Charters and Public School Academies
Governmental Accounting Standards Board (GASB)
Charters and Public School Academies
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Each reporting unit must reconcile the employer and employee contributions to the required payments after the processing and posting retirement detail reports.
ORS calculates the contributions due from your reporting unit based on these reported employee wages. To reconcile means to compare the amount ORS says is due to the amount reflected in your reporting unit's records.
The ORS-calculated contribution amounts might not match the contribution amounts you have calculated. Sometimes this is due to a rounding difference; sometimes it can be programming errors. The amount calculated by ORS plus any amount reported by your reporting unit if the record is suspended to ORS is the amount calculated by ORS; you can see it on your View Report Totals page and on the Download Detail spreadsheet. See sections 7.01.06: Viewing and verifying report totals and 7.01.08: Using the Download Detail link for more information.
If you do not reconcile contribution amounts you may face shortfall fees and interest charges for outstanding balances. If there is an overpayment of contributions, ORS will carry this overpayment forward for your reporting unit.
Reconciliation resources
See the following three sections in this chapter for resources to help you reconcile contributions:
In addition, you may find the Employer Statement Reconciliation Worksheet (R0800C) helpful. (This form is also available on the Reporting Forms section of the Employer Information website under Reporting Resources.)
Last updated: 04/13/2012