Employer Reporting Website Enhancements will be available in June
Michigan Office of Retirement Services sent this bulletin at 03/03/2015 04:03 PM EST
March 3, 2015
Last July, we announced new technology enhancements and reporting standards for 2014 and 2015. The 2014 enhancements included the New Hire Elections process and improvements to the payment screens in the Employer Reporting website. The next phase will be here in June and now is the time to get ready.
First, the new Pay Cycle Reporting and Payment standard goes into effect on April 1, 2015. Click on the link below to see a copy of the announcement.
Pay Cycle and Payment Standard – effective April 1, 2015
Reports must be accepted by the 5th business day and payment to ORS must be received by the 7th business day after your pay period end date. Defined Benefit and Defined Contribution records, that can be accepted and posted by the employer, must be posted by the 10th business day after your pay period end date.
Then in June, ORS will deploy the next phase of enhancements. Here’s a reminder of what to expect:
Defined Contribution (DC) and Personal Healthcare Fund (PHF) contribution calculations. Additional columns will be added to the Download Detail spreadsheet similar to the columns now used for the DTL2 records. These columns will show the contribution dollar and percentage amounts as they appear on the DTL4 record, the amounts calculated as due by ORS, and the difference between the two. The Download Detail will calculate the contribution amounts based on the deferral percent on file with Voya Financial™.
The Feedback File has a new look and a new name. The newly named DC Feedback file will feature a new search function and will break down the total member contribution amount into separate DC and PHF deferral amounts. The file will be available daily; making it easier to change contribution percentages - for the next available pay period.
DC Employer Statements will be available online. You’ll no longer need to download your DC Statement from the DEG website. The employer statements, which will include your DB and DC statement information, will be available when your pay cycle payment is due in the Employer Reporting website. The recent activity page will display your balance due at any time.
Stay updated. Visit the 2014-2015 Enhancements link in the Employer Reporting website for the most updated information.
If you have any questions or need further assistance please contact Employer Reporting at (517) 636-0166 or ORS_Web_Reporting@michigan.gov.