IMRF Report is not including excess wages

Per our pension reporting regulations we are supposed to stop deducting the pension contributions once the wage limit is reached, but we are supposed to continue reporting earnings.  Wages were not continuing to be reported on the IL retirement report, as they should.

• Payroll

• Illinois

• IL Retirement Report

• Illinois Municipal Retirement Fund (IMRF)

Limit Type on Deduction Master

Change Limit Type to Y and convert wage limit amount to a withholding limit by multiplying the wage cap amount by the contribution rate.

Example:

If the current wage cap is 116740.42 and the current employee contribution amount is 4.5%, then 116740.42 * 4.5% = 5253.3189 and 5253.32 is the maximum amount that can be contributed.  In this example, you would enter 5253.32 in the Empe Limit field on the Deduction Master when you change the Limit Type from Z to Y. 

This program currently gets retirement wages directly from the deduction gross. If the gross is correct, the report will be as well.

There are two Deduction Limit Types for Calendar Year.

• Limit Type Y will stop withholding at a defined withholding limit, but will continue recording the gross.

• Limit Type Z will stop withholding at a defined wage (earnings) limit, but will NOT continue recording the gross.