Annual Reporting for ESS Users 50-373, 6/20 GoToWebinar - PDF document

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Annual Reporting for ESS Users 50-373, 6/20 GoToWebinar employer_education@strsoh.org 1

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Agenda • Annual report availability and due date • Completing your annual report • Additional reporting requirements Availability and Due Date • July 1 — Annual reports available in ESS • First Friday in August — Annual reports due (no extensions granted) • Due date — Aug. 7, 2020 employer_education@strsoh.org 2

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users What to Include in the Report • Name • Social Security number • Total contributions (taxed or tax-deferred) • Accrued contributions • Service credit (active members only) • Member type (active or reemployed retiree) Accrued Contributions • Earned by June 30; paid after July 1 • Only payments made in July and August Accrued July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 $3K $3K $4K $4K $4K $4K $4K $4K $4K $4K $4K $4K $4K $4K Contract Payment Period employer_education@strsoh.org 3

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Service Credit Accessing Your Annual Report 1 Annual Report employer_education@strsoh.org 4

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Accessing Your Annual Report 07/01/2020 06/30/2020 Work Report: Jul-2020 06/30/2020 Payroll: 2020-06-30 Click “Actions” in the annual report row and select “Edit.” Completing Your Annual Report employer_education@strsoh.org 5

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Test Your Knowledge Deanna, Deanna: • Full-time teacher • $52,000 base contract • $0 supplemental earnings • 184 days worked • First day worked: Aug. 12, 2019 • Last day worked: June 3, 2020 Payroll (Full Time) for Deanna, Deanna Pay Date Amount Accrued Pay Date Amount Accrued 7/3/19 $0.00 1/31/20 $280.00 7/17/19 $0.00 2/14/20 $280.00 7/31/19 $0.00 2/28/20 $280.00 8/14/19 $0.00 3/14/20 $280.00 8/30/19 $280.00 3/28/20 $280.00 9/13/19 $280.00 4/11/20 $280.00 9/27/19 $280.00 4/25/20 $280.00 10/11/19 $280.00 5/9/20 $280.00 10/25/19 $280.00 5/23/20 $280.00 11/18/19 $280.00 6/6/20 $280.00 11/22/19 $280.00 6/20/20 $280.00 12/6/19 $280.00 7/3/20 $280.00 Y 12/20/19 $280.00 7/18/20 $280.00 Y 1/3/20 $280.00 8/1/20 $280.00 Y 1/17/20 $280.00 8/15/20 $280.00 Y employer_education@strsoh.org 6

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Pretax Contributions Calculate Pretax Contributions Base contract amount $52,000 x Member contribution rate x 14% Pretax contributions $7,280 Accrued Contributions Step 1 — Calculate Accrued Earnings Base contract amount $52,000 – Contract earnings paid by June 30 – 44,000 Accrued earnings $8,000 Step 2 — Calculate Accrued Contributions Accrued earnings $8,000 x Member contribution rate x 14% Accrued contributions $1,120 employer_education@strsoh.org 7

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Completing Your Annual Report $7,280.00 $1,120.00 1.00 Test Your Knowledge Cheryl, Cheryl: • Part-time substitute • Nine days worked employer_education@strsoh.org 8

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Payroll (Part Time) for Cheryl, Cheryl Pay Date Amount Accrued Pay Date Amount Accrued 7/3/19 $0.00 1/31/20 $0.00 2/14/20 $0.00 7/17/19 $0.00 2/28/20 $25.00 7/31/19 $0.00 3/14/20 $0.00 8/14/19 $0.00 8/30/19 $0.00 3/28/20 $0.00 9/13/19 $0.00 4/11/20 $0.00 9/27/19 $0.00 4/25/20 $25.00 10/11/19 $0.00 5/9/20 $0.00 10/25/19 $25.00 5/23/20 $0.00 11/18/19 $0.00 6/6/20 $0.00 11/22/19 $0.00 6/20/20 $0.00 12/6/19 $0.00 7/3/20 $0.00 Y 12/20/19 $0.00 7/18/20 $0.00 Y 1/3/20 $25.00 8/1/20 $0.00 Y 1/17/20 $0.00 8/15/20 $0.00 Y Completing Your Annual Report $7,280.00 $1,120.00 1.00 0.06 $100.00 employer_education@strsoh.org 9

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Completing Your Annual Report $7,280.00 $1,120.00 1.00 $100.00 0.06 $5,408.00 $416.00 R Submitting Your Annual Report 07/01/2020 06/30/2020 Work Report: Jul-2020 218496752 218496752 Payroll: 2020-06-30 20 06/30/2020 employer_education@strsoh.org 10

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Additional Reporting Requirements • Service credit verification report • Accrued verification report Resources Available We’re here to assist you • Call toll-free: 888-535-4050 • Send an email: report@strsoh.org • Visit our website: www.strsoh.org/employer employer_education@strsoh.org 11

STATE TEACHERS RETIREMENT SYSTEM OF OHIO Annual Reporting for ESS Users Annual Reporting in ESS Thank you for participating! • This webinar is available in the Education & Training section of the employer website • If you have additional questions about annual reporting, please email report@strsoh.org Exiting the Webinar Click “File” on the control panel and select “Exit — Leave Webinar” employer_education@strsoh.org 12