payroll: ORP Rate Reduction

["Paynews" <paynews@uoregon.edu>]

As you may recall, a change and subsequent reversal of the retirement rate charged to OUS resulted in an overpayment to the Oregon Retirement Plan (ORP) during the time period from July to December of 2007.  Information about this overpayment was disseminated through various venues and the issue is summarized in the memo found at the following link http://bg/hris/PERS%20ORP%20Adjustment%20Campus%20Notice%20(April%2028%202008).pdf

The JV has now posted that reimburses units for this overpayment.  The reimbursement could not come through the payroll system, but had to be a FIS adjustment (credit to expense) on account code 10907.  The adjustments have occurred on the same FOPA as the original charge.  If labor was moved and the credit hits a FOPA where labor charges no longer reside, units may choose to move the credit to a FOPA by using account code (10907).

If you have any questions about:

-your individual retirement plan, please contact Ernie Pressman Human Resources x6-2967,

-payroll/accounting issues, please contact Shelby Cooper x6-3092,

-budgeting issues, please contact your financial analyst in Budget and Resource Planning.  A list of financial analysts by responsibility unit can be found at http://brp/budget_general

 
To view all payroll messages posted since January 2008 visit our
archive at http://www.uoregon.edu/~paynews/payroll