June 15, 2017
Important Hall-Parker updates for employers
PSPRS provides notice of amended contribution refunds
As PSPRS continues to receive additional information and data from employers and account for other unique factors, adjustments have been made to roughly 800 individual member excess contribution amounts to be returned.
These adjustments have been made to about 100 employers and are now posted to the portals. Additionally, please be aware of the following as you begin to return the excess contributions:
- Amended records are identified by the use of an asterisk next to members’ names and the specified date each individual record was amended
- Additionally, individual refund amounts posted by PSPRS do not identify members who may have taken any of the various types of leave (ex. military or industrial) for which the employer may have contributed on behalf of the member
- PSPRS does not track these types of contributions and, as such, it will be up to employers to choose whether to reduce Hall-Parker-related refunds to these particular employees in order to recover excess contributions made by the employer
- Applicable pre-judgment interest will be communicated for both Hall and Parker members as soon as determined
- Hall-Parker-impacted retirees of PSPRS-managed plans received their retroactive permanent benefit increases (PBIs) into their accounts today
- We encourage employers to check the list provided on the employer/local board portals one last time just prior to issuing refunds
- Applicable pre-judgment interest will be communicated for both Hall and Parker members as soon as determined
- Hall-Parker-impacted retirees of PSPRS-managed plans received their retroactive permanent benefit increases (PBIs) into their accounts this week
