To: Business Managers
Human Resources Facilitators
From: Dennis Press, University Controller
Date: September 10, 2011
This is to provide an update regarding the 1.36% Employer Contribution Reserve for State Retirement. The University has received notification from State-level offices that the funds no longer need to be held in reserve for a potential reduction in the employer contributions to the retirement system later in the fiscal year. The University will transmit the full 10.51% to State Retirement each month for fiscal year 2010-11.
Therefore, use of the new FRS expense object code 1823 is no longer needed to separately account for the 1.36% portion of the Employer Contribution for State Retirement. FRS expense object code 1822 will account for the full 10.51% Employer Contribution for State Retirement.
Thank you.