Final Payroll Details
Spring is in the air and so is the pitter-patter of thousands of retirement applications! Be prepared, refresh yourself on the process, and learn how to avoid common mistakes. Take a look at the Final Payroll Details e-learning module available on the Employer Information Website.
New Employee Process
Check out the letters and educational material sent to new to MPSERS employees. The New Hire Process e-learning module was recently updated with a copy of the letters and the Retirement Plan Election Guide (R0606C). This module is a comprehensive look at the different types of employees you hire, and how to report them to ORS.
Reporting Retirees
Trying to wrap your arms around reporting retirees? You’re not alone. Two e-learning modules are available for you on how to report retirees to ORS.
Take advantage of education opportunities offered by Voya Financial.
Voya partners with the Office of Retirement Services and maintains the State of Michigan 401(k) and 457 Plans which includes the Pension Plus, Pension Plus 2 and Defined Contribution and Personal Healthcare Fund plans.
Voya focuses on helping public school employees access their accounts and maximize their retirement benefits offered by the State. The Michigan-based Voya education team’s sole purpose is to educate and inform participants to provide a better understanding of their retirement picture.
Seminars on a wide range of topics, including 401(k) and 457 Plans Overview, New Employee Orientation, Financial Fundamentals and more, are available. Voya also offers resources for new employees within their 75-day Plan election window and one-on-one appointments.
ORS strongly encourages a conversation with Voya to discuss education opportunities for your employees. Seminars and one-on-one appointments can be scheduled at your work site, community college, or ISD. Call Voya at 517-284-4422 to discuss options and schedule sessions.
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Employer and member contribution rates for the upcoming fiscal year are now published and posted on the Employer Information website under Contribution Rates. These rate tables will go into effect on October 1, 2019.
From the Contribution Rates page, click the link for your reporting unit type (universities or non-universities) and find the newly published tables under Current and Upcoming Rates.
ORS is changing how we assess interest on delinquent contributions (late payments or incomplete payments). Beginning in May, any interest charges that are due will appear on employer statements sooner, at least in certain situations.
How can your reporting unit avoid this interest charge and any other late fees or interest? Always pay in full and on time.
RIM articles will be updated soon to reflect the change and you will be notified when they are available.
The Payment Processor Authorization form (R0842C) is now available on the Employer Information website, under Reporting Forms (Other Forms). Rather than calling ORS to request this form, new payment processors can now download the form, complete it, get it signed by the superintendent, then fax it to ORS.
See RIM section 12.17: How to Create and Activate Your Payment Processor Account for more information.
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