PENSION REPORTING TIPS FOR EMPLOYERS
As we greet the new year, OP&F wants to remind employers that they have a resource to answer any questions you may have. To start, here a few helpful tips before submitting your payroll report:
Review all yellow triangles
for potential errors before submitting.
If pay code 0-regular earnings are higher than normal it is very helpful to add comments explaining what caused the increase (example: worked holiday, worked out of class, promotion).
Check for high and low hours, missing hours, missing pay codes, current month dates, lump sum dates, correct deduction amounts, and report totals.
Non-Pensionable – Cashouts of unused comp-time, vacation time, personal and sick time. Please do not include these earnings on your monthly pension report.
Pensionable – Used comp-time, vacation time, personal and sick time, or other paid time off used to keep the member on active payroll will be considered pensionable.
Pensionable - Cashouts of unused holiday hours are pensionable up to 12 months in arrears. Under pay code 1-Holiday, please include the number of hours cashed in, wages, and the applicable dates (example: 01/01/24-12/31/24).
Annual/semi-annual lump sum payments such as longevity, sick leave incentives, performance bonuses, certification pay, education allowance etc. should always have applicable dates for the timeframe they cover. (example: 01/01/24-12/31/24, 07/01/23-06/30/24, 1/1/24-6/30/24 - 7/1/24-12/31/24)
Pay Code 6 is reserved for retroactive pay increases ONLY. Proration dates are mandatory and must be added to the report. If the payment exceeds 12 months, please contact your OP&F employer representative for additional instructions.
Corrections and adjustments to a previous report should be submitted as a separate line entry on your current monthly report. The adjusting entry will have the same pay code and earning dates that were originally reported. Use a negative entry to reduce wages/deductions (example -1,374.25/-168.34) and a positive entry to add wages/deductions. You may also need to add or reduce hours. Please contact your OP&F employer representative for additional instructions.
Lastly, we are here to help. Please contact your assigned OP&F Employer Representative if you need assistance with your report.
Posted 1/11/2025
