legislative Relief Funding Fiscal Year 2010 Employer Legislative Relief Applied to finance end dates gazing July 1, 2009 through June 30, 2010 . Payrolls for this period must be gotten by our office no later than July 31, 2010 . For monetary year 2011 the cutoff will be July 15, 2011 to consider a speedier pivot of the end of the year help answering to bosses. The alleviation valid up will be finished toward the beginning of August to modify for any over or under utilization of the administrative help financing. Once total the end of the year alleviation reporting will be sent to bosses.

Slide 4

Employer On-Behalf/Legislative Relief Funding Fiscal year 2010 Public Employees' Retirement System rates: Actuarially Determined Rate: 27.65% Employer Effective Rate: 22.00% Employer Legislative Relief: 5.65% Relief Pension: 3.60% Relief Healthcare: 2.05% The PERS financial year 2010 actuarially decided rate is found in the June 30, 2007 actuarial valuation report situated at http://doa.alaska.gov/drb/pers/actuarial-valuation.html , page 3 of the report highlights.

Slide 5

Employer On-Behalf/Legislative Relief Funding Fiscal year 2010 Teachers' Retirement System rates: Actuarially Determined Rate: 39.53% Employer Effective Rate: 12.56% Employer Legislative Relief: 26.97% Relief Pension: 15.06% Relief Healthcare: 11.91% The TRS financial year 2010 actuarially decided rate is found in the June 30, 2007 actuarial valuation report situated at http://doa.alaska.gov/drb/trs/actuarial-valuation.html , page 3 of the report highlights.

Slide 6

Employer On-Behalf/Legislative Relief Funding Fiscal year 2011 Public Employees' Retirement System rates: Actuarially Determined Rate: 27.96% Employer Effective Rate: 22.00% Employer Legislative Relief: 5.96% Relief Pension: 3.89% Relief Healthcare: 2.07% The PERS financial year 2011 actuarially decided rate is found in the June 30, 2008 actuarial valuation report situated at http://doa.alaska.gov/drb/pers/actuarial-valuation.html , page 3 of the report highlights.

Slide 7

Employer On-Behalf/Legislative Relief Funding Fiscal year 2011 Teachers' Retirement System rates: Actuarially Determined Rate: 38.56% Employer Effective Rate: 12.56% Employer Legislative Relief: 26.00% Relief Pension: 14.77% Relief Healthcare: 11.23% The TRS monetary year 2011 actuarially decided rate is found in the June 30, 2008 actuarial valuation report situated at http://doa.alaska.gov/drb/trs/actuarial-valuation.html , page 3 of the report highlights.

Slide 8

FY10 Employer Contribution Rates PERS/TRS DCR Plan – PERS Tier IV/TRS Tier III

Slide 9

FY 2010 HRA Amount **Per AS 39.30.370, a rate of 3.00% is connected to the normal yearly pay of all workers of all businesses in the TRS and PERS. The commitment sum is then changed over to a for every payroll interval, per worker commitment sum. Commitments to the worker's HRA record are required for each payroll interval in which the representative is enlisted in the DCR Plan, paying little heed to the pay paid amid the schedule year. By definition, the HRA cost is a dollar sum reflected in the table beneath: For full-time TRS individuals who are paid over a time of under 12 months, the business will figure the sum due per payroll interval by separating the yearly sum by the quantity of planned installments. For instance, for a full-time TRS part who gets nine regularly scheduled installments the business commitment would be $188.86 per payroll interval ($1,699.71 yearly cost separated by nine installments).

Slide 10

FY 2010 HRA Amount (cont.) For all school locale, please take note of, the customized estimation of yearly HRA commitments does not make a difference to PERS DCR Plan Non-certificated (grouped) School Employees.  These representatives are NOT qualified to choose the other alternative program ( SB9 ).  Once the DRB PERS framework is given the Leave Without Pay (LWP) date for the most recent day worked for the school year, administration is then killed and HRA commitments are suspended for the late spring break. For TRS low maintenance representatives , the HRA rate depends on the agreement rate worked increased by the rate gave in the table above . For instance, a 70% worker paid month to month would have a commitment to the HRA of $99.15 per payroll interval ($141.64 x 70%). For PERS low maintenance PERS representatives, the business contributes the PERS hourly sum for every hour the worker worked in every payroll interval until the business has contributed the yearly sum for the financial year, outlined in the table beneath: FY 2010 HRA Amount (PERS low maintenance individuals) Hourly $1.09

Slide 11

FY 2010 HRA Amount (cont.) *** The Defined Benefit Unfunded Liability (DBUL) sum required against the DCR Plan finance is equivalent to the business compelling rate less the DCR Plan add up to boss commitments. For instance:

Slide 12

True-up Tab Names & Social Security Numbers were evacuated for protection.

Slide 13

Selecting the True-up Tab

Slide 14

Adjustment Records

Slide 15

Control Tab before Trueup

Slide 16

Control Tab After Trueup

Slide 17

Summary Sheet The Trueup & DBUL off set each other here

Slide 18

Trueup Report subsequent to Submitting a Payroll

Slide 19

Employer eReporting Contacts If you have any inquiries, underneath is the name, telephone number and email address of every business' finance preparing purpose of contact with the Division, or you can contact Erika Burkhouse, Retirement & Benefits Specialist (finance handling director) specifically at (907) 465-5715 or email her at erika.burkhouse@alaska.gov Employer #'s – 110, 111, 113, 117, 145, 180, 190, 228-298, 502-522, 701, 706, 722, 733, 736, 746 Courtney Oliva, Retirement & Benefits Technician III Phone: (800) 821-2251 augmentation 5709 courtney.oliva@alaska.gov Employer #'s – 102 through 160 and 173 (barring 110, 111, 113, 117, & 145) Ellie Schroeder, Retirement & Benefits Technician III Phone: (800) 821-2251 expansion 3862 eleanor.schroeder@alaska.gov Employer #'s – 161 through 227 (barring 173, 180, 190) Charley Larson, Retirement & Benefits Technician III Phone: (800) 821-2251 expansion 5714 charley.larson@alaska.gov Employer #'s – All TRS (barring 701, 706, 722, 733, 736, 746) 101, 501, 601, 901 Linda Zagar, Retirement & Benefits Technician III Phone: (800) 821-2251 augmentation 3765 linda.zagar@alaska.gov The PERS/TRS Payroll Processing segment bunch telephone number is (907) 465-1444 and our email address is doa.drb.accountingsection@alaska.gov . Our gathering fax number is (907) 465-3291. The Summary Report faxes are to be sent to (907) 465-3364.

SPONSORS