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LSP Contingency Reserves Part 2
Dear PERS Employer:
 
This is a follow-up message reiterating that all HB 2189 adjustments for lump-sum payments (LSPs) and lump-sum vacation payments (LSVPs) must be posted in the EDX system no later than February 28, 2007, to be covered by the Contingency Reserve.
 
Final adjustments posted in EDX no later than February 28, 2007, will be included on the March 5, 2007 statement.  From March 1, 2007, through March 5, 2007, the PERS Fiscal Services Division (FSD) will be generating offsetting credits for contributions and interest for all LSP/LSVP adjustments made between May 1, 2006, and February 28, 2007. Those credits will appear on employers’ March 5, 2007 statements.
 
PERS FSD staff will work to have all valid credits generated in time for the March 5, 2007 statement. Any credits not calculated and not appearing on the March 5, 2007 employer statement will appear on the March 20, 2007 employer statement.
 
Employers must pay their March 5, 2007 statement in fullto receive credit from the Contingency Reserve for contributions and earnings on LSP/LSVP adjustments posted between May 1, 2006, and  February 28, 2007. Contributions and earnings for LSP/LSVP adjustments posted after February 28, 2007, will not be included on the March 5, 2007 statement and will not be reimbursed by funds from the Contingency Reserve. Earnings on LSP/LSVP adjustments posted after February 28, 2007, will be considered “prior year adjustments” and will be the employer’s responsibility.
 
PERS understands there may be valid reasons for failure to post LSP/LSVP adjustments in EDX no later than February 28, 2007. Those situations will be addressed on a case-by-case basis.
 
Employers with further questions can e-mail PERS at pers-employer.info.services@state.or.us.
 
 
Thank you for your cooperation and assistance,
 
PERS Employer Outreach, Communication, and Education Team