Schedule Form Reminders

The 2021 Schedule Form for relief associations with a defined-benefit lump-sum plan must be certified by the relief association on or before August 1, 2021. The certification must be made to the entity responsible for satisfying the minimum required contribution to the relief association’s special fund.

The 2021 Schedule Form is designed to help determine the relief association’s projected assets and liabilities for 2021 and the minimum required contribution for 2022. The Schedule Form is available for download from the State Auditor’s Form Entry System (SAFES).

As noted in our February Pension Newsletter, you may notice that the accrued liability amounts calculated for active members are different than the amounts calculated in prior years. To accommodate shorter vesting schedules that are now authorized for defined benefit plans without systemically understating liability estimates, a new method for calculating the liabilities was implemented. The new method is based on the current age and length of service of each member, and the requirement for full-vesting defined in the relief association’s bylaws.

For additional information about required contributions, see the Office of the State Auditor (OSA)’s Statement of Position on this topic by clicking here.

Published last in the July 2021 Pension Newsletter