Rate Changes and Transitional Payroll - July 16, 2018
Dear Employers Group,
As you know, the 2018 legislative session resulted in employer and employee contribution rate changes for the Public Employee Plan. This email outlines those changes and the transitional payroll process.
Contribution Rate Changes
Public Employee Plan only, effective 9/1/2018
Employers may fund some or all of the required employee contribution. For state employees in the Public Employee plan, the State of Wyoming pays 5.57% toward the employee contribution and the remainder is paid out-of-pocket by state employees.
Note:The rehired retiree payment will increase according to this schedule. Brand inspectors and at-will employee contractors of the State will also pay the increase and will see the same phase-in structure.
When a plan contribution rate changes, there are some employers who report payroll that spans the switch. To support paying contributions at both the old rate and the new rate, you would take advantage of the Payroll End Date column. This column tells RAIN what month to apply the contributions reported in that row. If the contributions apply to the prior period, they will be charged at the old rate. Otherwise, they will be charged at the new rate. This consideration is especially important for employers who pay employees two weeks behind, as their monthly contribution file always contains pay split between two months.
Remember if your pay periods are calendar month periods or if you choose to report at the higher rate instead of splitting out the contributions then this information regarding the transitional payroll would not apply to you.
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