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LSVP/LSP Adjustments Employers Cannot Make
Dear PERS employer,
The February 28, 2007 deadline for posting of LSP/LSVP retroactive adjustments is a few days away. LSP/LSVP amounts requiring adjustment are on the May 6, 2006 Demographic & Adjustment Report and affect only lump-sum payments between January 1, 2004, and April 30, 2006, to Chapter 238 Tier One and Tier Two members.
There are two categories of adjustments employers will not be able to make:
Suspended adjustments:
Attempts to adjust some of the records in the May 6, 2006 report may produce suspensions, which cannot be cleared. These suspensions will require action from the PERS Employer Service Center staff.
LSP payments not backed out:
You might have LSP payments for January 1, 2004, to April 30, 2006, that are not listed on the May 6, 2006 report. The bulk of these LSP payments are for retired PERS Chapter 238 Program (Tier One and Tier Two) members who received an LSP payment dated after their effective retirement dates. Adjustments for these retired members must be made by our EDX contractor using information supplied by employers. We will be requesting that information from employers in the near future.
Contributions and earnings on these adjustment categories will not be subject to the February 28, 2007 posting deadline and will still be covered by the PERS Contingency Reserve.
If you have further questions about suspended LSP/LSVP adjustments you cannot clear or LSP payments not on the May 6, 2006 report, please contact your PERS Employer Service Center (ESC) representative at his or her individual phone number. Employers can also contact the ESC Call Center between 8:30 a.m. -12:30 p.m., Monday - Friday, toll free at 888-320-7377 (follow the instructions) or by e-mail at Pers.edx.support@state.or.us.
Best regards,
PERS Employer Outreach, Communication & Education Team