TIAA Over 6 Pct Payroll Benefits Transfer
Purpose: Use this document as a reference to create journal entries to move benefit expenses greater than 6% from state to local funds in ctcLink.
Audience: Benefits Administrators, Payroll Administrators, Finance Staff/Supervisors.
Effective 7/1/2011 the Legislature passed a law limiting contributions to non-DRS retirement plans (e.g. TIAA, 403B or 457 plans) from State Funds to 6% of retirement gross. Depending on age, college match for TIAA is 5%, 7.5% or 10%. Other plans are generally negotiated as part of an employment contract.
Step 1 in HCM: Gather Data
You must have at least one of these local college managed security roles:
- ZD Benefits Reporting
- ZZ Payroll Processing
If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.
NOTE: These queries should be run in Scheduled Mode
We recommend running these queries after each pay period’s activity posts to the General Ledger and processing the transfers by pay period.
- QHC_PY_GROSS_TIAA_BENE_OVER_6 - This query pulls detail information on employees that have non-DRS retirement contributions greater than 6% of their gross pay in a state fund by pay end date.
- QHC_PY_STATE_TIAA_JRNL_OVER_6 - This query displays the journal lines that would be needed to move the transactions out of state fund ChartStrings and into local fund ChartStrings by pay end date.
- QHC_PY_STATE_TIAA_JRNL_6_TMPLT - This query puts the journal lines needed to move transactions out of state fund ChartStrings and into local fund ChartStrings in a format that can be used by the journal upload process.
For assistance with large data, please see QRG Running Large Results Queries (Schedule Query).
Step 2 in FIN: Upload Data into General Ledger
You must have at least one of these local college managed security roles:
- ZZ GL Journal Entry
You must also set these User Preference Definitions:
If you need assistance with the above security roles or User Preference Definitions, please contact your local college supervisor or IT Admin to request role access.
After you have gathered your data, the next step is to upload the data into the Journal Spreadsheet and import/upload into General Ledger. Use the following QRGs as a guide:
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