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Deduction reports must be imported BEFORE you update your payroll system for the new school year

Dear Payroll Official,

With the new school year right around the corner, we want to remind you to import your remaining 2024/2025 school year reports into MyTRS. It is important to get these reports exported out of your payroll system and …

The MTRS has been working with representatives from the State Comptroller's Office, the Public Employee Retirement Administration Commission (PERAC) and CliftonLarsonAllen, LLP to issue the GASB Statement No. 68 schedules for the fiscal year ended June 30, 2024 to be used by our employer units in their FY2025 financial statements. GASB Statement No. 68 requires the …

1. Employees receiving a lump sum payment?

Ensure employees receiving a lump sum payment are reported with the pay duration of "LS." If needed, update the pay duration field to "LS" in your payroll software prior to exporting your deduction report to ensure that employees are set up correctly.

2. For any lump sum payment that requires …
Read more Tips for year-end deduction reporting

If you were unable to attend our live seminar, the recording is now available to watch on our YouTube channel. Additionally, you can download the presentation slides and see more training videos on our website.

Questions?

Please contact us at …

Emp news archive

Deduction reports must be imported BEFORE you update your payroll system for the new school year

1. Employees receiving a lump sum payment?

2. For any lump sum payment that requires …Read more Tips for year-end deduction reporting

Questions?

2. For any lump sum payment that requires …
Read more Tips for year-end deduction reporting