Monthly Contribution Review
Each month after Reporting Employers (RE) complete their monthly Regular Payroll and Employment After Retirement reports they must also review their RE Ledger balances. If any balances show a negative, this indicates an amount due to TRS and must be resolved. REs should strive to have all accounts at a zero balance at the close of each report month.
Annual Contribution Review and Collection
At the end of each fiscal year, TRS conducts an annual contribution review and collection for the closing fiscal year. The collection process will involve reminders to REs with outstanding balances through the end of the fiscal year. The review and collection efforts apply to all REs.
During the review, REs are encouraged to log in to the RE Portal and review all their fund type accounts on the RE Ledger, including Penalty Interest (PI), TRS-Care Penalty Interest (CI) and Penalty Fee (PF).
If the RE does not have any outstanding (negative) contribution balances, no action is required.
REs should continue to review their RE ledger balances after each report completes to ensure no negative balances are created. If an RE has negative balances, please be sure to remit the TexNet deposit or complete allowable transfers as soon as possible.
If the outstanding balance is due to a reporting correction needed, the adjustments must be completed by Aug. 31 of the fiscal year.
Failure to resolve the balances by the end of the fiscal year will result in additional collection efforts. The Head of Institution for any RE with negative balances after the completion of their August reports (due Sept. 6) will receive a demand letter.