01-P-047 Fiscal Year 2002 Payroll Contribution Rates (Supersedes 00-P-024 & 00-P-030)
|DATE:||June 19, 2001|
|SUBJECT:||Fiscal Year 2002 Payroll Contribution Rates|
|EFFECTIVE DATE:||Pay Period Beginning June 10, 2001|
|CONTACT:||Roger Basinger||(785) 296-5387||(email@example.com)|
|SUMMARY:||-Fiscal Year 2002-Employee/Employer Matching Share of Payroll Contributions and Retirement Plans
- Extension of KPERS Death and Disability Moratorium
The attached schedule is a listing of the percentage rates for employer payroll contributions and employee/employer retirement plan contribution rates for fiscal year 2002. The rates for fiscal year 2002 will become effective with the on-cycle payroll period beginning June 10, 2001 and ending June 23, 2001 paid July 6, 2001. The rates for OASDI, Medicare, and Kansas's withholding taxes remain unchanged for fiscal year 2002. The new federal withholding tax rates will be published under a separate informational circular when released by the Internal Revenue Service.
The moratorium of KPERS Death and Disability Insurance has been extended from July 1, 2001 to December 31, 2001. Because of the extension of the moratorium, the Division of Accounts and Reports will not collect or remit KPERS Death and Disability contributions for pay periods that have an original check date between April 1, 2000 and December 31, 2001. Agencies are reminded that it is extremely important that the appropriate 'GTL' code be established in SHARP's General Deduction Data for new employees hired between March 19, 2000 and December 8, 2001 even though the agency will not be charged for KPERS Death and Disability contribution. If the appropriate 'GTL' code is not established, then imputed income, if applicable, will not be properly calculated for the new employees.
The Division of Accounts and Reports, Payroll Systems Team will make the necessary changes to the SHaRP payroll system to effect these changes for all employees for whom SHaRP calculates pay. Regents institutions are responsible for ensuring that the correct benefit and tax contribution rates are used when calculating payroll for employees of their agencies and for ensuring that the STARS funding file and DA175/176 effect the correct fiscal year expenditures. Regents' institutions are also responsible for ensuring that all appropriate payroll clearing fund indexes are established in STARS for fiscal year 2002.
Attachments: A,B &C (.pdf)