March 25, 2014
TO ALL PNC BANK CASH CONCENTRATION USERS
This is to update you that effective on March 31, 2014 at 5:00 PM, you will no longer have access to make any payments in the current Cash Con system. Any payments posted prior to 5:00 p.m. will be processed as they currently are. Effective on April 1, 2014 you will make all payments through the improved Cash Con system. Please follow the instructions that were provided with the slide presentations that are currently available on the Employer News page of the PSERS website.
Attention: PNC Cash Concentration User - Please click here to read this important message!
March 5, 2014
IMPORTANT MESSAGE FOR PNC CASH CON USERSDue to the upcoming implementation of the improved ACH payment system through PNC Bank, PSERS is requesting that all payments made through the existing system be made with an effective date of no later than March 31, 2014 as you will not have access to payments made with an April effective date after March 31. Payments with an April effective date should be made through the new ACH payment system which will be available April 1, 2014. Watch for more information on available training and the implementation for the improved ACH process.
2013 Premium Assistance Verification
The Premium Assistance Verification will commence this week as reports are being mailed to the Business Managers of Commonwealth School Employers. As in the past, these listings represent the monthly Premium Assistance payments made to retirees as a reimbursement of premiums paid to your health insurance plan for their personal coverage. The Internal Revenue Service requires PSERS to verify that premiums were actually paid by retirees receiving this reimbursement. PSERS is requesting that employers verify premiums paid during the 2013 calendar year. In order to ensure there is no interruption in Premium Assistance to your plan participants, please complete and return the report to PSERS by March 31, 2014. Calls regarding the 2013 Premium Assistance verification should be directed to the Premium Assistance Unit at 1.866.483.5509. Your assistance in verifying these payments is greatly appreciated.
Employer Contribution Rate for Fiscal Year 2014-2015
The employer contribution rate for fiscal year 2014-2015 will be
21.40%. The rate applies to salary and wages earned from July 1, 2014,
through June 30, 2015. This rate was determined by PSERS’ actuary and
reflects the rate caps established by Act 120 of 2010. The rate is
subject to certification by PSERS Board of Trustees at its meeting on
December 10, 2013. In addition, the employer contribution rate may
change if pension legislation is enacted prior to June 30, 2014. The
employer contribution rate for fiscal year 2014-2015 consists of 20.50%
for pension costs and 0.90% for premium assistance payments. The
projection for the employer contribution rate for fiscal year 2014-2015,
prior to the rate caps being established with Act 120 of 2010 was 33.83%