Greetings from LSERS
Welcome to the September Edition of LSERS Employer eNews. Enclosed in this issue are tips to assist you in the Online Employer Transaction Report. We have also included guidelines for Monthly Reporting to aid Employers. I encourage you to contact our knowledgeable staff to assist you with any questions or concerns.
- Charles P. Bujol |
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REMINDER: Yearly Questionnaire on Privatization Due 10/1/18
All school systems must complete the LSERS privatization questionnaire for each fiscal year ending June 30. The Annual Questionnaire is now available online, and must be returned to LSERS on or before October 1, 2018 for FYE 6/30/2018. For more about privatization, please see Fact Sheet 22 – Consequences of Privatizing LSERS Positions. LSERS’ Internal Auditor, LaQuinta Jordan, will be happy to answer any questions. She can be contacted by email at ljordan@lsers.net. |
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Monthly Salary Contributions Reporting and Corrections Form
Choose correct month and year
Data is over written when the upload is submitted. To prevent any error posting, please carefully verify the month and year before you start the reporting process.
July and August “0” posting
Submit your July and August “0” posting requests to Kimberlyn Stewart at kstewart@lsers.net.
LSERS will clear these
exceptions for you!
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Monthly Reporting – Salary Criteria Guidelines
For those who may be new to monthly reporting to LSERS, here is a brief summary of it:
- Active Employees’ Salary Contribution
Active employees’ monthly salary contributions should be reported through online Salary Contributions Reporting and Corrections Form (updated 9/18). See page 7 for detailed salary reporting criteria.
- Retiree Return to Work (RTW) 1006 -
Earnings Limit
1. Monthly earnings reporting required through
Retirees RTW Salary Reporting under Earnings Limit
2. NO contributions should be reported
- RTW 1007 - Bus Operator Shortage
1. Not allowed unless all requirements are met. Please
refer to Fact Sheet 18 – Retirees who return to work.
2. Monthly reporting required INCLUDING
contributions. Contribution type should be
unsheltered.
Accurate reporting helps everyone by increasing accurace of service credit and final average compensation. |
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Enrollments - Personal Information Verification
Please verify all personal information, particularly Social Security Number, Date of Birth and Previous Employment. This data is critical to ensure proper reporting and determining retirement eligibility. Thanks for working with us to improve our methods and our customer services.
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Employer Transaction Report – Transaction Types
The Employer Transaction Report is designed to help your agency to reconcile LSERS retirement contribution account. Feedback has been received since it launched in September. Here are some tips on transaction types that will assist you to better understand this report:
Beginning Balance - Prior year ending balance on Employer statement
Charge - Posted as of the last day of the month based on salaries reported for the month
Prior Year Correction (PYC) - Posted when LSERS receives/processes the PYC from employer
Payment - Posted on date payment was received by LSERS
Estimated Interest - Calculated on the balance of the account as of the 16th of the month – the day when contribution becomes delinquent. Interest calculation will be refreshed when account balance changes are made. As a result, you may recognize more than one line of estimated interest in the same month.
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