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GPRS
Presentation
Luis Argueta, Employer Communications
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Agenda For Annual Salary Threshold, pt. 1
• Intro to Earnings Threshold
• Basic Rule
• Salary Projections
– Scenarios
• PERA Tracked Earnings
– View Tracked Earnings
Public Employees Retirement Association
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Agenda For Annual Salary Threshold, pt. 2
Public Employees Retirement Association
• Part 1- Recap Rewind
• Threshold Description
• Terminations
• Delayed Enrollment
• Report walkthroughs on ERIS
• Report: Prior vs current year
• Refund details
• Excluded, then earnings exceed threshold
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Intro to
Earnings Threshold
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PERA Eligibility Time and money
Job description
• Part-time
• Full-time
• Hourly
• Salaried
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Eligibility due to salary
6
Intro to Earnings Threshold
Public Employees Retirement Association
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Basic Rule
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Historical Earnings Threshold Monthly Salary Thresholds through the years
Date Per Month
July 1, 1988 through December 31, 2014 $425
May 1, 1981 through June 30, 1988 $325
June 3, 1977 through April 30, 1981 $250
March 24, 1974 through June 2, 1977 $150
July 1, 1961 through March 23, 1974 $75
Prior to July 1, 1961 $50
Public Employees Retirement Association
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Basic Rule of Eligibility
PERA membership under a DBP-
1) Required for public employees
2) who have annual earnings in excess of PERA’s salary threshold
9
With some exceptions…
Public Employees Retirement Association
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Annual Salary Threshold
10
General employment and school-year
Public Employees Retirement Association
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$425 is still relevant
11
$5100? $3800?
Public Employees Retirement Association
12 x $425 = $5100
9 x $425 = $3800
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Salary Projections
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Employee projections One position
Public Employees Retirement Association
Part-time, 20hrs/wk @ $16/hr
Time x Money 20 x 16 = $320/week x 52 = $16640/year
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Employee projections ??? x money
Public Employees Retirement Association
Part-time, ??hrs/wk @ $16/hr
Average time x Money 10 x 16 = $160/week
x 52 = $8320/year
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Employee projections School calendar days
Public Employees Retirement Association
Part-time, 3hrs/day @ $9/hr
Time x Money 3 x 9 = $27/day
x 170 days = $4590/year
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Employee projections 2 positions
Public Employees Retirement Association
PT, 6hrs/wk @ $10/hr
(6 x 10) + (6 x 12) = $132/week x 52 = $6864/year
PT, 6hrs/wk @ $12/hr
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Employee projections 1 position + Missing picture
Public Employees Retirement Association
? x 17 = $???/week x 52 = $???/year
NEW Part-time, open ended @ $17/hr
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Notice of Non-Covered Employment
Public Employees Retirement Association of Minnesota
18
Required for employees excluded
due to salary
Annual Threshold
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Provisional Enrollment
Public Employees Retirement Association of Minnesota
19
Annual Threshold
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Membership Eligibility Checklist
20
A great companion resource!
Public Employees Retirement Association
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PERA Tracked Earnings
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Defined Benefit Plan (DBP)
Threshold Monitoring
Threshold Monitoring
Tracked earnings
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Part 1- Recap Rewind
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Earning Amounts Calendar and Fiscal Year calendar earnings
Public Employees Retirement Association
Time x Money 3 x 9 = $27/day
x 170 days = $4590/year
$5100 – Calendar year $3800 – Fiscal year
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Q&A Highlight
28
Notice of Non-Covered Service & Provisional Enrollment form
Public Employees Retirement Association
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Q&A Highlight
29
Continued
Public Employees Retirement Association
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Threshold Description
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Eligibility with an employer PERA eligible positions with one employer
Public Employees Retirement Association
individual employer
City A City B
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Annual Salary Threshold Report
32
Who is included in an Annual Salary Threshold report?
– Employee: full year of earnings in the previous year
– did not exceed the threshold
Annual Threshold
Public Employees Retirement Association
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Partial Year enrollment
Partial year of earnings:
33
Annual Threshold
Public Employees Retirement Association
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Partial 2016
Full 2017
Refund?
Employee did not meet Threshold
34
If earnings do not exceed the threshold
Annual Threshold
Partial 2016
Public Employees Retirement Association
$2000 $3000
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Threshold Timeline Examples
35
Calendar year annual threshold
Public Employees Retirement Association
Calendar Year 1/1 - 12/31
Threshold is $5100
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Example 1
36
Calendar year annual threshold
Public Employees Retirement Association
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Example 2
37
Calendar year annual threshold
Public Employees Retirement Association
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Example 3
38
Calendar year annual threshold
Public Employees Retirement Association
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Threshold Timeline Examples
39
Fiscal year annual threshold
Public Employees Retirement Association
Fiscal Year 7/1 - 6/30
Threshold is $3800 for school year employees
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Example 1
40
Fiscal year annual threshold
Public Employees Retirement Association
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Example 2
41
Fiscal year annual threshold
Public Employees Retirement Association
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Example 3
42
Fiscal year annual threshold
Public Employees Retirement Association
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Public Employees Retirement Association of Minnesota
43
Annual Salary Threshold Report - ERIS Annual Threshold
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Terminations
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Terminated
Projected at hire -
Full year of earnings =
Did not meet the threshold
40 x 15 = $600/week x 52 = $31200/year
Public Employees Retirement Association
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Threshold Status Change Terminations
Public Employees Retirement Association
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Example
47
Terminations
Public Employees Retirement Association
Full-time, 40hrs/wk @ $15/hr
40 x 15 = $600/week x 52 = $31200/year
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Provisional Enrollment
48
Documentation
Provisionally Enrolled Employee terminates:
1) without exceeding the threshold
2) before PERA has received a full year of earnings.
Public Employees Retirement Association
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Delayed Enrollment
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Scenario 1 Exclude, monitor and enroll
Public Employees Retirement Association
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Scenario 2 Exclude, monitor and enroll
Public Employees Retirement Association
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Missing piece of the puzzle
52
Your records vs ours
Public Employees Retirement Association Public Employees Retirement Association
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The report asks about prior years, but what about the current year?
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Future development ERIS report enhancements
Enhancements to report
CY 2017 – Feb 2018
FY 2018 – August 2018
Public Employees Retirement Association
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Employee will not qualify for PERA
55
In the meantime…
1) Complete the report
2) Stop withholding contributions
3) Email PERA at [email protected] to:
a) Tell us the paid date of the final contribution
b) Request a manual refund of the current year
Public Employees Retirement Association
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Refund details
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Employers
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Credit memo
Credit memo via email
Public Employees Retirement Association
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Employees
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Check by mail
Check to home address
1099R issued by PERA
• 10% Federal tax withheld
Public Employees Retirement Association
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Excluded, then earnings Exceed Threshold
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Employee exceeds threshold Reporting
Public Employees Retirement Association
1)
2) Earnings “..establish eligibility retroactively to the
first month that $425 was reached.”
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Resources for Employers
Employer Response Line
– 651-296-3636 / 888-892-7372
PERAphrase newsletter
Employer Manual
MNPERA.org
– PERA 101: Go2 Resource
– FAQs
– Reporting Requirements
– Education: Next Webinar: Annual Threshold, pt. 2
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That’s a wrap!
Resources for Employers
Public Employees Retirement Association