Description
To record payments to the Teacher Retirement System, Agency 323, for reimbursement of teacher retirement contributions. The reimbursement is from federal or local funds received by the employing agency for salary costs of the employee. This reimbursement is for the employer's cost of the retirement contribution, which have been paid by Teacher Retirement System from Treasury funds. The employee's contribution is made as a deduction from the agency's payroll, using the salary expenditure. Payments are for both regular retirement program and optional retirement program.