[Busmanagers] Super Funds

[McDonald, Ross RL]

Just attended a briefing from Vicsuper.  Some points.

 

.           Vicsuper is the default fund for all DET employees -
central, local, crts etc.  No-one is liable if Vicsuper don't make
money.  

.           Anyone employed for a continuous period of 28 calendar days
is entitled to a choice of funds. (with some exceptions)

.           Anyone in the New, Revised or GSO based funds is NOT
entitled to a choice - legislated this way because if they all changed
the govt would have to find $14 Billion.  Their fund is not based on
interest rates and investment returns anyway so yhety are guaranteed a
good return based on final average salary and a multiple.  A lot don't
realise that.

.           Centrally paid employees will receive a choice of funds form
sent to them by DET.  We don't have to do anything.

.           Locally paid staff who have a continuous employment base
even if it is casual rates - get a choice.  E.g. I employ canteen staff
on casual wages so they will get a choice. i.e. each term is longer than
28 days.

.           You are only obliged to accept a choice of form once per
year (September) - you can accept more often if you want.

 

 

Anyone employed on the central payroll currently with SG contributions
going to Vicsuper is eligible but will be looked after by DET sending
the letter.  

 

Any new staff employed (central payroll) will need to be given a choice
of funds form in their employment pack (along with TFN dec, direct
deposit etc.)

 

We will have a new box in HRMS Job data 1 that we enter a date that the
form was given to the employee.

 

 

I believe a circular will come out before the end of term.

 

 

Unless anyone has a lot of people on local payroll there is nothing to
fear.

 

 

GO to a Vicsuper briefing if you can they make everything very clear.
Ring Melanie Warton at Vicsuper if you need help otherwise.

 

Ross McDonald

Mooroopna Secondary College

________________________________

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Hastings,
Janet F
Sent: Friday, 17 June 2005 12:11 PM
To: Business Managers' Mailing List
Subject: [Busmanagers] Super Funds

 

Have any of you heard anything about what we do re super plans for new
staff starting after the hols?  I don't recall seeing anything about it
yet from DET, but wondering if I have missed it. 

 

 

Jan Hastings

Business Manager

Rowville Primary School

Phone: 9764-1955

Fax: 9763-8658

 

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