Benefit Split Transaction Elements

The following set of transaction elements can be added to a transaction to support Benefit Split. An example of a transaction that might require Benefit Split is Fund Transfer, but other business processes may require many others. The following elements are used in the same way that standard transaction elements are used.

Refer to the Benefit Split Prototype to see these elements integrated into a complete transaction configuration.

Transaction Elements

• <FundLevel>: optional element that indicates the funds for assignment to use in writing to AsValuation based on relation criteria to the parent fund.
  • LEVEL: required attribute that identifies the valuation relationship. Parent or Child are valid values. The default is Parent.
• <Relation>: this element contains relation keys to link assignment funds to the parent allocations. It is only required if LEVEL attribute above is set to Child.
  • <Criteria>: this is a repeatable sub element that identifies the fund field that should be matched.
    • NAME: this is a required attribute that identifies the Fund Field.
    • DATATYPE: this attribute specifies the data type of the criteria value and Fund Field (Value of the criteria is a

    • Value of the Criteria is a Field Name or literal value for the criteria name to match

Math Variables

• GetBenefitSplit math statement function reads parameters to calculate the benefit split record for the activity calculation.

Assignment

Assignment allows money to be deposited, withdrawn or transferred from the funds. Allocation provides a request as to how to affect each fund, such as a deposit, withdrawal or transfer. Valuation is the result after money movements are completed.

When the annuitant outlives the annuity contract term, Assignment may be used to allow additional withdrawals to be made. The Assignment type of GrossWithdrawal with the optional money type of Fund Overflow should be used in conjunction with the GetBenefitSplit Math Statement, which calculates the annuity benefit payment and any overflow for a transaction. The Fund Overflow money type can also be used with Assignment types of GrossFullWithdrawalWithAllocations and GrossFullWithdrawal. If the Fund Overflow is not configured on the withdrawal transaction and there is not enough money to make a withdrawal, then the system will generate an error.

In all cases, Assignment will use the allocations from the ReassignAllocations rule and map the parent funds specified to the valuation fund based on the Fund Level relation (Fund Level is an optional element that indicates the funds for assignment to use in writing to AsValuation based on relation criteria to the parent fund).

If an adjustment (Floor Guarantee) amount is to be added to the amount calculated by the GetBenefitSplit Math Statement, then separate ApplyByFund or RemoveByFund assignment types should be used where an adjustment fund for the amount could be specified outside the Allocations in the ReassignAllocations rule. It is assumed that the RemoveByFund assignment will have access to the values added by the ApplyByFund assignment within the same activity.

• RemoveByFund will first attempt to remove from the existing value of a fund before looking for an ApplyByFund within the activity.

• Assignments are processed in order. The Apply must exist in the configuration before the Remove in order to use this feature.

Fund overflow will occur if the policy value of the fund is less than the requested payment amount (by fund). An offsetting deposit equal to the shortfall of the fund will be made into the fund using the overflow money type.