identified through a Yellow Pages review, are contacted and registered with the Authority. Annual statements 100% 100% N/A made available to employees by 30 September. Ensure that Percentage of 80% 83% N/A employers’ employer returns contribution levies and payments are collected submitted by due efficiently and date (five working effectively. days the end of the month following the relevant quarter). Ensure that Percentage of 85% 100% All of the payments to payments applications are employees, completed within expected to be contractors and 10 working days of processed in the reimbursements to receipt of a required time employers are correctly frame. made in completed and accordance with verified form. the Act. Ensure that long Annual net return 3.5% above 6.2% above CPI The market has service leave for each averaged over five stabilised the CPI averaged over administered administered years for each flow on effect of five years for each schemes’ funds are scheme on funds administered the global financial scheme. invested to ensure under scheme. crisis and has a long-term surplus management in performed of assets over accordance with relatively well in liabilities. the Investment the last five years. Plan. The Authority also increased the growth asset allocation from 55% to 65% in 2014 after the current investment plan was endorsed by the Treasurer. Ensure each The of total 110% Construction: All the four scheme has assets over total 114% administered adequate assets to liabilities as at 30 schemes are Cleaning:162% meet its liabilities. June of the expected to meet Community:123%
identified through a Yellow Pages review, are contacted and registered with the Authority. Annual statements made available to employees by 30 September. 100% 100% N/A Ensure that employers’ contribution levies are collected efficiently and effectively. Percentage of employer returns and payments submitted by due date (five working days the end of the month following the relevant quarter). 80% 83% N/A Ensure that payments to employees, contractors and reimbursements to employers are made in accordance with the Act. Percentage of payments completed within 10 working days of receipt of a correctly completed and verified form. 85% 100% All of the applications are expected to be processed in the required time frame. Ensure that long service leave administered schemes’ funds are invested to ensure a long-term surplus of assets over liabilities. Annual net return for each administered scheme on funds under management in accordance with the Investment Plan. 3.5% above CPI averaged over five years for each scheme. 6.2% above CPI averaged over five years for each administered scheme. The market has stabilised the flow on effect of the global financial crisis and has performed relatively well in the last five years. The Authority also increased the growth asset allocation from 55% to 65% in 2014 after the current investment plan was endorsed by the Treasurer. Ensure each scheme has adequate assets to meet its liabilities. The of total assets over total liabilities as at 30 June of the 110% Construction: 114% Cleaning:162% Community:123% All the four administered schemes are expected to meet
SoI-Long-Service-Leave-Authority.docx