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Posted March 21, 2012

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Educational Retirement Board Clarifies Annual Statements

Switch was made from calendar year to fiscal year.

APS employees recently received statements from the NM Educational Retirement Board (ERB) regarding their years of service, contributions and wages.

Because the ERB changed from calendar year to fiscal year for calculating the number of years of service credits employees receive, the 2012 year showed a .50 because it only took into consideration the fiscal year beginning July 1, 2011, through Dec. 30, 2011. If employees continue to work through June 30, 2012, the 2012 calculation of service credit will equal 1.0.

The statements sent last year reflected wages, contributions and service credit based on the calendar year, January through December.

“This year, we went back to fiscal years, because when someone retires we calculate your service credit and retirement based on fiscal years,” the ERB said in a written statement.

If APS staff members believe there is an error on their wages, they should call the APS Payroll Office at 872-6880.

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