OSPS E-News ~ Year-End Guidance - Deferred Comp and PEBB Flex Spending Accounts

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

At payroll year-end,  one of your most valuable resources is the OSPS
Recommended Payroll Practice for Year-End Payroll Processing.  This
guide provides the information you need to bring your payroll year to a
close and ensure that the W-2s produced for your agency employees are
accurate.  

http://oregon.gov/DAS/SCD/OSPS/docs/pubs/practice/practiceyearend.pdf

 

A topic for close attention at year end is:  Maximum Amounts - Deferred
Comp and PEBB Flexible Spending Accounts - See Page 10 in the year end
recommended payroll practice.  Your attention to these topics can avoid
having to do a corrected W-2.  

 

PEBB: will run a report that discloses any employee who is in danger of
exceeding their maximum amount for either the Health or Childcare
flex-spending accounts. ($5,000 for each)  Watch for these reports to
come from PEBB and process according to their instructions. 

 

DEFERRED COMP:  Staff at the deferred comp office are there to assist at
year-end.  Here's a message from Kathy Gannon:  

 

Please call Kathy Gannon at OSGP (503 378-5798) regarding employees
retiring on 12/31/10 who are close to the 2010 deferred compensation
maximum contribution limit of $16,500 (or $22,000 if participant is age
50 or older) in order to prevent a possible over-deferral for the 2010
tax year. 

 

 New email address - kathleen.m.gannon at state.or.us

 

Kathy Gannon 
Program Coordinator
Oregon Savings Growth Plan
503-378-5798
OSGP customer service line 1-800-365-8494
Online Internet Site http://osgp.ingplans.com
<http://osgp.ingplans.com/> 

 

Contact OSPS with questions or clarifications about 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 Online Resource Center: http://www.oregon.gov/DAS/SCD/OSPS/

 

 

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