Helpful Reminders for Your Ending Payroll Verification Forms

Public schools constitute a large portion of ASRS membership, which is why our busiest season for new retirements is summer – right after the school year ends.  That leads to an increase in Ending Payroll Verification (EPV) forms for employers, so we thought now might be a good time for a few helpful reminders about this online application.

EPVs are generated when a member applies for retirement, when a member applies for a refund, and when a member passes away prior to retirement.  The ASRS uses the information on an EPV to process a disbursement based on a member’s account.  When an EPV is delayed, the ASRS cannot complete the disbursement in a timely manner.

New Retirement EPVs are not generated until the member’s requested retirement date arrives.  Once the EPV is generated, please complete and submit it as soon as you can.  If the ASRS has not received an EPV for a member within 10 business days, the member will be notified that the EPV is needed from their former employer.

When an employee applies for a refund and forfeiture of their ASRS membership, the Refund EPV will be generated right away for any employer through which the member contributed in the past six months.  Refunds are typically processed and paid out very quickly after the ASRS receives any required EPV(s).  It is very difficult to collect an overpayment if a revised Refund EPV is submitted after the ASRS has completed the disbursement, so please don’t submit a Refund EPV until all final payments have been made to the employee.

Since April 2017, employers are required to report contributions on employer payments into employees' deferred compensation accounts.  With this change, there will be employees retiring who have paid ASRS contributions on this type of compensation, which means those employers will need to categorize this compensation on the EPV.  Make sure to list this in the Other Compensation section and categorize it as Stability Pay.  Then enter a comment on the EPV to explain what the stability pay is.  The ASRS will add a new compensation type for this in a future website enhancement, which we will communicate to all employers.

Finally, when it comes to employer users and their roles for our online applications, it is good to have more than one employer user with access to each application, such as EPV.  Having multiple EPV Specialists helps ensure work can still be completed when one EPV Specialist is out of the office.

If you have any questions about EPVs, whether about termination dates, compensation types, or any other aspect, please create a secure message through your secure employer account on the ASRS website.  Thank you for your assistance in our efforts to serve our members.

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