Reminder: The New York State & Local Retirement System is requiring that all employers must switch to enhanced reporting by the end of 2023.
There are many benefits of enhanced reporting.
For employers:
- Maximize efficiency and improve service to employees
- Streamline member enrollments
- Provide more accurate service credit info
- Reduce the number of inquiries from the retirement system
- Eliminate corrections to contribution and service credit payments
- Eliminate the need to collect more information at the time an employee retires
For employees:
- Automatic enrollment of mandatory members
- Reduce deficiencies
- Service credit requests will be processed more quickly
- Increased accuracy with benefit information
- Increased accuracy with payroll deductions for loans
- Streamline process for employee retiring
Please visit this website to see if you are already doing this. If not, the site provides resources for you to transition to this reporting process.
Shari Diamond, CIA
Partner
Shari has been with Cerini & Associates, LLP since 2008 where she works primarily with the firm’s school district clients providing internal audit and claims audit services. She has over twenty years’ experience performing internal audits, risk assessments, and compliance reviews, as well as recommending processes to strengthen the internal controls environment while increasing efficiencies. Her prior experience at PWC and Northrop Grumman included performing Information Technology audits.