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New York State and Local Retirement System

Employer Billing

Employer Billing

As a participating employer, you are billed each November for your share of the cost of your employees’ retirement benefits. The amount of your annual invoice is based on the employees’ earnings reported to NYSLRS by your organization during the most recently completed State fiscal year and the employer contribution rates for the retirement plans and optional benefits you offer.

Your annual invoice is only one piece of the billing process. The resources below can help you understand the entire process.

This Year’s Invoice

Submit PRIOR YEARS’ ADJUSTMENTS in Retirement Online by March 31.

Prior Years’ Adjustments are adjustments to the earnings reported during a previous State fiscal year for which you have already been billed.
 

This Year’s Invoice

Review PRE-BILLED EARNINGS in Retirement Online. Submit any adjustments by May 31. (A contact with the Employer Reporting Security Role must submit adjustments.)

Pre-billed refers to the earnings reported during the last State fiscal year which you have not yet been billed for.
 

This Year’s Invoice

Review PRE-BILLED EARNINGS in Retirement Online. Submit any adjustments by May 31. (A contact with the Employer Reporting Security Role must submit adjustments.)

Pre-billed refers to the earnings reported during the last State fiscal year which you have not yet been billed for.

Next Year’s Invoice

As monthly reports are submitted during the current State fiscal year, the earnings reported by your organization will be viewable as Pre-Billed Earnings and used to calculate next year’s invoice.
 

This Year’s Invoice

Pre-Billed Earnings become BILLED EARNINGS available in Retirement Online.

NYSLRS uses billed earnings to calculate your upcoming Estimated Invoice (see July) and your Annual Invoice (see November).
 

Next Year’s Invoice

Adjustments for the last State fiscal year that were not submitted by May 31 will appear as a Prior Years’ Adjustment on next year’s invoice.
 

This Year’s Invoice

ESTIMATED INVOICE available in Retirement Online.

This is an estimate of your upcoming annual invoice and is provided for informational purposes.

Next Year’s Invoice

PROJECTED INVOICE available in Retirement Online.

This is a projection of your next annual invoice and is provided as a budgeting tool.

Projected invoices are calculated using your employees’ anticipated earnings and the employer contribution rates, which are also announced in September, for the next State fiscal year.
 

This Year’s Invoice

ANNUAL INVOICE available in Retirement Online.

Payment for your annual invoice is due by February 1, or you have the option to pay a discounted prepayment amount by December 15.

This Year’s Invoice

Pay the PREPAYMENT AMOUNT for your annual invoice by December 15.

Your invoice includes a discounted prepayment amount, which will save you money when you pay your invoice early.

This Year’s Invoice

Pay the TOTAL AMOUNT DUE for your annual invoice by February 1.

Unpaid balances accrue daily interest at a rate of 5.9 percent.

Three Types of Invoices

Projected invoice

Your projected invoice is provided in September as a budgeting tool for the invoice due approximately 18 months later. Projected invoices are calculated using your employees’ anticipated earnings and the employer contribution rates, which are also announced in September, for the upcoming State fiscal year.

Estimated Invoice

Your estimated invoice is provided in July for informational purposes and approximates your upcoming annual invoice. Estimated and annual invoices are calculated using your employees’ reported earnings and the employer contribution rates for the last completed State fiscal year.

Annual Invoice

Your annual invoice is provided in November and shows the total amount due on or before February 1 as well as the discounted prepayment amount if you pay by December 15. Late payments are subject to interest, currently at the rate of 5.9 percent.

Determining the Amount Billed

Fiscal Year Earnings and Prior Year’s Adjustments

Fiscal year earnings are the earnings reported by your organization to NYSLRS. Year-round, you can view pre-billed fiscal year earnings — the earnings you have not yet been billed on. You can also view billed fiscal year earnings and prior years’ adjustments.

Contribution Rates

Contribution rates are determined based on an annual Actuarial Valuation, which is conducted to compare the cost of benefits to the Fund’s assets. Employer costs are aligned with the value of the benefits they offer, so contribution rates are issued by system and broken down by tier and retirement plan.

 

Amortization Programs

Contribution Stabilization Program

The Contribution Stabilization Program is an optional program that enables you to pay a portion of your annual contribution over time, leading to smoother, more predictable pension costs. If you have not elected to participate in the program, but wish to do so, you can opt in when you pay your annual invoice.

Alternate Contribution Stabilization Program

The Alternate Contribution Stabilization Program is an optional program similar to the original Contribution Stabilization Program, which was made available during the 2014 billing cycle. If you did not opt in to the program during the one-time election period, you cannot participate.

 

Financial Statement Disclosures

Governmental Accounting Standards Board (GASB)

GASB outlines how pension plan liabilities are accounted for and disclosed in the financial reporting statements of public pension plans and participating employers. These are intended to improve pension information and increase the transparency, consistency and comparability of pension information across governments. Annually, NYSLRS provides the information participating employers need to comply with GASB Statement No. 68 requirements.