Overview
Your projected invoice is provided in September for budgetary purposes. It approximates next year’s annual invoice. If you have the Billing Security Role, we notify you when your projected invoice is available in Retirement Online.
Please do not send payment for your projected invoice. The amounts shown are projections using your employees’ earnings from the last State fiscal year. Your actual invoice will be based on the employee earnings and days worked reported by your organization for the State fiscal year ending March 31, 2025. You will receive an estimated invoice in July 2025 followed by your final annual invoice in November 2025. Payment will be due February 1, 2026, or you will have the option to pay a discounted prepayment amount by December 15, 2025.
Viewing Your Projected Invoice
- Sign in to Retirement Online.
- From Account Homepage, click Access Billing Dashboard button.
- After choosing location code and retirement system (ERS or PFRS), click Projected Invoice link.
Only employees with the Billing Security Role are able to access the Billing Dashboard. Your Security Administrator assigns the Billing Security Role to contacts who need to view billing information.
Retirement Online works best when viewed with Google Chrome or Microsoft Edge. If you use a different browser, your information may not display properly or you may experience other problems.
Understanding Your Projected Invoice
Estimated Maximum Amount to Amortize
Your projected invoice provides an estimated maximum amount to amortize, regardless of whether you participate in the Contribution Stabilization Program (CSP) or Alternate Contribution Stabilization Program.
For participants of these programs, this does not account for the balance of your Reserve Fund, which would impact the maximum amount to amortize.
For non-participants, you can elect to participate in the CSP. We encourage you to learn how the program works before joining.
When a graded payment is due, the amount you may amortize will be $0.
Projection Factor
The Projection Factor is a multiplier, which estimates how much earnings will change for members of each tier.
| Retirement System and Tier | Projection Factor | |
|---|---|---|
| ERS | ||
| Tier 1 | 0.75 | |
| Tier 2 | 0.75 | |
| Tier 3 | 0.80 | |
| Tier 4 | 0.96 | |
| Tier 5 | 1.01 | |
| Tier 6 | 1.20 | |
| PFRS | ||
| Tier 1 | 0.75 | |
| Tier 2 | 0.97 | |
| Tier 3 | 0.75 | |
| Tier 5 | 1.04 | |
| Tier 6 | 1.25 | |
Projected Salary Base
The Projected Salary Base is an estimate of your employees’ earnings for the next fiscal year and is calculated by multiplying your employees’ salary from the last fiscal year by the Projection Factor.
Plan Rate
Plan Rates, often referred to as employer contribution rates, are determined annually to ensure proper funding for the Common Retirement Fund—which pays for your employees’ retirement benefits—and are broken down by tier, plan and option.
Plan Option
These are “extra” benefits (beyond those offered in the standard plans), which you can choose to provide to employees. For example, options 41J and 341J refer to Sections 41(j) and 341(j) of the Retirement and Social Security Law (RSSL), which allow members to receive additional service credit for their unused, unpaid sick leave at retirement.
Regular Pension Contribution
The Regular Pension Contribution is calculated by multiplying the Projected Salary Base by the Plan Rate and Plan Option.
Group Term Life Insurance (GTLI)
The cost of GTLI, which provides ordinary death benefits for your employees, is listed separate from the Regular Pension Contribution because it is excluded from the calculation of the estimated amount to amortize.
Adjustments and Installments
Adjustments represent charges or credits associated with the current or prior fiscal years. Installments include amortization payments, past service costs and deficiency contributions.
Divide-by Factor
This represents the 45 days of interest you will save if you pay your annual invoice by December 15, 2025 instead of February 1, 2026. This amount changes with the interest rate.
If You Need Help
If you have questions about your projected invoice or for help accessing Retirement Online, use our help desk form (select Employer Billing or Retirement Online Troubleshooting from the dropdown).
You can also call 866-805-0990 (press 1 to access the employer menu, then follow the prompts).
Rev. 9/24