Setting Up the Purchase of Service Credit

Purchasing STRS Service Credit

Before setting up STRS buy back of retirement credit, it is essential that you contact the State Teachers of Ohio’s (STRS) retirement system for details of the plan. Click here be directed to State Teachers Ohio's website for more information about purchasing STRS service credit.  

Pre Tax Withholding

The following steps can be used to withhold STRS purchased service credit as a pre tax payroll item.

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  • Go to Core>Payroll Item Configuration. Click Create. Select the appropriate Type from the dropdown and click Continue.

    • Type = STRS Buyback Annuity

  • Enter the following:

    • Code = Enter any unused number. To be consistent with other annuity payroll items these are in the 500 series of number.

    • Name = Enter an appropriate name.

    • abbreviation = This value will print on employees' payments.

    • Payment Cycle = How often should the payee payment be processed? The Payment Cycle entered here is matched with the Payment Cycle when payroll items are paid using Processing>Process Outstanding Payables. The payment cycle choices are as follows:

      • None

      • Every Payroll

      • Monthly

      • Quarterly

      • Annually

      • 1 thru 9 - User Defined Cycles

    • Add Gross To Payables Report =   If checked, the Applicable Gross and Total Gross will print on the Payables Detail Report. Uncheck this checkbox if not wanting these figures to print on report.

    • Payee - From the dropdown, select the name of the company to which the payroll item is to be paid.   This is required.

Post Tax Withholding

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  • Go to Core>Payroll Item Configuration. Click Create. Select the appropriate Type from the dropdown and click Continue.

    • Type = Regular

  • Enter the following:

    • Code = Enter any unused number. To be consistent with other annuity payroll items these are in the 600 series of number.

    • Name = Enter an appropriate name.

    • abbreviation = This value will print on employees' payments.

    • Payment Cycle = How often should the payee payment be processed? The Payment Cycle entered here is matched with the Payment Cycle when payroll items are paid using Processing>Process Outstanding Payables. The payment cycle choices are as follows:

      • None

      • Every Payroll

      • Monthly

      • Quarterly

      • Annually

      • 1 thru 9 - User Defined Cycles

    • Add Gross To Payables Report =   If checked, the Applicable Gross and Total Gross will print on the Payables Detail Report. Uncheck this checkbox if not wanting these figures to print on report.

    • Payee - From the dropdown, select the name of the company to which the payroll item is to be paid.   This is required.

Purchasing SERS Service Credit

Click here be directed to School Employees Retirement System of Ohio's website for more information bout purchasing SERS service credit.  If the plan is to be withheld post tax, the Regular Payroll Item Configuration Type can be used.  

Pre Tax Withholding

  • Go to Core>Payroll Item Configuration. Click Create. Select the appropriate Type from the dropdown and click Continue.

    • Type = SERS Buyback Annuity

  • Enter the following:

    • Code = Enter any unused number. To be consistent with other annuity payroll items these are in the 500 series of number.

    • Name = Enter an appropriate name.

    • abbreviation = This value will print on employees' payments.

    • Payment Cycle = How often should the payee payment be processed? The Payment Cycle entered here is matched with the Payment Cycle when payroll items are paid using Processing>Process Outstanding Payables. The payment cycle choices are as follows:

      • None

      • Every Payroll

      • Monthly

      • Quarterly

      • Annually

      • 1 thru 9 - User Defined Cycles

    • Add Gross To Payables Report =   If checked, the Applicable Gross and Total Gross will print on the Payables Detail Report. Uncheck this checkbox if not wanting these figures to print on report.

    • Payee - From the dropdown, select the name of the company to which the payroll item is to be paid.   This is required.

Post Tax Withholding

  • Go to Core>Payroll Item Configuration. Click Create. Select the appropriate Type from the dropdown and click Continue.

    • Type = Regular

  • Enter the following:

    • Code = Enter any unused number. To be consistent with other annuity payroll items these are in the 600 series of number.

    • Name = Enter an appropriate name.

    • abbreviation = This value will print on employees' payments.

    • Payment Cycle = How often should the payee payment be processed? The Payment Cycle entered here is matched with the Payment Cycle when payroll items are paid using Processing>Process Outstanding Payables. The payment cycle choices are as follows:

      • None

      • Every Payroll

      • Monthly

      • Quarterly

      • Annually

      • 1 thru 9 - User Defined Cycles

    • Add Gross To Payables Report =   If checked, the Applicable Gross and Total Gross will print on the Payables Detail Report. Uncheck this checkbox if not wanting these figures to print on report.

    • Payee - From the dropdown, select the name of the company to which the payroll item is to be paid.   This is required.