Viewing Personal Entitlements and Requesting Fund Release
This section lists prerequisites and discusses how to view profit-sharing amount, submit a fund release request and view interest information.
For worker's participation agreements, employees don't need to request fund release because funds are automatically paid as soon as they are available.
For profit-sharing agreements, employees can normally only release funds after the end of the unavailability period. However, in certain situations, employees can request early release of funds by specifying the reason for the early release. If you have enabled workflow, when employees submit fund release requests workflow triggers an email to the compensation administrator to inform the administrator that a new request is waiting for approval.
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Page Name |
Definition Name |
Usage |
|---|---|---|
|
WP_FUND_RLS_TBL |
Employees use this page to view details of their funds, including gross and net amounts, payment status, and information about the average fund amounts. |
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|
WP_FUND_EVNT_SEC |
Request release of profit-sharing amount. This page is only available if employees are associated with profit-sharing agreements. For worker's participation agreements, funds are available at the end of the reference period. |
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WP_FUND_INTRST_TBL |
View details of interest payments calculated by the Process Interest and Payment process. This page is only available if employees are associated with profit-sharing agreements with Company Investment selected as the investment method. Interest is not paid for worker's participation agreements. |
Employees can only view their funds when the following criteria are met:
The administrator has run the profit sharing processes for the reference period.
The reference period status is Approved.
Use the Profit-Sharing Inquire page (WP_FUND_RLS_TBL) to employees use this page to view details of their funds, including gross and net amounts, payment status, and information about the average fund amounts.
Navigation:
This page displays the employee's profit sharing amount as calculated by the Compute Global Fund and Distribute Global Funds processes.
Field or Control |
Description |
|---|---|
Request |
Click to access the fund release page where the employee specifies the reason for fund release and the amount to be released. |
Profit-Sharing Details
Field or Control |
Description |
|---|---|
Profit-Sharing Gross Amount |
Displays the employee's profit-sharing amount calculated by the Distribute Global Funds process. |
Profit-Sharing Deductions |
Displays the deductions due on the profit sharing amount. |
Profit-Sharing Net Amount |
Displays the amount payable after deductions are made. |
Status |
Displays the status of the employee's fund: Entitled: Indicates that the profit share amount has been calculated but the money is unavailable. This status applies to profit-sharing agreement types only. Available: Indicates that the profit share amount can be released. For worker's participation agreements, the fund is available as soon as it is calculated. For profit-sharing agreements, funds are available after the end of the unavailability period defined for the agreement. Canceled: Indicates that the compensation administrator canceled the profit-sharing amount. Sent to Payroll: Indicates that the Process Interest and Payment process has run and the profit-sharing amount has been sent to PeopleSoft Global Payroll for France. Posted to Account: Indicates that the funds have been transferred to an external financial organization. Paid: Indicates that the payment has been processed by your payroll system. Error: Indicates that the Process Interest and Payment process could not process the payment. Request Payment: Indicates that the employee submitted a fund release request. The compensation administrator must approve this request before the payment is processed. Transfer to Account: Indicates that the funds are waiting for transfer to an external financial organization. |
Availability/Payment Date |
Displays the date that the employee is due to receive payment or the date on which the payment was made. The payment date is calculated by the Process Interest and Payment process. |
Global Fund Amount |
Displays the total fund for all eligible employees. |
Average Total Gross Amount |
Displays the average gross amount for all employees in the agreement. |
Total Gross Amount |
Displays the total of the amounts in the Profit Sharing Gross Amount column. |
Total Net Amount |
Displays the total of the amounts in the Profit Sharing Net Amount column. |
Agreement Personalization |
Click to display the Agreement Personalization page where the employee can view and personalize agreement details. |
Use the Fund Request Details page (WP_FUND_EVNT_SEC) to request release of profit-sharing amount.
This page is only available if employees are associated with profit-sharing agreements. For worker's participation agreements, funds are available at the end of the reference period.
Navigation:
Click the Request button on the Profit-Sharing Inquire page.
Employees use this page to request fund release in the following situations:
Before the end of the unavailability period.
Employees can request early release of funds in certain situations. They use this page to specify the event that enables them to request fund release.
After the end of the unavailability period.
Normally profit-sharing funds are unavailable for a defined period that is set up in the agreement. At the end of this period, the fund status is changed to Available and employees can request release.
Requests are submitted to the compensation administrator for approval. Employees receive an email when the administrator approves or rejects the request.
Field or Control |
Description |
|---|---|
Available/Entitled Amount |
Displays the maximum amount that the employee can request. This does not include any interest payments to which the employee may be entitled. Note: A total release includes any interest payments to which the employee is entitled. |
Trigger Event Information
Field or Control |
Description |
|---|---|
Event Date and Release Event |
Select the event that enables the release of funds and enter the date in Event Date. for employees who are requesting early fund release. Employees who are leaving the organization, select Termination. If the funds are available, employees select Available. |
Release Request
Field or Control |
Description |
|---|---|
Total Release |
Select this option if employees want to release the whole fund for the reference period. If the employee is entitled to an interest payment, this is included if the employee requests a total release. |
Amount |
Select this option to specify the amount the employees want released. They enter the amount and currency in the fields provided. |
Use the Interest Inquire page (WP_FUND_INTRST_TBL) to view details of interest payments calculated by the Process Interest and Payment process.
This page is only available if employees are associated with profit-sharing agreements with Company Investment selected as the investment method. Interest is not paid for worker's participation agreements.
Navigation:
This page appears only if the Company Investment method was selected for the agreement.
Interest Details
Field or Control |
Description |
|---|---|
From Date and Thru Date |
Displays the dates defining the period for which interest has been calculated. Interest is calculated yearly during the period when funds are unavailable. |
Interest Gross Amount |
Displays the interest calculated by the Process Interest and Payment process. |
Deductions on Interests |
Displays the deductions due on the interest payment. |
Interest Net Amount |
Displays the interest payable after deductions are made. |
Status |
Displays interest status. Values are: Canceled: Cancels the interest. Compensation administrators use this status if there is an error in an employee's interest after running the Distribute Global Funds process. Entitled: Indicates that the interest has been calculated and is available. Reinvested: Indicates that interest has been added to the global funds and isn't paid immediately to the employee. Manual: Indicates that the interest amount was entered manually by the administrator. Sent to Payroll: Indicates that the Process Interest and Payment process has run and the interest payment has been sent to your payroll system. Paid: Indicates that the interest payment has been processed by your payroll system. If you have Global Payroll for France installed and you're using the Company Investment method, the Process Interest and Payment process sets the status to Paid when the interest payment is processed. Error: Indicates that the Process Interest and Payment process could not process the interest payment. |
Payment/Re-Investment Date |
Displays the date that the employee is due to receive the interest payment or the date on which the interest is reinvested. |
Option |
Displays the interest re-investment method selected. This is either the default for the agreement or the re-investment method that the employee selected on the Interest page (Agreement Personalization component). Values are: Immediate: Interest is paid at the end of the calculation period. Re-invest: Interest is added to the global fund. |
Total Net Amount |
Displays the total net amount for all reference periods, as shown on the Profit-Sharing Inquire page. |
Total Interest Gross Amount |
Displays the total of the amounts in the Interest Gross Amount column. |
Total Interest Net Amount |
Displays the total of the amounts in the Interest Net Amount column. |