|
You received this email because you requested to be notified about PERS Employer Rate Relief Programs or you are listed as a key PERS employer contact. Review your GovDelivery subscriptions here.
The Employer Incentive Fund (EIF) is a key opportunity for PERS-participating employers to proactively manage their employer rates over time and increase their actuarial assets.
The EIF will provide a 25% match on qualifying employer lump-sum payments made after June 2, 2018. Employers must apply to receive matching funds.
PERS will begin accepting applications at 10 a.m. Pacific Time on Tuesday, September 3, 2019. A SurveyMonkey link to the application will be added to the below webpage on September 3 and will also be sent out via GovDelivery to this same email list.
The first 90 days of the application cycle are reserved for employers with an unfunded actuarial liability (UAL) that exceeds 200% of their payroll, as of the December 31, 2017 actuarial valuation.
Take these steps before September 3:
-
View this list to see if you qualify for the first 90-day period, and find your minimum and maximum potential EIF match.
-
Review the application questions and gather what you will need before the first application period opens on September 3.
- Learn about the UAL Resolution Program (UALRP), which is mandatory for all PERS-participating employers and is a pre-requisite to be eligible for EIF matching funds.
- Read an FAQ with further information about the EIF.
PERS will accept EIF applications from all employers beginning December 2, 2019.
-
View the list of all other employers, which also includes your minimum and maximum potential EIF match.
- Employers can make lump-sum payments now and apply for a match (during the application period) to be put into their account as an additional payment. Contact Actuarial.Services@pers.state.or.us for more information on establishing a side account now.
- Employer lump-sum deposits, and associated matching fund payments, made before December 31, 2019, will have the greatest impact on the annual actuarial system valuation used to set 2021-2023 employer contribution rates. Employers may be able to choose when the rate offset from their lump-sum payment will occur.
- Learn about the UAL Resolution Program (UALRP), which is mandatory for all PERS-participating employers and is a pre-requisite to be eligible for EIF matching funds.
If you have any comments, questions, or concerns, please email Side.Account.Legislation@pers.state.or.us.
Share this link with your colleagues to stay informed about Employer Rate Relief Programs.
|
