Field Description - Ret-ME Retirement Rate for Fringe

The Ret-ME Retirement Rate for Fringe is the rate used to calculate the employer paid portion of MainePERS retirement contribution, if any.  The rates and calculations vary between the Consolidated and Non-Consolidated retirement plans.

Tips:

• The MainePERS establishes the Employer Rate for each Plan Code.

• For more information about the MainePERS, see the Understanding the Maine Public Employees Retirement System (MainePERS) topic.

Consolidated Plan:

The employer rate, which is associated with a Plan Code, is the rate used to calculate the Employer Contribution in the MSRS Consolidated Plan.

Formula:  Employer Contribution = Employer Rate X Earnable Compensation

Where-Maintained:  MSR Plan Codes Maintenance

Where-Used:  MSR Build Monthly Work File - Consolidated Summary Page

Format:  3.1 numeric

Non-Consolidated Plan:

There are two different employer rates for...

1. • Participating District (PLD) Employer Contribution

   • Teacher Employer Contribution

Where-Maintained:  MSR Build Monthly Work File prompt

Where-Used:  MSR Build Monthly Work File - Non-Consolidated Summary Page

Format:  1.2 numeric