Back to school: New Employee Onboarding Resources
Attention school corporations! Now that the new school year has started, you have employees that can choose between the Hybrid plan and My Choice: Retirement Savings plan. It’s the perfect time to make sure your employees have enough information to make a decision and understand what both of these plans have to offer.
To get started, check out this video specifically made for employers. This video gives a rundown of what’s included in the new TRF My Choice plan. Additionally, you can check out this onboarding packet and give it to your employees. This packet will help explain the benefits and options of the plans. It includes a side by side comparison fact sheet, which may help your employees make an educated decision in choosing the best retirement plan for them.
If you need further assistance in explaining this new retirement option, you can always call our Employer Advocate team at (888) 876-2707.
How to Report Severance
Remember to submit severance pay in the appropriate fields on your wage and contribution file uploads. If this doesn’t happen, a member’s annual salary is affected, resulting in a miscalculation of the member’s benefit. For a quick review of this step, refer to the ERM Wage and Contribution Manual along with our Employer Reporting and Maintenance (ERM) Wage and Contribution (W&C) File Layout Specification.
Termination Life Event in ERM
When adding a Termination Life Event for a member, you will need to know their Last Day in Pay and the Last Check Date. So, what is the difference between the two?
The Last Day in Pay reflects the last day the member physically worked for your unit, whereas the Last Check Date represents the last check received by the member from the unit. Often, the Last Check Date’s pay period range includes the last day in pay reported for the member.
If you have any questions about entering a Termination Life Event into ERM, give our Employer Advocate team a call at (888) 876-2707.
Give Us a Call
We care about your safety just as much as we care about your retirement readiness, which why INPRS offers phone counseling services for you and your employees. If you are approaching retirement, have a new employee in need of more plan information, or have a specific question about your retirement path, our phone counseling is for you. Click here to sign up for a session with our expert Retirement Services Consultants today; we are happy to help!