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Reportable compensation: PERS In this section If a retiree’s monthly retirement benefit is overstated, DRS must recover the amount overpaid.

Reporting compensation incorrectly could result in a member’s retirement account at DRS not having the appropriate interest applied, or the member having to pay retroactive contributions on compensation that should have been reported. The importance of reportable compensation

Whether the reason for the payment brings it within the statutory definition of reportable compensation.

To determine if a payment is reportable compensation, consider the following: Reportable compensation is based upon the nature of the paymentĭRS determines reportable compensation based upon the nature of the payment you make to an employee, not the name given to it.

WSPRS – reportable compensation RCW 43.43.120.

PERS – compensation earnable RCW 41.40.010.

TRS – earnable compensation RCW 41.32.010.

The term ‘reportable compensation’ is used by DRS to represent compensation in all retirement systems, but the following terms may also be used: Not all types of payments are reported to DRS It is the employer’s responsibility to accurately track reportable compensation so that DRS can calculate retirement benefits. If adjustments to a member’s account or a retiree’s monthly benefit are necessary, it may cause a financial liability for both the employer and the member. It is also the compensation used to calculate retirement benefits. Reportable compensation is the portion of salary or wages you pay to your employees that is used to determine retirement system contributions.

Cross references to relevant statutes and rules ( Revised Code of Washington (RCW) and the Washington Administrative Code (WAC).

Tables summarizing payment types and a short answer of whether they are reportable.

General information about reportable compensation and its importance to members.

This chapter provides information about compensation that is reportable to the Washington state retirement systems. Chapter 4: Reportable Compensation In this section

Program will be terminated assault squad 2