 June | VOLUME #130
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.
 The Division
has developed a new DCR true-up process. The new process will be made
available mid-July 2016. The true-up is required in order to
ensure that member account balances are correct.
This process
will allow employers to process their own DCR true-up during the month of July
for the fiscal year that just ended. The DCR true-up records will be
made available in eReporting through the end of the month of July. The
new process will also allow employers to process their DCR true-up either
during or outside of their normal payroll.
On August 1st, the Division will process a courtesy DCR true-up for all employers who have
opted to not process their own DCR true-up during July. The Division will also process a courtesy DCR true-up for all applicable employers for
all prior fiscal years.
The Division
will provide additional information as it becomes available to assist in this new process. If
you have questions regarding how to process your DCR true-up, please contact
your Division payroll contact.
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Fiscal Year 2016
The Division of Retirement and Benefits
will apply Fiscal Year 2016 PERS and TRS employer on-behalf funding, provided
by House Bill
(HB) 2001 (Section 10), to payrolls received in our office by July 15,
2016. Fiscal Year 2016 covers payrolls containing payroll end dates from July
1, 2015 to June 30, 2016.
After the July 15,
2016 cutoff has been reached and all applicable payrolls have been processed,
the Division will complete the annual on-behalf funding true-up. We anticipate
sending employer on-behalf year-end statements that include the true-up by early
August 2016 via email.
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The Division is currently working on the allocation
schedules for the June 30, 2015 net pension liabilities (NPL) for PERS and
TRS. For most employers, these amounts will be used on your June 30, 2016
financial statements.
Since the PERS and TRS are cost-sharing plans, the NPLs are
to be allocated to all participating employers of the plans. The amounts
to be allocated are located in the audited June 30, 2015 financial statements
of each respective plan.
The PERS NPL to be allocated is $4,850,014,000 and is
located in the PERS June 30, 2015 audited financial statements on page 33.
The TRS NPL to be allocated is $1,860,451,000 and is located
in the TRS June 30, 2015 audited financial statements on page 32.
It is anticipated that both schedules will be issued around the end of July 2016. Thank you for your patience while we continue
working on the reports.
If
you have questions, please contact Kevin Worley at (907) 465-5703 or kevin.worley@alaska.gov.
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