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Action Needed: Employer Contribution Forfeiture Credit
February 07, 2024
Michigan Office of Retirement Services sent this bulletin at 02/07/2024 01:00 PM EST
The Michigan Office of Retirement Services (ORS) will distribute the Employer Contributions Forfeiture Credit on Feb. 7, 2024. Eligible reporting units must use the forfeited employer contributions as a credit toward future Defined Contribution (DC) employer contribution payments.
Our records indicate that your reporting unit, OOOOO, 00000, is eligible to apply 00.00 credit to future defined contribution (DC) and Personal Healthcare Fund (PHF) employer contribution amounts due. It may take multiple pay cycles before the credit is exhausted.
The credit will appear on the Payments Received tab of the View Employer Statement screen as Employer Contributions Forfeiture Credit. Save or print this screen for your records.
Please note, the IRS requires that the credit be applied toward future DC and PHF employer contributions only. Therefore, you must still make employee contribution payments and all other payments in a timely manner.
For more information and assistance in calculating your pay cycle payments visit the Employer Contributions Forfeiture Credit resource page.
If you have any questions, email Employer Reporting at ORS_Web_Reporting@Michigan.gov.