The deposit and service report is an interim report that must be completed in order for STRS Ohio to properly calculate a member's retirement benefit. The form must be completed for all members applying for service retirement, disability benefits or survivor benefits.
Even when the information for a member has been correctly reported on your annual report, we need additional information to correctly calculate the member’s retirement. To accurately calculate a member’s final average salary (FAS), we need the following information: contract amounts, a breakdown of supplemental amounts earned in addition to contract amounts, and “carryover” amounts if the member’s contract year crosses fiscal years.
This form is required if:
The amounts reported on the deposit and service report should not be estimates. The report should be returned to STRS Ohio at the earliest date possible after you can accurately determine the total earnings and contributions that will be reported for the member on the annual report. STRS Ohio must receive the report no later than two weeks after the member's effective retirement date.
Line 2 is completed only if the member’s contract dates cross fiscal years as do some 260-day administrators’ contracts. Line 2 should include any amount earned during the current fiscal year under the prior year’s contract — often referred to as “carryover." For example, a superintendent may have a contract year from August through July. Line 2 would include the member’s earnings for the prior year July. The July earnings are part of the prior year’s August through July contract, but the member earned the compensation and made contributions in July of the current fiscal year.
Line 3 should be completed only if the member earned compensation in the prior fiscal year, but was not paid until the current fiscal year and a backposting was not created or the amount was not included as part of accrued contributions. For example, if a member earned a supplemental amount in May of the prior fiscal year, but did not receive payment and contributions were not remitted until August of the current fiscal year and no backposting was submitted, then the amount paid in August should be included on Line 3. Accrued contribution amounts should not be listed on Line 3.
Pickup included in compensation for retirement purposes (also known as pickup-on-pickup) should be reported on Line 5. Indicate the percentage in the space provided and report the amount included in compensation on Line 5.
Lines 7 through 9 refer only to the contributions that will be reported in the annual report for the member. Most schools tax-defer member contributions and report the contributions on Line 8. If the school does not tax-defer member contributions, the after-tax contributions should be reported on Line 7. The sum of Lines 7 and 8 should be reported on Line 9 which should be equal to the amount on Line 6 multiplied by the member contribution rate in effect for that fiscal year.
For a part-time employee without a contract, all earnings should be listed under supplemental or additional earnings on Line 4. All other contribution and service credit information should be completed. Information about contract salary and contract dates can be left blank.
Line 14 should specify the full contract amount as if the member had worked the entire contract year. Supplementals should not be included. The contract dates provided should be the beginning and ending dates specified in the contract and for the number of days in the full contract. If the member received a mid-year increase, the contract salary should be the blended amount.
If earnings information changes, immediately send a corrected deposit and service report to STRS Ohio. Deposit and service reports submitted via ESS can be corrected in the “Retirement Reporting” section of ESS. Click on the “Reports to be corrected” tab and locate the report.
There could be several reasons why you haven’t received notice that the deposit and service report is ready for completion. Most commonly, it is possible the employee has told you of their intent to retire, but has not yet submitted a retirement application to STRS Ohio. A retirement application must be on file with STRS Ohio before the retirement process can begin.
In addition, deposit and service reports for service retirement applicants will not be available until approximately 60 days before retirement. For example, the deposit and service report for a member retiring Aug. 1 will be available on June 1.
Finally, while an employee may not be returning to work the next school year, it doesn't necessarily mean they are retiring during the summer. Instead, they may be waiting until their birthday to be eligible for retirement.
Yes. You may want to review our on-demand webinar, Preparing Deposit & Service Reports, for a comprehensive explanation on how best to complete this report.