 May | VOLUME #129
Are you considering attending EmCon 2016? To ensure employers have ample time to plan for October, we have provided a tentative agenda for the conference on our website.
Plan ahead—registration for EmCon 2016 begins in August!
If you have any questions, please contact Kathy Lea, Chief Pension Officer, at kathy.lea@alaska.gov
or (907) 465-3226.
In late April, the Division
notified employers that the HRA True-Up report had been removed from
eReporting. The Division is currently working to modify the report to
account for some issues that had been discovered related to negative
balances. We anticipate the report to be available on eReporting towards
the end of June 2016. The Division will provide notification once the
report is available, as well as instructions on how to read and use the revised
report.
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The Division continues to make strides towards
developing a new and improved employer reporting tool. We continue to receive
valuable input from employers. We anticipate that the new reporting tool
will be available for preview at the Employer Conference in October 2016. As
part of the preview, the Division will highlight the new record layout as well
specific changes (like SBS reporting, for those employers that participate)
that will impact future employer reports when rolled out. Roll out of the
new tool is anticipated to be January 2017.
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Social Security credits are the “building blocks”
used to determine whether an individual has the minimum amount of work to
qualify for each type of Social Security benefits. No benefits can be paid if
you do not have enough credits.
Prior to 1978, employers reported earnings every
three months or quarterly. Back then, employees got a credit if they earned at
least $50 in a quarter.
The amount of earnings it takes to earn a credit has
changed over the past 38 years. Today, employees must earn $1,260 to get one Social Security credit and must earn $5,040 to get the maximum four credits for
the year.
The number of credits needed for retirement benefits
depends on your date of birth. If you were born in 1929 or later, you need 40
credits or 10 years of work.
To find out how many Social Security credits you have, contact your local Social Security Administration
office or visit SSA.gov and open a "my
Social Security" account.
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