Pension Administration Pages
This section discusses:
Pension Administration page groups.
Set Up HCM menu group.
Pension menu group.
The Pension Administration pages are in two menu groups used primarily by PeopleSoft Benefits and two menu groups used exclusively for pension processing.
Pension Administration includes two menu groups:
Set Up HCM, Product Related, Pension.
Pension.
You use Human Resources - Benefits to set up the pension plan and the employee deductions for pension contributions:
You set up pension plans under Set Up HCM, Product Related, Base Benefits, Plan Attributes, Pension Plan Table.
You sign employees up for a pension plan under menu Benefits, Enroll In Benefits, USA - Pension Plans.
There are several menus under Set Up HCM, Product Related, Pension:
Calculation Rules
Variable Definitions
Status Rules
Components
Pension Plan Implementation
Utilities
Calculation Tables
Self Service Calc Defaults
Each menu is discussed in detail here.
Calculation Rules
In the Calculation Rules menu, you can define calculation methods to round, convert, limit, and project measurable pension concepts. Typically, these methods will be incorporated into larger, plan-specific definitions. Using the pages in the Calculation Rules menu, you can create:
Actuarial assumptions.
Interest methods.
Internal Revenue Code Section 401(a)(17) earnings limits.
Projection rules.
Custom statements.
Spouse eligibility alias.
Date and duration processing options.
Mortality rates by age.
Variable Definitions
Under the Variable Definitions menu, you can set up different types of aliases, which look up or measure employee-specific information:
Database aliases
Table lookups
Dates
Durations
Function result aliases
Actuarial factor aliases
Status Rules
The Status Rules menu includes setup pages for defining pension-specific employment statuses. These definitions enable Pension Administration to distinguish between active and inactive employee populations and to measure service. The Status Rules menu includes pages for:
HR action and reason categories, such as for job events.
Actuarial valuation matrix.
Active and inactive jobs.
Status codes.
Status code mappings.
Components
You use the Components menu to set up the core plan-specific definitions used by the system's calculation functions. The core function types are:
Plan eligibility
Participation
Service-break rules
Service-elapsed time
Service-hours counting
Service-hours equivalence
Vesting
Benefits eligibility
Final average earnings
Cash balance accounts
Employee accounts
Social security
Covered compensation
Early/late adjustments
Death coverage
Benefit formula
Employee paid benefit
Optional forms
415 limits parameters
You also set up the other three consolidations definitions in the Components menu:
Earnings consolidation
Hours consolidation
Contributions consolidation
Pension Plan Implementation
The Pension Plan Implementation menu contains pages where you set up critical plan-specific actions, such as the plan implementation, plan order, and plan aliases, as well as employee groups and function results. You apply the definitions that you created in the Components menu to a specific plan and construct the final calculation jobstream for the plan.
Utilities
The Utilities menu contains useful ways to audit your plan implementation. It also includes the Pension Processing Trace page, where you can track down errors encountered during a calculation.
Calculation Tables
The Calculation Tables menu contains pages for setting up and maintaining a variety of important pension lookup tables such as 401(a)(17) limits, interest rates, and wage bases.
Note: You can access the Calculation Tables pages from either the Set Up HCM menu or the Pension menu. Both menus have the same functionality, and you can update or view the same information in both locations.
Self Service Calc Defaults
On the Self Service Calc Defaults page, you can define rules specifying the functionality users have when calculating their own pension benefits online.
There are several menus in the Pension menu group:
Pension Information
Periodic Processes
Calculations
Review Calculations
Payments
Domestic Relations Order
Update Regulatory Information
Define Calculation Tables
Reports
Each menu is discussed in detail here.
Pension Information
On the Pension Information menu, you can:
View and maintain employee pension-related data, including data related to employee contributions.
Track pension-related activities and communications.
Administer information about payees, such as adjusting payment amounts, applying cost of living adjustments, and responding to the death of a payee.
Periodic Processes
You use the Periodic Processes menu to administer ongoing measurements for service, earnings, and contributions for a payee.
Calculations
Use the Calculations menu to generate pension benefit amounts. You can:
Create calculations group lists.
Run calculations.
Produce calculation worksheets.
Review Calculations
On the Review Calculations menu, you can look at different calculation results. It contains view-only pages.
Payments
The Payments menu contains pages where you create payees and process payments for active retirees. This includes pages where you can identify and schedule pension payments and produce the trustee extract.
Domestic Relations Order
The Domestic Relations Order menu contains pages where you track QDRO-related information.
Update Regulatory Information
The Update Regulatory Information menu contains pages where you can maintain employee-specific regulatory information, such as historical 415(e) limits and social security earnings.
Define Calculation Tables
The Define Calculation Tables menu is a duplicate of the Calculation Tables menu under Set Up HCM. You can define your calculation tables under either the Set Up HCM menu or the Pension menu.
Reports
The Reports menu contains pages where you can set up information to run pension reports.