Each employer has a clearing account with our office. Contribution transactions and adjustments create entries in clearing accounts. Some examples are variances between contribution detail and payments and also employers’ requests for corrections, adjustments, or reversals to members’ accounts. These entries may include workers’ compensation reversals.
Each month our office provides employers with a Clearing Account Statement, if any contribution process variances or miscellaneous payments or reversals occurred for the account during the month. Employers resolve credit balances by using available funds as payment for billed adjustments or reducing their electronic payment for a contribution file.
The transaction descriptions will vary depending on the transaction types processed. Manual description entries are arranged in a “Why or What/Who XXXX/When” format where XXXX represents the last four digits of an employee’s social security number. The following is frequently used terminology and what it means:
» ADJUST DUE Your clearing account was debited to cover an adjustment payment.
» FILE RATE ERROR Your clearing account was debited or credited due to payment of the wrong rate on a group of individuals.
» FILE SHORTAGE PAY Your clearing account was debited to cover a shortage on your contribution report.
» FUND TFR Your clearing account was credited or debited due to an adjustment on an employee’s account moving from one retirement fund to another retirement fund.
» INELIGIBLE Your clearing account has been credited because an employee is not eligible for retirement benefits.
» INTEREST DUE Your clearing account was debited to cover interest due on an adjustment.
» OVER/UNDERPAY Your clearing account has been debited or credited due to a net over/underpayment.
» PPE Pay period end date.
» PST-RET Your clearing account was debited or credited to cover an amount payable or due for a post-retired employee.
» RATE ERROR Your clearing account was debited or credited due to payment of the wrong rate on an individual record.
» TIER TFR Your clearing account was credited or debited due to an adjustment on an employee’s account moving from one retirement system tier to another retirement system tier.
» UNDER THRESH Your adjustment payment is under the calculation threshold and will not be processed.
» 401K REVERSAL Your clearing account was credited due to a reversal of 401(k) proceeds, usually related to an ineligible status with a corresponding statement entry for reversal of pension contributions.
Employers can direct questions about account entries or balances to Employer Services at 801-366-7318 or 800-753-7318 (please note, these lines are for employer use only).