Conversion Plans Presented by: OPERS Employer Services 1 Agenda - PowerPoint PPT Presentation

Requirements for Annual Conversion Plans Presented by: OPERS Employer Services 1

Agenda What is a Conversion Plan? Basic Rules/Guidelines Requirements for Reporting Conversion Payments Q & A Ohio Public Employees Retirement System

Convert unused leave to cash Vacation Sick Personal Ohio Public Employees Retirement System

Examples of a Conversion Plan Ordinance/Resolution Employee Manual Union Contract Allows all full time Shows detailed employees option chart of leave to convert unused May cash out up to accrual. leave in December xx hours of unused of every year. leave per calendar year. Ohio Public Employees Retirement System

Basic Rules Cannot discriminate Accessible Maximum no less that can frequently be than Approved converted annually Conversion Plan Current Year leave Cannot accrued restrict less leave used Ohio Public Employees Retirement System

Retiring or terminating employees Conversion payments are only made when your Photo here policy indicates, and cannot be changed to accommodate a retiring or terminating employee. Ohio Public Employees Retirement System

Reminders Submit plan for approval by March 31 annually Submit payments on a Report of Retirement Contributions - Supplemental Submit supporting documentation - CONVDOC Ohio Public Employees Retirement System

OPERS Conversion Payments form Employer Code: ______________ Pay Period End Date: _________ OPERS CONVERSION PAYMENTS Number of Hours ( A ) ( B ) ( C ) ( D ) Social Leave type Maximum Accrued in Used and/or Converted in Security # Bargaining (sick, allowable to current previously the pay period Employee Name (last 4 Unit/ vacation, convert per calendar year converted in reported to digits Department personal) plan to date current OPERS only) calendar year Ohio Public Employees Retirement System

OPERS Conversion Payments form Pay Period End Date: _________ Employer Code: ______________ OPERS CONVERSION PAYMENTS Number of Hours ( A ) ( B ) ( C ) ( D ) Social Maximum Accrued in Used and/or Converted in Leave type Security # allowable to current previously the pay period Bargaining (sick, Employee Name (last 4 convert per calendar year converted in reported to Unit/ Dept vacation, digits plan to date current OPERS personal) only) calendar year Full amount available (1) 9999 A Vacation 120 100 0 100 (1)Employee has taken no leave during the current calendar, plan specifies 120 hours can be converted, 100 hours accrued to date of payment, employee can convert 100 hours. Ohio Public Employees Retirement System

OPERS Conversion Payments form Employer Code: _______________ Pay Period End Date: _________ OPERS CONVERSION PAYMENTS Number of Hours ( A ) ( B ) ( C ) ( D ) Social Leave Maximum Accrued in Used and/or Converted in Security # Bargaining type (sick, allowable to current previously the pay period Employee Name (last 4 Unit/ Dept vacation, convert per calendar year converted in reported to digits personal) plan to date current OPERS only) calendar year Partial amount available (2) 8888 B Sick 104 88 48 40 (2)Employee has taken 48 hours leave during the current calendar, plan specifies 104 hours can be converted, 88 hours accrued to date of payment, employee can convert 40 hours. Ohio Public Employees Retirement System

OPERS Conversion Payments form Employer Code: ______________ Pay Period End Date:_________ OPERS CONVERSION PAYMENTS Number of Hours ( A ) ( B ) ( C ) ( D ) Social Maximum Accrued in Used and/or Converted in Leave type Security # Bargaining allowable to current previously the pay period (sick, Employee Name (last 4 Unit/ convert per calendar year converted in reported to vacation, digits Department plan to date current OPERS personal) only) calendar year None available (3) 7777 C Vacation 260 220 480 0 (3)Employee has taken 480 hours extended leave during the current calendar, plan specifies 260 hours can be converted, 220 hours accrued to date of payment, employee is not eligible. Ohio Public Employees Retirement System

Employer Services Call Center: Fax: 888-400-0965 614-857-1152 Email: Website: employeroutreach www.opers.org @opers.org Ohio Public Employees Retirement System