The New York State and Local Retirement System (NYSLRS) is urging payroll professionals to switch to the Retirement Online enhanced reporting system. An informational video for payroll providers is available. NYSLRS provided pension benefits to 496,628 retirees and beneficiaries during the fiscal year that ended March 31, 2021 [New York Retirement News, 1-7-22].
Benefits of Enhanced Reporting
The benefits of enhanced reporting are outlined on the Office of the New York State Comptroller's website. Benefits for employers include: maximizing efficiency and improving service to employees; streamlining member enrollments; proving more accurate service credit information; reducing the number of inquiries from the retirement system; eliminating corrections to contribution and service credit payments; and eliminating the need to collect more information at the time an employee retires.
More information, including employer resources, Q&A, and a brief reporting survey are available on the website.
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Lia Coniglio, Esq., is Managing Editor of PayState Update and Senior Manager of State Payroll Information Resources for the APA.