Your 2024 Invoice outlines crucial payment details for your organization’s contributions to the New York State and Local Retirement System (NYSLRS). This guide will help you navigate your invoice, understand key deadlines, and explore available payment options.
Key Deadlines for Your 2024 Invoice
Your annual invoice is typically available in early November. The payment deadline for your 2024 invoice is February 3, 2025. While the official due date is February 1st, it falls on a weekend. Therefore, payments made via ACH or wire transfer received by February 3rd are considered on time. Similarly, checks postmarked by February 3rd (certified mail) or received by February 3rd (non-certified mail) will be considered timely.
To qualify for a discounted prepayment, your payment must be received by December 16, 2024. Again, the official discount deadline is December 15th, a Sunday. Adhering to the adjusted deadlines ensures timely payment and eligibility for applicable discounts. Payments received after December 16th must reflect the full amount due. A 5.9% late payment interest will be applied to any payments received after February 3, 2025.
Accessing Your 2024 Invoice Online
You can access your 2024 invoice through the Retirement Online portal:
- Sign In: Log in to your Retirement Online account.
- Navigate to Billing: From your Account Homepage, click the “Access Billing Dashboard” button.
- Select Invoice: After choosing your location code and retirement system (ERS or PFRS), click the “Annual Invoice” link.
Your current invoice remains accessible until the following summer. Previous invoices dating back to 2013 are available under “Previous Years’ Annual Invoices.” Only personnel with the Billing Security Role can access the Billing Dashboard.
Deciphering Your 2024 Invoice Components
Understanding the various sections of your invoice is crucial for accurate payment processing.
Core Components:
- Plan ID and Options: This identifies your NYSLRS retirement plan and any additional benefits (options) selected for your employees.
- Rates: These are the employer contribution rates, set annually to ensure sufficient funding for the Common Retirement Fund. Rates vary by tier, plan, and option.
- Regular Pension Contribution: This is calculated by multiplying the employee’s salary by the corresponding rate for their plan and options.
- Group Term Life Insurance (GTLI): The cost of GTLI, providing death benefits, is listed separately as it’s excluded from amortization calculations.
- Adjustments and Installments: These reflect charges or credits for the current or prior fiscal years, including amortization payments, past service costs, and deficiency contributions. Adjustments for the fiscal year ending March 31, 2024, must have been submitted by May 31st to be included on this invoice.
- Divide-by Factor: This represents the interest savings from paying by the discounted prepayment date (December 16, 2024).
Graded Payments and Amortization on Your 2024 Invoice
The Contribution Stabilization Program (CSP) and Alternate Contribution Stabilization Program aim to mitigate fluctuations in employer contribution rates. These programs utilize a graded rate system.
- Graded Payments: Required when your normal contribution rate is lower than your graded rate. This payment offsets future graded rate increases.
- Amortization: Allowed when your normal contribution rate is higher than your graded rate. This allows you to spread payments over time. Your invoice details the maximum amortizable amount. The CSP Chap 57 Reserve Fund Credit reflects any automatic application of your Reserve Fund towards amortization.
Payment Methods for Your 2024 Invoice
NYSLRS offers various payment methods: ACH, wire transfer, or paper check. Before submitting payment, **notify NYSLRS Billing via email at [email protected]([/cdn-cgi/l/email-protection#95f4edf9e6f7f9f5d5e4e6f8bbf4efb8fcefdbbbf7edf0], providing your employer name, location code, retirement system, payment amount, and payment date.
- ACH/Wire Transfer: Preferred for speed, security, and reliability. Utilize the routing and account information on your invoice. Wire transfers require your location code and retirement system in the wire description.
- Paper Check: Make payable to “New York State and Local Retirement System,” include the payment slip with required information, and mail to the address provided on your invoice. Certified mail postmark date determines the payment date; otherwise, the receipt date is used.
Assistance with Your 2024 Invoice
For questions or assistance, utilize the online help desk form, selecting “Employer Billing” or “Retirement Online Troubleshooting.” You can also call 866-805-0990.
