Charters and Public School Academies
Governmental Accounting Standards Board (GASB)
Charters and Public School Academies
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All reporting units are required to pay a percentage of the employer-reported wages to ORS in accordance with the reporting unit's pay schedule as well as ORS's reporting and payment schedule. When a reporting unit does not submit payment when due, it is charged a late fee and interest. See section 8.02: Payment due dates and late fees.
Employer contribution rates are determined annually by an actuary, who reviews the health and funding status of the pension trust fund. Employer rates are in effect from Oct. 1 through Sept. 30 of each state fiscal year and apply to records with an end date of 10/01/yyyy through 09/30/yyyy.
Employee contribution rates are set by statute. The percentage of defined benefit (DB) contributions to be withheld depends on when the member was first hired. Employee DB contributions are credited to the member's account and are refundable upon request after the member has terminated employment if that member is not eligible to receive a monthly pension.
Availability of employee contributions paid to a plan with a defined contribution (DC) component (Pension Plus, Pension Plus 2, DC, and/or Personal Healthcare Fund) depend on the regulations of the plan. The member should contact Voya Financial Services for withdrawal information.
Note: Employee premium subsidy (3%) retirement healthcare contributions are not refundable.
See 6: Member Benefit Plans and Contributions for more information.
Last updated: 02/01/2018