Remember to submit severance pay in the appropriate fields on your wage and contribution file uploads.
For example, suppose you report $1,000 in regular wages and pay the person $4,632 for sick, unused vacation, bonuses, etc. In that case, you must report the $4,632 of sick, unused vacation, and bonus wages separately as severance pay, so the information is submitted correctly. If this does not happen, a member’s average salary is affected, resulting in a miscalculation of the member’s benefit.
For a quick review on 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.
If you have any questions, please contact our Employer Advocate teams at (888) 876-2707.
Mark your calendars for April 14!
INPRS is back with one of our most popular presentations. Join Public Affairs Specialist Charo Boyd for her Social Security Retirement Webinar in May. Here, you will learn about:
- Social Security retirement
- Spouse and survivors benefits
- Medicare enrollment options
Spots fill up quickly, so be sure to secure your spot when registration opens on April 14!
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!
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