Thank you to all of the employer reps who attended our training programs in May or June!
Didn't attend or want a refresher? Review our comprehensive guide on deduction reporting, which includes a helpful section detailing the proper way to use the Service Correction codes.
GASB reporting: FY2017 update and prior years’ reports
The MTRS has been working with representatives from the State Comptroller's office, the Public Employees’ Retirement Administration Commission (PERAC), and KPMG to issue the GASB Statement No. 68 schedules for the fiscal year ended June 30, 2016 to be used by our employer units in their FY2017 financial statements. GASB Statement No. 68 requires the Commonwealth to provide certain "on behalf" pension information to Massachusetts cities and towns whose teachers' pensions the Commonwealth is responsible for funding.
Above is a link to the GASB Statement No. 68 Report, dated May 2, 2017, which includes attestations from the Commonwealth’s independent auditor.
If you have any questions about the GASB Statement No. 68 Report or the individual schedules, please contact Michael Rodino of the State Comptroller's office, at email@example.com, or Sean Neilon, Assistant Executive Director of the MTRS, at firstname.lastname@example.org.
Now available: Three new resources for employers
- MTRS membership eligibility: Access information about defining "teacher," and special cases (charter school employees; part-time, temporary and provisional employees and the 6-month wait period; long-term substitutes).
- Contribution rates explained: Find guidance on how contribution rates are determined; how the rate is determined for members who transfer into the MTRS from other Massachusetts retirement systems; the 30-plus (2%) deduction; and, incorrect assessments.
- In MyTRS, "Members pending enrollment" report: Now, to find out which, if any, of your employees have not yet completed the online enrollment process, you can simply download a list from MyTRS. The report includes each employee's name and MTRS member number—which the employee needs to create a MyTRS account—so it is now easier to follow up and remind the employee to enroll online. To access the report in MyTRS, click on Deduction Reports and Payments, and then, in the Reports tab, select Members Pending Enrollment, as shown below.