The Teachers’ Retirement System (TRS) of Illinois offers a special 457(b) Supplemental Savings Plan (SSP).
The TRS 457(b) plans function similarly to regular 457(b) plans. However, if the district offers a non-TRS 457(b) plan, you will need separate payroll items to ensure that only the TRS information is reported to TRS. Most setup information is covered in 403(b) and 457(b) Plans, so this article only discusses the features that are unique to the TRS plans.
District Payroll Items
The district payroll item settings must be set similarly to any other 457(b) plan, with two exceptions:
- The Algorithm must be Simple Amount. TRS does not allow percentage-based contributions to their SSP.
- The field Report To TRS must be checked so that the contributions can be included in the Gemini report.
In addition to the 24 default 403(b) and 457(b) plans, every Illinois district should automatically have nine DPIs starting with “TRS 457(b)” added: three pre-tax deductions, three post-tax deductions, and three non-taxable benefits. The three items are for each calculation are for:
- Normal contributions
- Regular Catch-Up contributions
- Special Catch-Up contributions
Pay careful attention to distinguish between the TRS 457(b) and regular 457(b) payroll items. Using the wrong item will cause reporting problems.
TRS 457(b) SSP deferral/contribution data must be uploaded to Gemini with every payroll run. SchoolInsight’s TRS Gemini File, which can be generated for every payroll run, will include both the required defined benefit (TRS/THIS) details and the optional defined contribution (SSP) details.
To generate the report with SSP details:
- Go to Financials Main > Payroll > Payroll Runs
- Next to a payroll run, click the down arrow and select Download TRS Gemini File
- Download File
This file can be uploaded to the Gemini website.