| Prior Year Earnings Invoicing |
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Dear PERS Employer:
PERS will begin EDX invoicing for Individual Account Program (IAP) prior-year earnings with the February 5, 2008 employer statement. The prior years covered will be 2004, 2005, and 2006.
Statute obligates employers for prior-year earnings. IAP prior-year earnings represent:
1) Earnings on calendar year 2006 contributions and lump-sum payout/lump-sum vacation payout (LSP/LSVP) amounts re-posted after February 28, 2007, and
2) Earnings on calendar year 2004 and 2005 contributions entered after June 30, 2006.
Earnings on calendar year 2006 IAP contributions received prior to February 28, 2007 were considered part of the 2006 annual reconciliation process and were covered by earnings on PERS investments.
Earnings on calendar year 2004 and 2005 IAP contributions received prior to June 30, 2006 were considered part of the IAP remediation project and were also covered by earnings on PERS investments. The June 30, 2006 deadline was described in a May 24, 2006 e-mail to employers.
The LSP/LSVP amounts were entered as LSP on EDX between January 1, 2004 and April 30, 2006. These LSP amounts were made subject salary by 2005 legislation. The contributions and earnings on these LSP amounts re-posted as LSP/LSVP prior to February 28, 2007 were assumed by PERS. This process is described on the PERS employer website (http://oregon.gov/PERS/EMP/index.shtml ) in the Employer Resources > FAQs section.
Please contact your Employer Service Center (ESC) account representative with any questions concerning prior-year earnings invoices.
Best regards,
PERS Employer OCE Team
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