Transitioning to the New York State Pension Plan Reporting Requirements by Year End

Transitioning to the New York State Pension Plan Reporting Requirements by Year End

After December 31 of this year, New York State & Local Retirement System (NYSLRS) legacy reporting will be phased out and replaced by Retirement Online for enhanced reporting. Over 900 employers have already made the switch. Since initial discussions about the change started over four years ago, we figured it’s a good time to review everything and remind you of the many resources available to help ensure a smooth transition for your office and your employees.

As noted on the Office of New York State Comptroller, Thomas P Dinapoli’s website, “When it comes to using Retirement Online, state agencies will primarily use it to enroll optional employees in the Retirement System. However, Retirement Online offers you much more than just easy enrollment.”

Retirement Online is faster and easier than the legacy system. Municipality users are commenting on how simple it is to use, which is especially valuable for smaller offices where staff wear many hats.

With the new system, government employers can easily enroll new members; generate reports; get instantaneous access to information about days worked, earnings, and job information; process and change deductions accurately and in a timely manner, and receive timely notifications about potential issues.

In addition, Retirement Online allows users to view new hire information and contribution rates, as well as historical reporting data and financial transactions; update information about your organization; manage and assign security access; request events; and submit the Statement of Accrued Payments and Leave Credits form for retiring employees.

There are numerous resources available to support the transition:

While you’re focusing on making the transition, remember, RBT CPAs is here to focus on all of your accounting, tax, and auditing needs. We’ve been supporting municipal clients in the Hudson Valley and beyond for over 75 years, and we’re committed to upholding the highest levels of professional, ethical service. Give us a call today.