05-P-032 Addition of Earnings Code RTD
|June 10, 2005
|Addition of Earnings Code RTD
|July 1, 2005
|Addition of Earnings Code 'RTD'
A new earnings code has been established for Regent transitional after-tax long-term disability payments pursuant to legislative changes made to K.S.A. 74-4927a. These changes establish a transitional long-term disability benefit when an individual who is disabled and receiving benefits under the long-term disability program sponsored by KPERS is no longer eligible to receive continued contributions to the Kansas Board of Regents Mandatory Retirement Plan. Using the new earnings code, a monthly after-tax long-term disability payment will be made to the disabled individual through the payroll system until the individual is no longer disabled within the meaning of the KPERS long-term disability program.
The earnings code established is only available for use by Regent institutions. It will be effective for the payroll period beginning June 5, 2005, ending June 18, 2005, paid July 1, 2005. It will add to gross earnings and is subject to Federal and state withholding taxes, KPERS Death and Disability contributions, State Leave Payment Reserve assessment, and Worker's Compensation Insurance assessment. It is not subject to FICA/OASDI or Kansas Unemployment Compensation Insurance. The earnings code is being established in SHARP as follows:
|Regent Transition LTD Benefit
The Division of Accounts and Reports, Payroll Systems Team, is responsible for adding this new earnings code in the SHARP system. Regents' institutions are responsible for implementing the new earnings code in their payroll systems.