GO-TIME: Digitizing Personnel Records Saves Space, Improves Efficiency and Access

first_imgGO-TIME: Digitizing Personnel Records Saves Space, Improves Efficiency and Access August 11, 2016 Efficiency,  GO-TIME,  Press Release Harrisburg, PA — The Office of Administration recently completed a GO-TIME project with state agencies to convert active and former employee personnel records from paper to electronic files. This initiative will save over $30,000 per year in costs associated with the storage and transfer of physical files and enable more efficient and secure access to documents.“As one of the largest employers in Pennsylvania, there are many opportunities for state government to achieve savings and gain efficiencies in everyday activities such as managing personnel records,” said Secretary of Administration Sharon Minnich. “With this project, we have eliminated manual, paper-intensive processes and decades of physical storage.”The commonwealth has over 73,000 salaried employees and processes about 14,000 transfers, resignations, retirements and terminations in a typical year. With support from the Department of Revenue’s Bureau of Imaging and Document Management, the project converted over 1.2 million documents to electronic format.Previously, employee records were shipped from HR office to HR office over the course of an employee’s career before being transferred to the State Records Center for long-term storage. Over time, the space dedicated to personnel files at the records center will decrease as existing hard copy personnel files reach their retention period. Additionally, staff time spent searching for, preparing and mailing paper files can now be focused on other operational activities.Along with the conversion of active and former employee files, all new hire and rehire personnel files are now created electronically. Many new hire forms are completed through an online orientation system, creating an end-to-end paperless process. With personnel file records now integrated with the commonwealth’s the HR/payroll system, they can be accessed conveniently and securely by the employee, HR staff and other authorized personnel when needed.To learn more about how GO-TIME is working to modernize government operations in order to reduce costs and improve services, visit https://www.governor.pa.gov/go-time/.Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolfcenter_img SHARE Email Facebook Twitterlast_img read more

ESMA warns companies to disclose DB assumptions in accounts

first_img“As the discount rate is usually considered a significant actuarial assumption, ESMA expects issuers to disclose any significant judgements that management has made in its determination in accordance with paragraph 122 of IAS 1 – Presentation of Financial Statements,” it said.“In addition, issuers should provide disaggregation information on plans and fair value of the plan assets when the level of risk of those plans is deemed to be different as required by paragraphs 138 and 142 of IAS 19.”The regulator further noted that the financial impact of IAS 19 revisions – which saw changes introduced that affected how companies could smooth expected returns of DB funds – should be disclosed in an additional statement.,WebsitesWe are not responsible for the content of external sitesLink to ESMA’s European Common Enforcement Priorities The European Securities and Markets Authority (ESMA) has warned financial regulators they must guarantee that companies publish the actuarial assumptions underlying their pension liabilities to ensure a consistent approach to reporting across the European Economic Area (EEA).Publishing the European Common Enforcement Priorities for 2013, ESMA chairman Steven Maijoor noted that a consistent approach was important to allow the accuracy on which investors relied.“Considering the focus on asset quality in the financial sector, listed financial institutions and their auditors should pay particular attention to properly measuring financial instruments and the accurate disclosure of related risks,” he added.The regulator said in its statement that it would like to remind issuers of the “importance of disclosing the significant actuarial assumptions” used to calculate the present value of any defined benefit (DB) obligations incurred by the company.last_img read more