OSPS E-News ~ YEAR-END PLANNING

[Announcements from OSPS to the users of the Oregon State Payroll Application]

YEAR-END DEFERRED COMP REMINDER


The staff of the Oregon Savings Growth Plan (deferred comp) have asked
us to pass along this year-end reminder:

If you have an employee retiring or terminating from state service (not
transferring) in December of this year, you must pay special attention
to any active DCNN deferrals for that employee. The maximum deferral for
DCNN100 in 2008 is $15,500.  Use your XREF44 Payroll Register to
determine if the employee has met the maximum for the year.  You may
need to adjust dollar amounts or eliminate the deduction entirely so the
maximum is not exceeded.

If your employee's deferral is DCNN600 (catch up contribution) or if you
have other questions regarding this process, please contact the customer
service staff at the Oregon Savings Growth Plan, 503-378-3730.  They
will help you evaluate the need for any adjustments at year-end. 

 

 

Sharon McKeehan, Manager

Oregon Statewide Payroll Services

DAS/State Controller's Division

155 Cottage Street NE,  U-50

Salem, OR  97301-3969

(503) 378-6777 ext. 230

Visit our Webpages: http://oregon.gov/DAS/SCD/OSPS

 

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