Employer Update: November 2017
You can lessen the Last Day in Pay (LDIP) inquiries you receive from us by checking your Missing Member Report on your Home dashboard in ERM. Being proactive will save time on our part and yours.
After you determine if a member has stopped working, you can use the Modify Member screen to identify members without a LDIP. This screen will also allow you to enter a LDIP.
The Missing Member Report provides the following:
- member Pension ID (PID),
- last name,
- last four of the Social Security number (SSN), and
- last payroll date which shows wage and contribution information reported.
If you have any questions, please contact EPPA at (888) 876-2707 or at email@example.com.
The holidays are on the horizon. Please note that we will be closed on the following days:
- Nov. 23 and 24 – Thanksgiving
- Dec. 25 and 26 – Christmas
- Jan. 1 – New Year’s Day
Our annuity rate changed beginning Oct. 1, 2017. The new rate of 3.73 percent will be in effect through Dec. 31, 2017. Here’s how the rate is determined:
The quarterly market rate equals 1.5 percent plus an average* of the 10-year U.S. Treasury yield, rounded to the nearest 100th percent.
Assuming the average 10-year U.S. Treasury yield is 1.87 percent: Market Rate: 1.5 percent + 1.87 percent = 3.37 percent
*The average is determined using the last five business days of the second preceding quarter. For example, the rate was determined for Oct. 1, 2017 through Dec. 31, 2017 by the last five business days in June 2017.
For more information, please go here.
The annual Pension Secretaries Seminar is rapidly approaching. All pension secretaries, controllers, clerk-treasurers and trustees are invited to attend. Information on procedural updates, legislative updates and issues specific to local units will be provided.
Details and agenda items are below:
When: Friday, Nov. 17, 2017
Where: Indiana Government Center auditorium
Time: 10 a.m. to 11:30 a.m.
- DROP Last day in pay (LDIP)
- EPPA updates
- 1977 Fund unit presentation
- Legislative updates
- Q&A – General 1977 Fund questions
Note: Please email any medical questions specific to the baseline process to Jeremy Haggard at firstname.lastname@example.org. Our goal is to have the questions reviewed at the seminar.
Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a conflict arises between information contained in this publication and the law, the applicable law shall apply.