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Retirement Changes

This update outlines significant changes impacting retirement plans starting from June 2014. The State Employees Retirement System (SERS) will move to a per-pay model beginning FY 2016, aligning with STRS practices. GASB 68 mandates employers to recognize pension benefit liabilities on balance sheets from June 30, 2015, onwards. Additionally, important deadlines include member contribution rate adjustments to 12% on July 1, and various reporting requirements due throughout the summer. Stay informed by logging into ESERS for surcharge details.

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Retirement Changes

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  1. Retirement Changes June 6,2014

  2. SERS • Moving to per pay model beginning FY 2016 • SSDT currently working on creating per pay model changes within State Software. Anticipating SERS to be very similar to STRS. • Surcharge due within 30 days after final surcharge calculation is completed. Make sure you login to ESERS to check this information.

  3. GASB 68 • GASB 68 requires employers participating in a cost-sharing pension plan to recognize their long-term obligation for pension benefits as a liability. This will be required to be on balance sheets for fiscal years ending June 30,2015 and later.

  4. STRS • Retirement Incentive credit will not be granted for retirement effective dates of August 1, 2014 or later.

  5. STRS What’s ahead for 2014 • June 13 – Pay Date Schedules are due • July 1- Member contribution rate increases to 12% • July 1 – pickup plan updates are due if needed and Annual reports are available in ESS • August 8-Annual reports are Due • August 27- Service Credit Verifications are Due

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